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Amazon (NASDAQ:AMZN) is in advanced talks to acquire Zoox Inc. in a move that would expand the company’s reach in autonomous vehicle technology, WSJ reports.
The companies are discussing a deal that would value Zoox at less than the $3.2B it achieved in a funding round in 2018, according to the report.
Zoox has been working to develop the hardware and software needed to create electric powered robot taxis that would be summoned by a smartphone app starting this year.
Oppenheimer stays bullish on Alibaba (NYSE:BABA) as it sees the rapid COVID-19 recovery driving outperformance in the period ahead.
“BABA’s China retail business has experienced strong recovery since March. Quarter-to-date China retail marketplace GMV growth already resumed to 24% y/y, similar to Dec. quarter. Moreover, May accelerated vs. April, with Tmall’s FMCG GMV growing +40% vs. +25% in March quarter. In addition, merchant on-boarding also accelerated.”
Oppenheimer boosts its FQ1 revenue estimate on Outperform-rated BABA by 3% due to the rapid recovery post-COVID and increases its EBITDA estimate by 2%. The 12-month to 18-month price target is $260.00 vs. the average sell-side PT of $258.80.
Shares of BABA are up 2.75% premarket to $205.16.
Among a new set of bills signed by New York City Mayor Bill de Blasio is legislation putting limits on app fees from food delivery companies.
The bills include prohibitions on third-party delivery services like Postmates (POSTM), DoorDash (DOORD), Uber (NYSE:UBER) and GrubHub (NYSE:GRUB) from charging restaurants a fee for phone orders that don’t result in an actual sale, and caps on fees they can charge of more than 15% an order for delivery and 5% for any other charge.
The new laws go into effect June 3.
MoneyGram International (NASDAQ:MGI) spikes up 16% after announcing a partnership with Uber (UBER +0.5%) to provide drivers and delivery couriers a discount on digital money transfers.
Anyone who earns on Uber’s platform including the Driver app, Uber Eats, Uber Freight, and Uber Works is eligible for the discount.
The promotional partnership initially launches in the U.s., Canada, Australia, and the U.K.
Apple (AAPL +0.4%) is set to reopen about 100 more retail stores in the U.S. this week, CNBC reports, bringing the overall open total in the country to about 130 (of a total 271).
The company will focus on curbside/storefront service, though some reopening stores will allow walk-in customers. The curbside-storefront approach means online order pickup and service appointments with the company’s Genius Bar.
The reopenings this week – a consumer bellwether as Apple stores often serve as retail anchors – are coming in Arizona, California, Florida, Georgia, Indiana, Kansas, Kentucky, Michigan, Missouri, Nevada, New Mexico, New York, Ohio, Oregon, Tennessee, Texas, Utah, Virginia, and Wisconsin, according to the report.
