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Reporter Name | Relationship | Type | Amount | SEC Filing |
---|---|---|---|---|
Mcmillon C Douglas | President and CEO | Sell | $2,056,521 | Form 4 |
Furner John R. | Executive Vice President | Sell | $926,624 | Form 4 |
Walmart's President and CEO, McMillon C Douglas, sold 29,124 shares of the company's common stock on July 25, 2024, at a price of $70.6126 per share, totaling $2,056,521. Following this transaction, McMillon directly owns 3,931,300 shares and indirectly owns 5,701 shares and 1,053,906 shares through various family trusts and accounts. The sale was conducted under a Rule 10b5-1 Plan, previously disclosed on February 24, 2023.
Walmart's Executive Vice President, John R. Furner, sold 13,125 shares of the company's common stock on July 25, 2024, at a price of $70.6 per share, totaling $926,624. Following the transaction, Furner directly owns 632,414 shares and indirectly owns 5,569 shares through a 401(k) plan.
Bloom Energy Corporation is a renewable energy company focused on reducing carbon emissions. The company provides solid oxide fuel cell platforms called Bloom Energy Servers, which convert fuel - such as natural gas (NGQ24), hydrogen, and biogas - into electricity with the help of an electrochemical process, without relying on combustion. Likewise, Bloom's solid oxide electrolyzer is built on the same platform, and converts water into hydrogen for electricity via electrolysis.
Their client base includes data centers, hospitals and biotech companies, manufacturers including Honda , retailers like Walmart and more. Incorporated in 2001, Bloom was formerly known as Ion America Corp., but changed its name to Bloom Energy in 2006. Located in San Jose, the company is valued at $3.28 billion by market cap.
Like many clean energy stocks, Bloom Energy has lagged the broader market over the past year, but is starting to regain momentum amid rising expectations for Fed rate cuts. BE stock is up 36% over the past three months, narrowing its YTD loss to just about 2%.
Bloom Energy Inks a New AI Partnership
Bloom Energy’s stock is also on the rise amid news of an artificial intelligence (AI) partnership with CoreWeave to help power a data center in Illinois owned by privately held Chirisa Technology Parks. The data center will accommodate high-density deployments with advanced cooling systems, enabling CoreWeave to produce efficient cloud solutions for AI.
“This validation from CoreWeave, a leader in AI, is a testament to our leading-edge technology and its importance to AI,” said Chief Commercial Officer Aman Joshi in a statement.
Bloom's fuel cells will be commissioned for the project in Q3 of 2025.
Bloom Energy Misses on Q1 Earnings
Bloom Energy reported its first-quarter earnings on May 9, with revenue of $235.3 million falling 14.5% YoY, and missing analysts' estimate of $254.1 million. The company swallowed a loss during the quarter of $57.5 million, or $0.17 per share on an adjusted basis, which was wider than the consensus forecast for a loss of $0.10 per share.
The renewable energy company reported a gross margin decline from 19.7% in the year-ago period to 16.2% in Q1 of 2024.
For the full year, management backed its full-year guidance for revenue in the range of $1.4-$1.6 billion, with a non-GAAP gross margin of ~28% and non-GAAP operating income between $75 million and $100 million.
Wall Street expects BE to narrow its full-year GAAP loss by 49% in fiscal 2024, and break even on a full-year basis in 2025.
How Are Analysts Feeling About BE?
Analysts are reasonably bullish on Bloom Energy stock, with a consensus “Moderate Buy” rating. The energy stock is being tracked by 21 analysts, with 7 “Strong Buy” ratings, 3 “Moderate Buy” ratings, 10 “Hold” ratings, and 1 “Moderate Sell” rating.
The mean price target of $15.79 suggests an upside potential of 8.4% from current levels, while the Street-high prediction of $25 indicates a premium of 71%.
On the date of publication, Ruchi Gupta did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Walmart Inc. Walmart Canada disclosed it raised the hourly wage earlier this month for approximately 40,000 store associates to remain competitive in providing attractive compensation in its operating markets.
The wage hike is part of Walmart Canada’s broader strategy to develop talent, modernize work processes, and strengthen its workplace culture.
In addition to wage increases, Walmart Canada has invested in digital handheld devices for store associates. These devices enhance customer service by allowing associates to quickly locate items and communicate more efficiently.
