Cheddar morning business report for Feb. 13, 2018Posted: Updated:
Amazon is cutting jobs, several hundred of them, at its headquarters in Seattle. The layoffs are focused primarily on the consumer retail business. Insiders say Amazon grew very quickly and that left some units over budget and overstaffed.
Walgreens is making merger moves. According to the Wall Street Journal, the company is taking steps to buy a bigger piece of drug distributor AmerisourceBergen. Walgreens already owns 26 percent of the company. The move would give Walgreens an edge in a competitive health care field. AmerisourceBergen stock shot up 25 percent in pre-market trading over the news.
Mercedes is saying no to the Detroit Auto Show. As cars become more connected, the show is struggling to keep automakers in attendance, fighting off competition from tech conferences like the Consumer Electronics Show. Mercedes says its attendance at future trade shows will be reviewed on a 'case by case' basis.