Yahoo Finance Morning Brief: PepsiCo to buy SodaStream for $3.2 billion
Monday, August 20, 2018
What to watch today
There are no major market-moving economic reports or earnings releases scheduled for Monday.
The economic highlight of the week comes on Friday morning when Federal Reserve Chair Jay Powell speaks at the annual Jackson Hole economic policy symposium, the year’s most important meeting for economic and monetary policy discussions. According to the Fed, Powell’s speech, set to be delivered at 10:00 a.m. ET, will address the topic of monetary policy in a changing economy. The full agenda of of the symposium will be posted on Thursday evening. Wednesday’s release of the minutes from the Federal Reserve’s latest meeting will also be closely watched by markets.
Top news
PepsiCo to buy Israel’s SodaStream for $3.2B: PepsiCo (PEP) is buying household drink-machine maker SodaStream in a $3.2 billion deal, it said on Monday, seeking an edge in health-conscious beverages as it battles chief rival Coca-Cola (KO). PepsiCo will acquire SodaStream for $144 per share in cash, representing a 10.9% premium to the Friday closing price of SodaStream’s U.S.-listed stock (SODA). [Reuters]
Elon Musk says cutting back on work hours isn’t an option: Arianna Huffington is calling on Elon Musk to adopt a healthier work-life balance, but the Tesla CEO says that’s not an option. In a tweet early Sunday after arriving home from a late night at a Tesla (TSLA) factory, Musk told the Huffington Post founder that his electric car company and Ford are the only two American automakers that have avoided bankruptcy. [AP]
US firms warn next China tariffs to cost Americans: A broad cross-section of U.S. businesses has a message for the Trump administration: new tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to coffins. Six days of public hearings on the proposed duties of up to 25% will start on Monday in Washington as part of President Donald Trump’s and the U.S. Trade Representative’s efforts to pressure Beijing for sweeping changes to its trade and economic policies. [Reuters]
A surprising bulwark for the US economy: the personal saving rate: Households have been saving significantly more of their after-tax income for several years, according to revised data released last month by the Bureau of Economic Analysis. Take just the first quarter of this year: The agency more than doubled its estimate of the personal saving rate, the difference between disposable income and spending, to 7.2% from the 3.3% estimated previously. [The Wall Street Journal]
Apple removes illegal lottery apps from China store: Apple Inc. (AAPL) says it has pulled illegal lottery apps from its App Store in China amid tightening regulation and a barrage of criticism from state media. According to state media, the company has recently pulled around 25,000 apps from its Chinese store in an effort to cooperate with regulators. [Reuters]
For more of the latest news, go to Yahoo Finance
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