Remy Blaire brings the latest business headlines from the New York Stock Exchange as markets close for trading on Wednesday, February 28.
Full video transcript below:
REMY BLAIRE: I'm Remy Blaire, reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
Markets continue to react to the latest quarterly earnings reports. With more than 80 percent of companies reporting on S&P, most have impressed investors, revealing continued strength in the final quarter of 2023. Investors await a crucial report on inflation and jobless claims on Thursday, and a series of speakers from the Federal Reserve on Friday.
In other news, the biggest supermarket merger in history has hit a roadblock. The Federal Trade Commission sues to stop the merger between Kroger and Albertsons, two of the largest grocery chains in the US.
Kroger announced plans to buy Albertsons in October 2022 for nearly $25 billion. The companies own dozens of chains, including Safeway, Vons and Fred Meyer. If the merger is completed, the duo would operate more than 5,000 stores with more than 700,000 employees in different states.
The FTC says the proposed merger would limit competition in the industry, leading to higher prices. This comes at a time when Americans are already stressed by inflated food prices… According to the Bureau of Labor Statistics, consumers are spending 20 percent more on food since 2020.
The two companies criticize the move and Kroger says this lawsuit will actually hurt consumers, resulting in higher prices. Kroger maintains that the FTC's action will only strengthen larger supermarket chains like Walmart and Costco, allowing them to increase their dominance in the industry.
That will be enough for your daily report. From the New York Stock Exchange, I'm Remy Blaire of TheStreet.