Walmart Canada’s compensation package includes an annual incentive bonus, enhanced health and dental benefits, mental health care, and gender affirmation care.
Associates also have access to 24/7 virtual care and employee assistance programs through TELUS Health, as well as a Walmart discount card for 10% savings on groceries and general merchandise.
Also Read: How Walmart Is Planning To Boost Perishables Distribution? Read To Know
Through the Live Better U (LBU) educational program, Walmart covers 100% of tuition, books, and course fees for associates and has already benefitted over 3,000 associates.
“We’re on a journey of developing our talent, simplifying and modernizing how we work, investing in our teams, and strengthening our culture,” said Chief People Officer, Walmart Canada, AnnMarie Mercer.
The development follows similar investments made in recent months for U.S. store workers, aimed at retaining more employees, reported Reuters.
In February, Walmart increased the average annual salary and bonus for U.S. store managers.
Additionally, in June, the company announced bonuses for U.S. hourly store workers, including those in pharmacies and Vision Centers, benefiting 700,000 front-line staff.
Related: Walmart Sweetens The Deal For Hourly Employees with Annual Bonuses And Skill Upgrades: Details
The recent move comes amid easing inflation and rising unemployment in Canada. Walmart Canada operates over 400 stores nationwide, employing more than 100,000 associates.
Walmart stock has gained more than 31% in the last 12 months. Investors can gain access to the stock via the Consumer Staples Select Sector SPDR Fund and Vanguard Consumer Staples ETF .
Price Action: WMT shares are trading lower by 0.21% at $69.87 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image from Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
New produce recalls have several major retailers pulling vegetables from shelves in 15 states over contamination concerns.
The issue behind the produce recalls is that some vegetables may be contaminated with Listeria monocytogenes. This can cause fatal illness in the young and elderly alongside severe short-term issues for healthy people.
Let’s break down those produce recalls below!
Produce Recalls 2024 Details
First up are retail packaged items sold at Walmart stores in CT, DE, IL, IN, KY, MD, MI, NJ, NY, OH, PA, VA and WV. That includes the following.
Also, these packaged goods were sold at Aldi stores in KY, NY, OH, PA and WV.
Finally, the following items were sold in bulk or by weight at Walmart, Kroger and Save-a-Lot stores.
The produce included in these recalls comes from Wiers Farm. They were sold under the Wiers Farm and Freshire Farms brands.
There is more news that consumers will want to know about on Friday!
Fortunately, we have all of that news ready to go today! Among that is new info on Cheese recalls and other hot news worth knowing about on Friday! You can catch up on all of that at the following links!
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More from InvestorPlace
Walmart Inc is likely to invest $200 million in self-driving forklifts to automate more of its warehouse operations.
The world’s largest retailer plans to buy potentially hundreds of autonomous forklifts from Fox Robotics, with whom it has already invested $25 million, reported Reuters citing sources.
This move is part of Walmart’s broader strategy to increase automation and compete with Amazon.com Inc .
Walmart’s plan includes exclusive deals with robotics vendors like Fox Robotics and Symbotic Inc . These agreements will also restrict Walmart’s competitors from using the technology.
Walmart spokesperson Camille Dunn confirmed that the company is piloting the technology with 19 FoxBots in four facilities.
Also Read: How Walmart Is Planning To Boost Perishables Distribution? Read To Know
In recent years, Walmart has focused on robotics to manage costs and keep product prices low. Analysts from Jefferies estimate that Walmart could add $20 billion to its profit before interest and taxes by fiscal 2029 due to automation and AI efforts.
Walmart’s deal with Symbotic, announced in 2022, involves implementing automation in 42 distribution centers, where Walmart owns more than 13% of Symbotic stock.
FoxBots, tested for over a year, can unload pallets and integrate them into Symbotic’s automated system. Fox Robotics claims a single operator can manage up to six autonomous forklifts, reducing labor costs by 40%.
Walmart stock has gained more than 29% in the last 12 months. Investors can gain access to the stock via the Consumer Staples Select Sector SPDR Fund and Vanguard Consumer Staples ETF .
Price Action: WMT shares are trading lower by 0.91% at $69.38 at last check Friday.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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