Market Minute: Amazon to Sell Groceries; Delta Grounds Memphis Hub

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Amazon wants to dominate another market, and a major airline drops a hub city. Those and more are what's in stocks news Wednesday.

The Dow industrials (^DJI) fell 76 points, the S&P 500 (^GSPC) lost 9 and the Nasdaq (^IXIC) dropped 20 points.

Amazon.com (AMZN) is reportedly planning to expand its online grocery business. Reuters says it's been testing the concept in Seattle for the past five years, and will begin expanding to other cities as soon as this month. This could pose a major challenge to supermarket chains Kroger (KR) and Safeway (SWY).
delta air lines airplane close memphis hub
AP
Delta Air Lines (DAL) is dropping Memphis as one of hub airports. The company says the smaller jets used there are too expensive to operate. Memphis is the smallest of Delta's eight domestic hub cities.

Score one for Samsung in its on-going legal battle with Apple (AAPL). The U.S. International Trade Commission ruled that Apple violated a Samsung patent, and the panel banned Apple from selling certain iPhone and iPad models. Most of those items are older models, but Samsung could seek to extend the patent ruling to newer items. But as of now, the ruling doesn't cover newer models, such as the iPhone 5. President Obama has 60 days to consider a veto of the order, and Apple says it plans to appeal.

Restaurant-chain Bob Evans Farms (BOBE) easily beat earnings expectations, while shares of Mattress Firm Holding (MFRM) are set to bounce after reporting better than expected results.

You no longer have to be a couch potato to follow your favorite pro-football team. Verizon Wireless (VZ, VOD) has agreed to pay $1 billion to air Sunday afternoon games on smartphones. That extends an existing agreement that allows Verizon to carry three night games each week.

The market has been pretty volatile during the past week or so, and you can expect that to continue Wednesday ahead of the release of the Federal Reserve Beige Book report at 2 p.m. Eastern time and Friday's monthly employment report.

Check back after the market closes Wednesday for the new DailyFinance closing bell report.

-Produced by Drew Trachtenberg


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