Stocks ended the week up 110 points on the Dow for a close at 26,026 on heavy trading volume. Both IBD and BTS indicators are in the green. For the week the Dow was essentially flat and so far this year is up 11.1% which matches the returns from the S&P 500 Index. The NASDAQ is up 13.5% for the year.
Amazon is now rumored to be looking at a major expansion into the grocery store business which entails reaching beyond its current Whole Foods network and its 10 Amazon Go stores. The gurus are now saying that Amazon is looking to purchase regular grocery stores in major cities like DC, Philly, LA and San Francisco not to mention Omak. In response to this tidbit of information shares of Kroger (which owns QFC, Ralphs and Fred Meyer) were whacked. Another area that Amazon is taking a hard look at and collecting data on is the trucking industry. While they have not rolled out anything yet, they are studying how trucks schedule, deliver, get paid and work within existing DOT safety laws with an eye on making the trucking industry more efficient and lower cost.
San Francisco based ride sharing company Lyft filed to go public today and banks are jumping on the opportunity like sea lions on a salmon. The company has about 4,000 employees and operates through 1.9 million drivers who last year gave out over 30 million rides. While Uber is a bigger company than Lyft it seems Lyft will be first to become a publicly traded company. The company is also offering its drivers a shot at getting shares in the IPO and the early response to this plan is positive.