Grocery retailer Kroger's (KR) - Get Report CEO Rodney McMullen wasn't as surprised as the rest of the market earlier this month when Amazon.com (AMZN) - Get Report announced its $13.7 billion acquisition of Whole Foods Market (WFM) , he said in an appearance on CNBC Tuesday morning.

After the deal was announced grocery stocks tanked, with Kroger being one of the hardest hit as investors worried about Amazon's presence in the space.

"From our perspective...we really do focus on the long term, and the long term is three to five years," McMullen told CNBC. "We've continued to grow market share, our customers continue to tell us we're doing a better job...so all those things are telling us the customers are connecting with us and we continue to grow our business."

When asked if Kroger would make a competing offer for Whole Foods to keep it out of Amazon's hands, the CEO would not specifically comment, but did say the company looks at any potential opportunities.

Shares of Kroger were higher by 1.53% to $22.95 on Tuesday morning following the CEO's comments.

What's Hot On TheStreet

Another bank is bullish on Alibaba: JP Morgan initiated Chinese e-commerce giant Alibaba (BABA) - Get Reportwith anoverweight rating and $190 price target in a new note Tuesday, representing more than 30% growth over Monday's closing price of $142.73. In JP Morgan's eyes, Alibaba is entering a transformation from a pure play e-commerce company to a data-driven beast that stands to power its bottom line more than most expect.

"We believe Alibaba's core commerce is expanding from traffic monetization to data monetization and such trend will quickly expand to its media/cloud businesses," writes JP Morgan analyst Alex Yao. "Such expansion not only allows Alibaba to tap into non-transaction-based corporate budget (e.g. market research, brand awareness, and customer service), but also supports our investment thesis based on sustainable revenue/earnings growth."

A key Walmart business springs back to life: Walmart (WMT) - Get Report is starting to see long-awaited sales growth at its U.K. Asda division as Britons shift their shopping habits towards food purchases with a slump in consumer confidence and surging inflation, TheStreet's Lisa Botter reports. Sales at Asda rose by 2.2% for the 12-weeks ended June 18, well ahead of the 0.9% pace notched in the 12 weeks to May 21, according to new data from research firm Kantar.

Different strategies emerge in driver-less cars: Alphabet Inc.'s (GOOGL) - Get Report deal with rental car giant Avis Budget Group Inc. (CAR) - Get Reportto have Avis manage some self-driving test cars developed by Alphabet's Waymo unit and Fiat Chrysler (FCAU) - Get Report feels a little overblown, writes TheStreet's Eric Jhonsa. The deal only covers test cars deployed in one metro area (Phoenix, Ariz.), and isn't exclusive, Jhonsa points out.

Meanwhile, Apple Inc.'s (AAPL) - Get Report deal with Avis rival Hertz Global Holdings Inc. (HTZ) - Get Report feels even smaller. Apple, which has reportedly been testing a half-dozen self-driving cars around the San Francisco Bay Area, is just leasing a small number of Lexus RX450h SUVs from Hertz, with the idea of retrofitting them with self-driving test systems.

Either way, Jhonsa says both deals represent quite the contrast with what Tesla Inc. (TSLA) - Get Report is trying to pull off. Elon Musk seems to want to go it all alone.

Apple and Alphabet are holdings in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio.Want to be alerted before Cramer buys or sells AAPL and GOOGL?Learn more now.

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