Business
Rani Molla
3/28/24

Grindr heats up

After a mostly terrible ride on the stock market — during which its price dropped more than 70 percent — Grindr finally got some love. TD Cowen gave the dating app company its first buy rating since its de-SPAC in November 2022. Its stock jumped on the news — nearly putting it in territory of its struggling dating app peers. Cowen’s analyst, however, thinks there’s more to love about Grindr than other dating apps: “Grindr’s social dating app targets a global LGBTQ+ demographic which is growing faster than the overall population.”

Winnr?

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Amazon doubles down on groceries with new private-label collection, sending grocery stocks lower

Amazon on Wednesday launched Amazon Grocery, a new private-label food brand that combines its Fresh and Happy Belly lines into one collection.

The label covers more than 1,000 staples, from milk and eggs to olive oil and fresh meat, with most items priced under $5. Shares of Amazon were little changed, but grocery-selling rivals Target, Walmart, and Kroger all slipped around 2% following the announcement. Costco also slipped about 1%.

The launch highlights Amazon’s growing push into both grocery and private-label essentials as more customers trade down to cut costs. In August, the e-commerce giant added perishable groceries to same-day delivery in 1,000 cities and towns across the country.

At the same time, Amazon said shoppers purchased 15% more private-brand products in 2024 compared to the previous year across Amazon.com, Whole Foods Market, and Amazon Fresh.

business
Max Knoblauch

Ford sales climb for 7th straight month as EVs hit a quarterly record on tax credit expiration

September marked another banner month for Ford’s electric vehicle business, with EV sales climbing 85% from the same month last year to more than 11,700 units.

For the third quarter as a whole, Ford’s electrified unit sales grew nearly 20%. That’s the division’s best Q3 on record, boosted by the looming end of the $7,500 federal tax credit on Tuesday. Ford, with rival GM, has found some ways to extend that credit in the hopes of keeping sales stable.

Overall, Ford sales rose 8.2% on the quarter, and September was the automaker’s seventh straight month of sales gains. Ford sales have been buoyed this year by panic buying: first from fears of tariff price hikes (and Ford’s strong incentives), and lately from the EV credit expiration.

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