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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: amadeus who wrote (23632)	11/5/1999 8:32:00 AM
From: Raj Ramaswamy	Read Replies (2) \| Respond to of 108040

TO ALL: Please post as soon as anybody hears about employment nos. today (8.30). I am watching out as well. thanks. Raj

To: amadeus who wrote (23632)	11/5/1999 8:33:00 AM
From: shades	Respond to of 108040

I wonder if Anthony@Pacific got caught with his shorts down again (devilish grin) CHICAGO, Nov 4 (Reuters) - Online grocer Peapod Inc. (NASDAQ: PPOD) said Thursday it named former Wal-Mart Stores Inc. (NYSE: WMT) vice-chairman Drayton McLane a director, and said McLane would make a "significant personal investment" in Peapod. Peapod also said it formed a strategic partnership with McLane's firm, McLane Group L.P., which provides distribution and logistics services and technology for food companies. Peapod said it would use distribution-management systems McLane has implemented at top food companies. Shares in Peapod surged more than 40 percent on the news. In afternoon trading on Nasdaq, the stock was up 4-3/16 at 14-3/4, close to a 52-week high of 15-11/16. McLane, who is also the owner of the Houston Astros baseball team, becomes the ninth member of Peopod's board of directors, effective immediately. The amount of his investment in Peapod was not disclosed. "I can clearly see that Peapod is a company that will continue to lead the Internet grocery revolution," McLane said in a statement. "That's why I'm making investments of my time, money and energy in an Internet company for the first time. I plan to reach back into my 40 years of experience in the grocery distribution industry to assist Peapod in developing the best e-commerce food-distribution system in the U.S. and continue to lead the industry in customer service." McLane served 27 years as president and chief executive officer of the McLane Co., a wholesale grocery distribution firm his grandfather started in 1903. Wal-Mart bought the company in 1990. McLane continued to run the business and served as Wal-Mart's vice chairman and a member of Wal-Mart's board of directors until 1995. "Getting Drayton McLane on the Peapod team is a huge strategic advantage for us," Bill Malloy, Peapod's president and chief executive officer, said in the statement. "Drayton is the foremost authority on food distribution and logistics, while Peapod is better than anybody in the Internet grocery business at building solid, enduring relationships with customers. This one-of-a-kind combination will continue to make us the best in the Internet industry in customer service."