Hanesbrands hit by Champion sale

There were several significant business developments announced recently. Champion, the athletic wear brand, is being sold by HanesBrands to Authentic Brands for over $1 billion. This sale could lead to job losses as manufacturing, design, logistics, and operations of the label's various components will likely be outsourced. Costco, on the other hand, is entering the weight loss market by offering a program through Sesame, a healthcare marketplace provider, for $179 every 3 months. The program includes consultations with weight loss specialists and prescriptions if necessary. Amazon is phasing out the Just Walk Out technology from its Fresh stores in the US, which allows shoppers to skip checkout lines, due to customer preference for seeing receipts and savings in real time. Instead, dash cards will be used to track spending while still allowing for quick checkout. Costco's shares fell 1.4% on Tuesday, while Amazon Fresh stocks use this technology in 27 out of 44 stores in the US, and it will remain in Amazon Go stores and some fresh stores in the UK.

There are several notable events and market movements happening today. Apple is expected to be a winner in the AI industry, according to recent research. The Biden administration is considering ending the LNG export pause to aid Ukraine. The 2024 Sohn Investment Conference in New York City could lead to share price jumps for some stocks. Walt Disney is holding its annual meeting amid a proxy fight for board representation. Intel reported a larger loss for its foundry business in 2023 compared to 2022. The Fed's Michelle Bowman will speak on bank liquidity and regulation, and the ISM service index will be released at 10 AM. US stocks ended lower on Tuesday, with the Dow falling the most among the major averages. Intel was one of the biggest movers of the day, with a large operating loss reported for its foundry business. The markets are mixed this morning, with Dow, S&P, and Nasdaq futures in the red, while crude oil is flat and Bitcoin is up.

Several high-profile speakers from the Federal Reserve are delivering remarks today on various economic topics. At 12:10 PM, Jerome Powell will discuss the economic outlook at a forum in California. At 1:10 PM, Michael Barr will speak on the Community Reinvestment Act at the Just Economy 2024 Conference in Washington DC. Adriana Kugler is set to speak on the outlook for the US economy and monetary policy at 4:30 PM in St. Louis, Missouri. Additionally, there's an OPEC meeting taking place today. These events underscore the ongoing attention and focus on economic matters, both domestically and internationally. Stay informed with Seeking Alpha for comprehensive coverage of these developments and more.