Financial Daily Dose 5.29.2019 | Top Story: Amazon to Purge Small-Sellers

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Amazon is prepping to execute a more permanent purge on its orders to smaller, mom & pop suppliers as part of a push to “cut costs and focus on wholesale purchasing on major brands like Procter & Gamble, Sony and Lego” in an effort to assure adequate supplies and compete with big-box retail giants like Walmart and Target – Bloomberg

Huawei has moved for summary judgment in its Texas federal court trial against the United States over White House limits on American purchases of its products in a bid to “expedite an outcome,” avoid “handing over sensitive corporate information during the discovery process,” and afford it “a chance to present its arguments publicly in front of a judge in just a few months rather than wait for a trial to unfold” – NYTimes and WSJ and Mashable

Remember that electric vehicle maker that was all set to swoop in and save the Lordstown, OH General Motors plant that was closing earlier this month? Yeah, well after a lot of great initial buzz, it turns out that Workhorse—the supposed EV savior—looks a heck of a lot better on paper than it does in real life – NYTimes and MarketWatch

Some thoughts about the broader implications of yesterday’s news that Alibaba’s considering a Hong-Kong-based IPO—namely, bringing the economic cold war with China to Wall Street’s front door: access to U.S. financial markets – NYTimes

Investor worries about slowing global economic growth helped drive government bond yields to “near multiyear lows” on Tuesday, a sign that the one-two punch of the fading effects of US tax cuts and the impact of higher tariffs on trade threaten to push world economies towards recession – WSJ and Bloomberg

Lost in the buzz of the possible Fiat Chrysler/Renault mashup was consideration of the potential ramifications for former Renault partner, Nissan, and its already-problematic economic outlook – NYTimes and WSJ

Our dispatch from Day 1 of the hotly anticipated Oklahoma state court trial between the state AG and drug maker Johnson & Johnson over the company’s role in the rampant opioid addiction epidemic – WSJ and Law360

SDNY Judge Jesse Furman is allowing a consolidated group of class actions “accusing major U.S. stock exchanges of misleading investors about how they catered to high-frequency trading firms” to move forward, finding that the “Flash Boys”-inspired claims have “enough factual evidence to survive a dismissal bid” – Law360

The latest in the yearslong Eddie Lampert/Sears drama (and slow-motion debacle) includes Eddie’s Transform Holdco LLC, which acquired the stores and assets of Sears for $5 billion in January, suing “the Sears estate for failing to deliver ‘hundreds of millions of dollars of assets’ called for by the sales agreement.” For its part, the estate sued Lampert, Treasury Secretary Steven Mnuchin, and others last month “claiming they wrongly transferred $2 billion of company assets beyond the reach of creditors in the years leading up to the retailer’s bankruptcy.” Yeesh – Bloomberg and Law360

With the Wild playing golf for months now and the Twins on an epic May tear, it may be hard for even those of us in the State of Hockey to remember that it’s Stanley Cup time. If the Bruins and Blues don’t do it for you, perhaps this story of the CBC’s Harnarayan Singh will help you get in the right place for the joy of top-notch playoff hockey – Deadspin

MDR

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