Dell Returns To Public Market
Dell Technologies returned to market on Friday after 6 years of private ownership. After what was the biggest buyout since the 2008 financial crisis, Dell returned to the market with the symbol DELL. The shares opened at $46 on Friday.
Dell’s strategy differs greatly from rival HP, which split into two shares in 2016. However, it seems to be paying off, with Dell reporting a 15% rise in income in the last quarter. Currently, they hold 17% of the global PC market, behind HP’s 23% and Lenovo’s 21%.
Delta Stocks Tumble After Warning
Many major US airline stocks fell sharply Thursday after Delta warned about weaker than expected sales and fares at the end of 2018. Delta’s own stocks fell 8%, while American, Southwest, and United fell 8%, 3%, and 5% respectively. “Given when Christmas fell this year there was some hope business travel would stay strong through December 21, and that appears not to have happened for Delta,” said Helane Becker, an airline analyst.
However, there is good news for the airlines. Delta reported that fuel prices were down by 10 cents a gallon. Fuel is an expensive cost for airlines. But, this can lead to trouble, as more fuel can lead to increased flights and competition as well as lower fares.
Amazon Will Expand Whole Foods Stores
Amazon Inc announced plans to increase their Whole Foods Market portfolio. The plans will add more stores to add more customers to their two hour delivery service. Many employees have searched places in Idaho, Wyoming, and southern Utah.
Amazon also plans to add their Prime Now service to all their current Whole Foods stores. The services includes two-hour delivery and online grocery pickup from Whole Foods stores. Amazon was not available for immediate comment.
Sears Chairman Makes Company Saving Bid
Sears Holding Corps chairman Eddie Lampert put in a $4.4Bn bid to keep the company alive. After the 125 year old company filed for bankruptcy in October, only Lampert has bid on the company in their interests. Sears declined to comment.
Dick’s Sporting Good Ends Olympic Sponsorship
On Friday, Dicks Sporting Goods announced it will not renew their sponsorship contract with the United States Olympic Committee. They cited “new investment focus” in an email, and did not elaborate further. All 86 athletes involved in the program have the option to move to associate positions and part time work. The USOC did not respond to request to comment.