Kroger (), which already was the nation’s largest grocery store chain, announced that it is buying smaller, higher-end rival Harris Teeter () for $2.5 billion in cash — a move welcomed by InvestorPlace feature writer Dan Burrows. As he put it, “By buying Harris Teeter — which had $4.5 billion in revenue last year — Kroger adds 212 higher-end (read: higher-margin) stores to its already impressive base.”
Big-name enterprise tech operators continue to struggle. This week, Goldman Sachs downgraded shares of IBM () in anticipation of a slowdown in the company’s generally high-growth emerging markets. IBM reports earnings on July 17.
More bad tech news: Apple () announced that it is reducing iPhone production for the second half of the year by 20%. The stock has been struggling — as you likely know — but many think it may finally be bottoming.
Barnes & Noble () CEO William Lynch resigned after three years on the job in the face of the Nook e-reader’s failure. InvestorPlace
editor Jeff Reeves’ take: .
While Alcoa () , all eyes will be on banks as the week comes to a close. Wells Fargo () and JPMorgan () both will release earnings this Friday.
Sirius XM Radio () gained more than 3% yesterday after announcing it now has more than 25 million subscribers. The satellite radio provider, which also raised its full-year outlook, has been helped by strong auto sales.
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