Amazon unveils “Amazon Saver” food line

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Amazon’s new food line.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05Wall Street is trying to put its recession fears to rest and upbeat news from the tech world is helping a bit.

00:11Oracle beat quarterly sales expectations thanks to a 21% jump in its cloud business.

00:16The company guided full-year estimates higher as it integrates artificial intelligence into its enterprise software.

00:23In other news, Amazon is looking to answer the cries of inflation-weary food shoppers

00:28with its own budget-friendly, no-frills grocery line.

00:32The Amazon Saver private label brand will go up against Walmart's Great Value, Target's Good & Gather,

00:39and Aldi's vast array of private label offerings.

00:42Consumers have been shifting down from more expensive national brands in a move to save every penny.

00:48Food prices at home are up 1% from a year ago, according to the Consumer Price Index.

00:54The company said in a blog post, quote,

01:08Each item in Amazon Saver's list of groceries costs less than five bucks

01:13and includes deli meat, snacks, canned fruit, and many other items.

01:17Eventually, Amazon Saver will have more than 100 products on sale.

01:22Amazon Prime members also get the additional benefit of a 10% discount.

01:26With Amazon Saver, Amazon now has its hands in the bargain end of the grocery business,

01:32while its whole food supermarket chain covers the top end.

01:36That'll do it for your daily briefing.

01:38From the New York Stock Exchange, I'm Conway Gittens with The Street.