Wholesale egg prices drop, but retail rates could take time to catch up. (00:23) Alphabet (GOOG) (GOOGL) in talks to acquire Wiz for $30B - WSJ. (01:49) BYD shares hit record high after rolling out new ultra-fast EV chargers. (02:38)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Tuesday: GRAB, BIDU, and moreSA Maps: Tracking benchmark interest rates around the worldWhich beaten down stocks have the best chance for a quick rebound?Grab said to be moving forward with GoTo takeoverSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Full Episode
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Tuesday, March 18th. I'm Julie Morgan. Will the price of eggs be lower on your next grocery trip? Maybe the second time's a charm for Alphabet and Wiz, and BYD enters new territory.
Wholesale egg prices have been declining given the rapid recovery in supply and no significant bird flu outbreaks this month. But it's unclear when retail prices will reflect this decline. According to data from the U.S. Department of Agriculture, national wholesale egg prices fell to $4.15 per dozen as of March 14th. compared to $6.85 a week earlier.
That's about half the levels seen at the start of the month. The agency said, however, these declines have yet to be reflected at store shelves, and until they are, demand is expected to remain dampened. Last month, consumers on average paid a record $5.90 for a dozen large grade A eggs, according to the Bureau of Labor Statistics.
That's 22% higher than the previous record of $4.82 per dozen in January of 2023. The managing editor at Expana told CNBC that wholesale prices will likely fall further, given extreme pressure from market dynamics. Expana tracks agricultural commodity prices. There is generally a lag of at least two to three weeks between a change in wholesale costs and resulting retail pricing.
To note, the Department of Justice is investigating the surge in egg prices and looking into whether large producers have conspired to raise prices or limit supply. Alphabet is in advanced discussions to purchase cybersecurity startup Wiz for around $30 billion.
A potential deal comes after Alphabet was close to a deal to purchase Wiz last summer for about $23 billion, as the Wall Street Journal has previously reported. The talks were scuttled amid some concern that the deal could take a long time to gain regulatory approval.
This new deal could happen soon if the discussions don't hit any last-minute problems, according to a report in the Journal on Monday, which cited people familiar with the matter. Wiz was founded in Israel in 2020 and is now headquartered in New York. The cybersecurity startup provides cloud security services with real-time threat detection and responses powered by artificial intelligence.
Hong Kong-listed shares of Chinese electric vehicle giant BYD hit a record high today after the company unveiled a new fast-charging technology and announced an employee share incentive plan. Before pairing gains to 4%, shares rose as much as 6% to a record $408.80 in Hong Kong dollars. equivalent to $52.61.
BYD on Monday unveiled a new super e-platform technology, which it says will be capable of peak charging speeds of 1,000 kilowatts. Now let's get a look at the trending articles on Seeking Alpha. We're tracking benchmark interest rates around the world. Which beaten-down stocks have the best chance for a quick rebound? And Grab is said to be moving forward with a go-to takeover.
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