Nvidia stock surges past $750 as analyst raises target

Nvidia stock surges past $750 as analyst raises target

President Joe Biden’s administration on Monday announced a lawsuit to stop the merger of U.S. supermarket giants Kroger and Albertson’s, saying it would harm competition and raise prices for consumers. The Federal Trade Commission (FTC) and eight states filed the suit in a federal court in Washington, D.C.

The suit claims that the $24.6 billion deal, which would create a grocery behemoth with more than 4,000 stores, would reduce choice and quality for millions of Americans who shop for groceries every week. The deal would also strengthen Kroger’s position as the second-largest player in the U.S. grocery market behind Walmart.

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The merger has faced opposition from lawmakers and consumer groups who fear that it would lead to price hikes, job losses, store closures and fewer options for consumers. U.S. food prices have increased by 25% over the last four years, and while food inflation is showing signs of easing in 2024, grocery bills have become a growing concern for shoppers.

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The Biden administration has recently taken steps to lower grocery prices and curb big-ticket mergers that risk price hikes. After the FTC suit was announced, The White House said Biden believes large corporations must be checked by healthy competition.

Shares of Kroger fell 2% while Albertson’s stock rose by over half a point. The deal spread, a measure of investor confidence in the merger, implies a less than 40% chance of the deal being completed.

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