Kroger is rising on reports it may team up with Alibaba
Kroger is in talks to partner with Alibaba, the New York Post reported Wednesday night.
Shares of the grocer popped after the news.
Kroger, the biggest US grocery chain by sales, is discussing a collaboration with Alibaba in a move to fight back against Amazon, according to a report from the New York Post.
Kroger shares jumped 5.29% to $31.04 in early trading Thursday after the news broke late Wednesday. Alibaba was flat on the news, trading just 0.03% higher to $195.65.
The most popular grocery store in every state:
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.
STOCK PRICE FOR KR
Kroger, and many of the other public grocery chains, were hammered after Amazon announced it would purchase Whole Foods for $13.7 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) $76.31, -0.81%
Sprouts Farmers Markets (SFM) $27.55, -0.89%
Walmart (WMT) $105.47, +0.59%
SuperValu (SVU) $16.13, -1.52%
Costco (COST) $193.56, -0.00%
Dollar General (DG) $102.37, +0.61%
Read about how customers are finding empty aisles at Whole Foods across the nation since Amazon took over.
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