Wal-Mart to buy newcomer Jet.com


August 9, 2016 at 12:00a.m.

Wal-Mart to buy newcomer Jet.com

NEW YORK

Wal-Mart is buying fast-growing online retailer Jet.com for $3 billion in cash plus $300 million in stock, scooping up a newcomer that launched a year ago with the intention of challenging online leader Amazon.

The hefty price underscores how Wal-Mart is trying to compete more aggressively and effectively for younger and more affluent customers as it has seen its online business growth slow, even with big investments in distribution centers and expanding services.

Analysts say the acquisition still won’t enable Wal-Mart to catch up to Amazon in sales, but it will help narrow that gap and should widen the distance between Wal-Mart and other online retailers.

Investor suits against VW move ahead

FRANKFURT, GERMANY

Investor lawsuits claiming up to $4.5 billion in damages against Volkswagen over its diesel emissions scandal are moving ahead in German courts.

Investors claim that Volkswagen did not inform them in a timely way of the impending scandal over cars with software that enabled them to cheat on emissions tests in the United States, depriving them of a chance to decide whether to sell the stock.

The company has reached a $15 billion settlement with U.S. authorities.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Alcoa Inc., .1210.45—.05

Aqua America, .71 32.71 —.41

Avalon Holdings,2.98.46

Cortland Bancorp, .2815.90.00

Farmers Nat., .169.48 .05

First Energy, 1.44 32.87.44

Fifth/Third, .5219.40—.17

FirstMerit Corp., .6821.68 —.05

First Niles Financial, .128.25—1.50

FNB Corp., .4812.36—.18

General Motors, 1.5230.88.08

General Electric, .9231.27—.01

Huntington Bank, .28 9.74—.01

iHeartMedia Inc.,1.25 —.05

JP Morgan Chase, 1.9266.10—.20

Key Corp, .3412.17—.09

LaFarge, .3417.57 .00

Macy’s, 1.51 34.75.64

Parker Hannifin, 2.52 122.671.56

PNC, 2.0486.49.05

Simon Prop. Grp., 6.40219.97.26

Stoneridge 17.84 .29

Talmer Bank, .20 22.01.11

United Comm. Fin., .10 6.74—.09

Selected prices from Monday’s 4 p.m. close.