AB InBev, SABMiller merger to lead to job cuts, Amazon to open more physical bookstores, GameStop sinks
Here are some of the stocks the Yahoo Finance team will be watching for you today.
Anheuser-Busch InBev (BUD) expects its merger with rival SABMiller to lead to about a 3% reduction in its workforce over the next three years, once the deal is complete. The two companies currently employ 220,000 workers worldwide.
Amazon (AMZN), the e-commerce giant that made life a nightmare for bookstores, is opening more *brick-and-mortar* bookstores. Amazon is telling the FT it plans to open physical stores in Chicago, San Diego and Portland, Oregon. The company opened its first bookstore in Seattle last fall. That store sells books and gadgets like Amazon’s Kindle e-reader.
GameStop (GME) shares fell in early trading. The video game retailer reported earnings that matched expectations, but revenue came in short of forecasts for the second quarter, due to weaker than expected same-store sales. The company said lack of new video game titles and new information being released about upcoming new consoles hurt sales.
Ulta Salon (ULT) raised its outlook for the year after the beauty products retailer delivered a beat on both its top and bottom lines for the second quarter. Revenue jumped 22% from a year ago, marking its seventh straight quarter of double-digit sales growth. However, investors locked in some profits, with the stock trading lower in early trading after being up as nearly 50% so far this year.
