Shares of Walmart soared 7% yesterday on reports that the retailer's same-day delivery program, dubbed an "Amazon Prime Killer" by some, is due to launch in July. The service, named Walmart+, is priced at $98 per year and undercuts Amazon Prime at $119, according to Recode. It will also include video entertainment, as well as other perks like discounts on gas, product deals, reserved delivery and two-hour delivery offers. (SA)
Allstate has agreed to acquire National General Holdings for nearly $4B in cash as the U.S. insurance giant looks to "increase market share in personal property-liability." Shareholders of National General will receive a total of $34.50 a share -- representing a 70% premium to the stock's closing price on Tuesday. The deal, which includes a breakup fee of $132.5M, will be "accretive to adjusted net income earnings per share and return on equity beginning in the first year," said Allstate CEO Tom Wilson. (CNBC)
Unemployment rates in the world’s advanced economies will end the year higher than at any time since the Great Depression and not return to their pre-pandemic levels until 2022 at the earliest, according to the Organization for Economic and Cooperation and Development. If the U.S. is hit by a second wave of lockdowns, the OECD forecasts jobless rates of 12.9% in 2020 and 11.5% in 2021, compared with 11.3% this year and 8.5% next year if there is no sustained resurgence. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.