Walmart Inc. said it will raise wages for a swath of its U.S. workforce, bringing its average hourly wage to $16.40 as the big-box retailer competes for employees amid a labor shortage.

News of Amazon .com Inc.’s department store plans sent a shudder through retail stocks just as some of the biggest names in the industry were reporting robust earnings, a signal that new challenges await in the beleaguered sector.

New PepsiCo Inc. CEO Ramon Laguarta has made his first acquisition, purchasing the maker of sports and wellness products Muscle Milk from Hormel Foods Corp. for an undisclosed amount.