- Kroger is in talks to partner with Alibaba.
- Shares of the company popped after the news.
- Watch Kroger’s share price move in real time here.
Kroger shares jumped 5.29% to $US31.04 in early trading Thursday after the news broke late Wednesday. Alibaba was flat on the news, trading just 0.03% higher to $US195.65.
Details of a potential relationship between the two companies are still unclear, but Kroger officials met with Alibaba executives in China last month, according to The Post. Alibaba operates a high-tech chain of grocery stores in China that could help Kroger speed up its own technological overhaul.
Kroger, and many of the other public grocery chains, were hammered after Amazon announced it would purchase Whole Foods for $US13.7 billion in June 2017.
Shares of most of the other grocery chains were down in early trading Thursday. Here’s a list of some of the most notable.
- Target (TGT)$US76.31, -0.81%
- Sprouts Farmers Markets (SFM) $US27.55, -0.89%
- Walmart (WMT)$US105.47, +0.59%
- Supervalu (SVU)$US16.13, -1.52%
- Costco (COST)$US193.56, -0.00%
- Dollar General (DG)$US102.37, +0.61%
Read about how customers are finding empty aisles at Whole Foods across the nation since Amazon took over.