Reliance Retail, India's largest retail chain, said on Sunday evening that its proposed deal to acquire Future Group's assets for a whopping $3.4 billion -- against which Amazon has filed a legal proceeding -- is fully enforceable under the Indian law and it intends to complete the deal "without any delay." Mukesh Ambani's firm issued the statement after Amazon won an emergency order from a Singapore arbitration court earlier on Sunday to temporarily halt the proposed sale between the two Indian retail giants. According to a person familiar with the matter, the injunction will prevent Future Group from selling its assets to Reliance Retail by about 90 days.
After a disappointing second-quarter earnings report, Hasbro (NASDAQ: HAS) is bouncing back sharply in the third, posting revenue and profit gains that beat analyst expectations. Arguably more important is the toymaker exhibiting strength just in time for the Christmas shopping season. Hasbro said sales grew 13% to $1.78 billion, ahead of the $1.74 billion Wall Street was expecting, while earnings of $213 million, or adjusted to $1.88 per share, easily beat forecasts of $1.63 per share.
To the question of what's the most feared competitor in retail, the answer is simple. Amazon (NASDAQ: AMZN) has demonstrated time and again its desire to disrupt as many corners of the retail industry has possible, and Wall Street tends to give the tech giant a wide berth. For instance, when Amazon acquired Whole Foods Market in 2017, supermarket stocks fell broadly, including Sprouts, Supervalu, Walmart, and Costco (NASDAQ: COST), as investors feared that the industry was about to experience the "Amazon effect."