Here’s everything you should know to start your day:
Kraft Heinz + Unilever – Unilever
Remember when we told you about Kraft Heinz’s potential acquisition of Unilever? Well, that’s not happening. After Kraft Heinz proposed the buyout, Unilever declined it rather quickly. Though Kraft Heinz stated they would continue trying to acquire the company, Unilever believed that the $143 billion acquisition would actually undervalue the company and didn’t see any reason to continue taking about it. Kraft Heinz even tried to woo major Unilever investors, but ultimately failed to gain support for the deal. Unilever ($UN) is down 8.28% this morning, and Kraft Heinz ($KHC) is down 4.96% after both stocks received a nice boost from the acquisition talks and are coming back down to normal levels as a result of said talks falling through.
New account openings are down by 31% at Wells Fargo after the company’s fake checking scandal. Credit card applications at the bank are down 47%. While the bank still has millions of customers, consumer trust in the chain has clearly eroded, and new customers are reluctant to sign up with them. If you’re looking to leave your major bank for a better option, we recently featured how to do just that (and it’s actually quite fun).
A Tale of Three Retailers
Walmart ($WMT) shares are up after the company beat earnings expectations. The Arkansas-based retail giant is seeing an increase in foot traffic and a surge in usage of their online site. Macy’s ($M) stock is up 3.1% as the company beat their earnings estimates thanks to money saved on store closings and decreased costs. Home Depot ($HD) stock is up 2.44% after beating estimates thanks to a strong housing market. The company also announced a share buyback program worth $15 billion.