• Bloomberg reports that Rite Aid yesterday reduced its full-year financial projections, three days before the shareholder vote on whether it should merge with Albertsons.
The story notes that “Rite Aid investors can’t seem to catch a break. The stock has plummeted 77 percent in the past two years, as its takeover by Walgreens Boots Alliance Inc. fell apart amid antitrust scrutiny. Walgreens eventually agreed to buy 1,932 Rite Aid stores, leaving behind a far smaller company with a now more uncertain future.”
And now, the story says, “Commentary from the two biggest proxy advisers (has) painted a gloomy picture for the deal vote … as holders typically stick with the adviser recommendations.”
• The Associated Press reports that multinational agricultural company J.R. Simplot Co. has “acquired gene editing licensing rights that could one day be used to help farmers produce more crops and make grocery store offerings such as strawberries, potatoes and avocados stay fresher longer.
The agreement is with with DowDuPont Inc. and the Broad Institute of the Massachusetts Institute of Technology and Harvard University, which developed the technology.
According to the story, “There is no evidence that genetically modified organisms, known as GMOs, are unsafe to eat, but changing the genetic code of foods presents an ethical issue for some. For example McDonald’s had declined to use Simplot’s genetically engineered potatoes for its French fries. The food industry has also faced pressure from retailers as consumer awareness of genetically modified foods has increased.”
• The Associated Press reports that severely compromised MoviePass - which had to shut down temporarily 10 days ago when it ran out of money - plans to impose a three-movie cap on its subscribers, who pay $10 a month. Previously they could go to one movie a day, but the company has been cutting back on its offering, even putting limits on which movies people can see under its plan.
According to the story, “Though MoviePass says it’s not raising prices to $15, there’s still a hidden price increase. The company already has a three-movie plan for $8 a month. Now, it will be $10.
“MoviePass is also rescinding other cost-cutting measures, including surcharges for popular movies and showtimes and requirements to send photographs of ticket stubs to combat fraud. MoviePass says the new cap will affect only about 15 percent of subscribers — those who now watch four or more movies a month.”
The story notes that “Rite Aid investors can’t seem to catch a break. The stock has plummeted 77 percent in the past two years, as its takeover by Walgreens Boots Alliance Inc. fell apart amid antitrust scrutiny. Walgreens eventually agreed to buy 1,932 Rite Aid stores, leaving behind a far smaller company with a now more uncertain future.”
And now, the story says, “Commentary from the two biggest proxy advisers (has) painted a gloomy picture for the deal vote … as holders typically stick with the adviser recommendations.”
• The Associated Press reports that multinational agricultural company J.R. Simplot Co. has “acquired gene editing licensing rights that could one day be used to help farmers produce more crops and make grocery store offerings such as strawberries, potatoes and avocados stay fresher longer.
The agreement is with with DowDuPont Inc. and the Broad Institute of the Massachusetts Institute of Technology and Harvard University, which developed the technology.
According to the story, “There is no evidence that genetically modified organisms, known as GMOs, are unsafe to eat, but changing the genetic code of foods presents an ethical issue for some. For example McDonald’s had declined to use Simplot’s genetically engineered potatoes for its French fries. The food industry has also faced pressure from retailers as consumer awareness of genetically modified foods has increased.”
• The Associated Press reports that severely compromised MoviePass - which had to shut down temporarily 10 days ago when it ran out of money - plans to impose a three-movie cap on its subscribers, who pay $10 a month. Previously they could go to one movie a day, but the company has been cutting back on its offering, even putting limits on which movies people can see under its plan.
According to the story, “Though MoviePass says it’s not raising prices to $15, there’s still a hidden price increase. The company already has a three-movie plan for $8 a month. Now, it will be $10.
“MoviePass is also rescinding other cost-cutting measures, including surcharges for popular movies and showtimes and requirements to send photographs of ticket stubs to combat fraud. MoviePass says the new cap will affect only about 15 percent of subscribers — those who now watch four or more movies a month.”
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