Walmart Launches Subscription Service: Top Stories, Sports and Business News — July 7

Author:
Publish date:
Video Duration:
5:37

Here are your top sports and business stories on July 7.

DeSean Jackson Called Out For Anti-Semitic Remarks

DeSean Jackson is trending for all the wrong reasons. The Eagles wide receiver posted anti-Semitic remarks on his Instagram account. Jackson’s post featured a quote from Adolf Hilter that said white Jews "will blackmail America. [They] will extort America, their plan for world domination won't work if the Negroes know who they were."

After facing widespread criticism, both Jackson and the Philadelphia Eagles team have issued apologies. Jackson said “I do not have hatred towards anyone. I really didn’t realize what this passage was saying. Hitler has caused terrible pain to Jewish people like the pain African-Americans have suffered. We should be together fighting anti-Semitism and racism. This was a mistake to post this and I truly apologize for posting it and sorry for any hurt I have caused.”

The Philadelphia Eagles said, “Regardless of his intentions, the messages he shared were offensive, harmful and absolutely appalling. They have no place in our society, and are not condoned or supported in any way by the organization.”

According to ESPN, the team is evaluating if Jackson should be cut from its roster and whether his post can be deemed a default under Jackson’s current contract.

Walmart Launches Walmart+ Subscription Service

Walmart  (WMT) - Get Report is launching Walmart+, a direct competitor to Amazon’s  (AMZN) - Get Report Amazon Prime.

Walmart+, a subscription service offering groceries and discounts on other items, is priced at $98 a year. Amazon Prime is priced at $119 a year.

Walmart shares rose as much as 6% and Amazon shares were falling 0.5% by midday Tuesday, with investors saying Walmart has the size and scale to execute the new service successfully. 

For the broader market, stocks are staying afloat — excluding Tuesday’s down-market — even as coronavirus cases remain elevated. The new high in the Johns Hopkins 5-day moving average of new U.S. cases is 54,000, hit last week.

The moving average has fallen to 44,000 as of Tuesday. The previous all-time-high hit in April was 36,000. Stocks were trading on this news in June, but much less so in July. 

Investors want to see the avoidance of full-on lockdowns and more fiscal stimulus and they're confident in positive outcomes on those two fronts.

Nevada Reviews a Costly Gambling Snafu

Last week, it was reported that sports gamblers at the Bellagio were able to win $250,000 on bets on Chinese and Korean baseball games because of a system error on the casino’s sports book kiosks. Now, the Nevada Gaming Control Board is stepping in and will determine if MGM  (MGM) - Get Report has to pay out those winnings or refund the gamblers’ initial bets and void them.

According to Legal Sports Report, the Nevada Gaming Control Board can void a bet if there has been “obvious computer, mechanical, technical or human error.”

In this case, the mistake can be attributed to human error, as the start time of the game was incorrectly entered into the kiosk. Bettors took advantage of this error by betting on an underdog that was already winning 10-2.

BetMGM is owned by Roar Digital, a joint venture between MGM Resorts and GVC Holdings. MGM shares were down about 2% Tuesday. Wynn Resorts was also down 2%. 

These are “reopening stocks,” or those that outperform the market when reopening plans look promising and fall harder than the market when reopenings don’t look promising.

Watch More Videos From TheStreet and Jim Cramer: