Live Updates
By CNN Business
Updated less than 1 min ago10:16 a.m. ET, March 4, 2019
Office Depot partners with Alibaba
From CNN Business’ Jordan Valinsky
Office Depot (ODP) shares rose as much as 6% in early trading after it announced a “strategic collaboration” with Alibaba, the Chinese e-commerce giant.
The retailer and the Chinese tech company have opened a new online store to help small and medium businesses in the United States sell their products online to Alibaba’s global network.
Office Depot CEO Gerry Smith said the partnership will help business give them “an expanded set of products and services” to help them grow.
Alibaba (BABA) shares are up slightly.
Children’s Place tanks after earnings
From CNN Business’ Jordan Valinsky
Shares of Children’s Place (PLCE) are down nearly 10% in early trading after a dismal earnings report:
The children’s retailer had a rough fourth quarter and missed analyst’s estimates on sales. It also predicts a weak year ahead. Children’s Place also formally announced it’s buying troubled rival Gymboree.
CEO Jane Elfers said the company is “challenged by a very late Easter” and the acquisition:
Taken together, these create unprecedented near-term visibility challenges, and, as a result, the first half of 2019 is anticipated to be a highly disruptive time for The Children’s Place.”
US and China nearing massive trade deal
From CNN Business’ Rishi Iyengar
Stocks across China and Asia spiked following reports that President Donald Trump and his Chinese counterpart Xi Jinping could soon strike a deal to end a yearlong trade war.
US and China are in the final stages of negotiating a deal in which China would reduce tariffs on a range of US goods if the Trump administration removes broad trade sanctions against Beijing, according to a Wall Street Journal report.
Trump and Xi could reach a formal agreement at a potential meeting around March 27.
Here’s a check of the Asian markets:
- The Shanghai Composite index surged about 3% on Monday morning to reach its highest level in nine months.
- Hong Kong’s Hang Seng index rose 1.5%. Both indexes gave up some of their gains later in the day.
- Japan’s Nikkei, meanwhile, closed about 1% higher.
Tesla Model Y gets a launch date
From CNN Business’ Rishi Iyengar
- Tesla (TSLA) will unveil its latest vehicle, the Model Y, in Los Angeles on March 14.
- CEO Elon Musk said on Twitter that the electric SUV will cost about 10% more than Tesla’s cheapest vehicle, the Model 3 sedan.
- Shares are up more than 1% in premarket trading.
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