Tipsheet: H.Depot Covid Close-Up | Builder Confidence Record | Trump Blames Amazon


Amazon investigated by German watchdog for abusing dominance during pandemic at CNBC. “A spokesperson for the regulator told CNBC that it is “not up to a private platform to be a price regulator or the price police.” Amazon is using “unknown mechanisms” to regulate sellers on its platform, they added.” Read more


China’s posts upbeat results as online orders surge at Reuters. “The company’s net product revenue, which includes online retail sales, rose 33.5% to 178.19 billion yuan in the second quarter.” Read more


Home Depot Braced for Covid Pain—Then Americans Remodeled at The Wall Street Journal. “All of the historical benchmarks that we’ve used to think about the business and what the growth in the business would be, like GDP and housing…none of that has a correlation anymore,” Mr. Menear, 63, said in a July interview…Analysts predict record growth when both companies this week report results for May through July. Comparable sales are expected to climb 10.9% at Home Depot and 14.3% at Lowe’s, according to average estimates collected by FactSet.” WSJ subs.


Homebuilder sentiment jumps to record high, but soaring lumber prices could ‘dampen momentum’ at CNBC. “Builder confidence in the newly built, single-family home market jumped six points to 78 in August on the National Association of Home Builders/Wells Fargo Housing Market Index…Builder sentiment plunged to 30 in April, when the coronavirus pandemic shut down the U.S. economy, but it recovered quickly as consumers suddenly sought more space in less urban areas.” Read more


Walgreens, CVS pharmacists to check for coronavirus symptoms, wear face shields during flu shots at USA Today. “CVS expects to administer more than double the number of flu shots it administers during a typical season…Walgreens is expecting an increase in flu demand ranging from 30% to 50%…” Read more


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Walmart increases store hours after cutting them in March at USA Today. “By August 17, more than 4,000 of our 4,700 Walmart stores will expand their closing time from 8:30 p.m. to 10 p.m., providing customers with more options to shop for the food, medicine and supplies they need.” Read more


Seattle business leaders ask city to reconsider tax after Amazon polls employees about relocation at GeekWire. “The City Council in July approved the tax on the highest salaries at companies in the city with annual payroll expenses of $7 million or higher, generating an estimated $200 million yearly to fund relief for families negatively impacted by the COVID-19 pandemic and alleviate Seattle’s homelessness crisis.” Read more


Rent the Runway shutters all brick-and-mortar stores at Fast Company. Read more


Brad Porter, longtime Amazon Robotics leader and distinguished engineer, reportedly resigns at GeekWire. “He was in the news this year when he defended Amazon from criticism from a former vice president and distinguished engineer, Tim Bray, over the company’s firing of employee activists. Business Insider reported that Porter will pursue a new opportunity, citing an email sent to staff by Dave Clark, Amazon’s SVP of worldwide operations.” Read more


Ahold doubles down on e-commerce amid pandemic at Fox Business. “Covid was kind of a wake-up call for us,” said Natalie Knight, who has been the company’s chief financial officer since April. Ahold decided to accelerate the build out of its online channels and to interlink e-commerce with the brick-and-mortar business because of the pandemic, Ms. Knight said.” Read more


Trump blames Amazon for post office problems at CNBC. “Amazon and other companies like it, they come and they drop all of their mail into a post office,” Trump said in an interview with “Fox & Friends.” “They drop packages into the post office by the thousands and then they say, ‘Here, you deliver them.’ We lose $3 and $4 a package on average. We lose massive amounts of money.” Read more


Tipsheet Extra

COVID-19 outbreak at Quebec City Costco sparks rush on testing center

New York: Zappos replacing American Eagle in Union Square

US, UK play chicken over chlorinated chicken

Domino’s to hire more than 20,000 workers in US

Nike to feature Andre Agassi-inspired line for upcoming US Open

Apple expands its independent repair shop program to Mac computers

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