Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street is trying to put its recession fears to rest and upbeat news from the tech world is helping a bit. Oracle (ORCL) beat quarterly sales expectations thanks to a 21 percent jump in its cloud business. The company guided full-year estimates higher as it integrates artificial intelligence into its enterprise software.
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In other news…Amazon (AMZN) is looking to answer the cries of inflation-weary food shoppers with its own budget-friendly, no-frills grocery line.
The Amazon Saver private-label brand will go up against Walmart’s (WMT) Great Value, Target’s Good and Gather, and Aldi’s vast array of private label offerings. Consumers have been shifting down from more expensive national brands in a move to save every penny. Food prices at home are up one percent from a year ago, according to the Consumer Price Index
The company said in a blog post: “Amazon Saver complements our selection of private-label brands, designed to provide the best value for a wide range of grocery products - ultimately helping customers make the most of their grocery budget. “
Each item in Amazon Saver’s list of groceries costs less than 5 bucks and includes deli meats, snacks, canned fruit, and many other items. Eventually, Amazon Saver will have a supply of more than 100 products on sale.
Amazon Prime Members also get the additional benefit of a 10 percent discount.
With Amazon Saver, Amazon now has its hands in the bargain end of the grocery business, while its Whole Foods supermarket chain covers the top end.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
