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Alibaba tops estimates, Norway’s Warholm world record run, Wolverine acquires Sweaty Betty

Myles Udland breaks down Tuesday’s business headlines, including: Alibaba boosting its buyback program after beating expectations with a quarterly revenue jump of 34%, Karsten Warholm beating his own world record in the 400M hurdles to secure the gold medal for Norway, and Wolverine World Wide acquiring Sweaty Betty for $410 million.

Video transcript

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- All right now let's take a look at some of today's other top business headlines. Alibaba reported a profit of nearly $7 billion in the second quarter as e-commerce sales rose 34% from last year. The company's results come as Chinese regulators step up scrutiny of tech companies across the country's tech sector.

Well the track and field competition at the Olympics continues to set records. The men's 400 meter hurdles overnight featuring three men running faster than the previous world record, which had stood for some 29 years. Norwegian Karsten Warholm became the first man to break 46 seconds in the one lap race running 45.94 seconds to be an American Rai Benjamin who set the American record in his silver medal performance.

Also on the track just this morning 19-year-old American, Athing Mu became the first American woman to win the 800 meters since 1968.

And the deal spree just won't let up in the retail space. Wolverine Worldwide, which owns brands including Merrill and Keds said Tuesday, it would buy women's active wear brand Sweaty Betty, for some $410 million. This deal follows news from Foot Locker yesterday, that the company would spend a little over $1 billion to buy and to buy to retailers and Brian Sozzi as we just talked about with Simeon Siegel. Coming on the same day that Victoria's Secret parent company, L Brands completes its spin off. Certainly, a lot of activity happening in the retailer space. Everyone reshuffling, recombining a new market, a new cycle here appears to have arrived in that space.

- Yeah, everybody trying to position for 2022 already. I would suspect you'll see more deal activity in the retail space moving forward. But if you're Wolverine Worldwide you cannot let VF corp. Which owns North Face, Timberland they went out late last year spent $2 billion to buy streetwear brand sabrin, Supreme. You can't let VF corp. go out there and buy every single act of wear or street brand around you have to make a play. And here's Brendan Hoffman CEO of Wolverine Worldwide, former CEO of Lord and Taylor making a big play here. At that purchase price it makes sense. Sweaty Betty more of a Keds or more of a Saucony tie-in? How do you see that one?

- It's kind of like a Lululemon meets Keds sort of mash up but it's not Victoria's Secret.

- Oh, I'm saying, so in the Sweaty Betty store, you want to sell more pairs of Keds or more pairs of Sauconys?

- Keds.

- Keds, there you go Keds and Sweaty-- Sweaty Betty Keds collab coming to you. APL-- APL for for Lulu Keds for the team over at Sweaty Betty.