The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Amazon’s new food line.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Wall Street is trying to put its recession fears to rest and upbeat news from the tech world is helping a bit.
00:11Oracle beat quarterly sales expectations thanks to a 21% jump in its cloud business.
00:16The company guided full-year estimates higher as it integrates artificial intelligence into its enterprise software.
00:23In other news, Amazon is looking to answer the cries of inflation-weary food shoppers
00:28with its own budget-friendly, no-frills grocery line.
00:32The Amazon Saver private label brand will go up against Walmart's Great Value, Target's Good & Gather,
00:39and Aldi's vast array of private label offerings.
00:42Consumers have been shifting down from more expensive national brands in a move to save every penny.
00:48Food prices at home are up 1% from a year ago, according to the Consumer Price Index.
00:54The company said in a blog post, quote,
01:08Each item in Amazon Saver's list of groceries costs less than five bucks
01:13and includes deli meat, snacks, canned fruit, and many other items.
01:17Eventually, Amazon Saver will have more than 100 products on sale.
01:22Amazon Prime members also get the additional benefit of a 10% discount.
01:26With Amazon Saver, Amazon now has its hands in the bargain end of the grocery business,
01:32while its whole food supermarket chain covers the top end.
01:36That'll do it for your daily briefing.
01:38From the New York Stock Exchange, I'm Conway Gittens with The Street.

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