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Biden to block U.S. Steel’s sale to Japan’s Nippon – reports. (00:26) Gannett (GCI), Reuters (TRI) to bundle content for US regional, local outlets. (01:32) Samsung smart refrigerators can now order groceries through Instacart (CART). (02:35)
This is an abridged transcript of the podcast.
President Biden is expected to block the U.S. Steel, Nippon Steel deal as early as today.
The Washington Post reported the matter citing two unnamed sources who did not have permission to speak on the topic.
We told you last week here on Wall Street Breakfast that the Committee on Foreign Investment in the United States deadlocked on its review of the $14.1B acquisition which referred the decision to President Biden.
CFIUS warned that the acquisition of US Steel (X) could lead to a decline in domestic steel production that would pose “risks to the national security of the United States.”
This prompted Nippon Steel (OTCPK:NPSCY) (OTCPK:NISTF) to propose allowing the U.S. government to veto any reduction in US Steel’s production capacity, in a last-ditch effort to save the proposed takeover by the Japanese company.
However, the United Steelworkers union fired back saying that the latest offer is a long shot that fails to commit to maintaining future production.
Biden has said U.S. Steel should remain domestically owned and operated.
This is the top story in the Wall Street Breakfast newsletter, our daily one-page news summary. You can find a link to sign up for the newsletter in show notes.
Gannett (NYSE:GCI), the largest local newspaper operator in the US, and global newswire Reuters will launch a content bundle aimed at US regional and local media outlets.
The new bundle that will be available in Q1 will be sold by Reuters and Gannett will get a slice of the sales revenue, Gannett Chief Content Officer Kristin Roberts told Axios, which first reported on the pact.
The companies said in a joint statement customers will have access to national and international coverage, which will be combined with Gannett’s national coverage from USA today and its local news coverage from its more than 200 newspapers in the U.S.
Reuters News Agency Head Alphonse Hardel reportedly told Axios that the bundle will include ready-to-publish articles, photos, graphics, and videos that media companies can license, but added that games and puzzles from Gannett’s newspapers won’t be included.
Reuters is a unit of Thomson Reuters (NYSE:TRI).
The future is here! Samsung has made it even easier to replenish your refrigerator through a multi-year collaboration with Maplebear, more commonly known as Instacart (NASDAQ:CART), by integrating Samsung’s food recognition technology with Instacart’s (CART) product-matching capabilities.
The collaboration will be available on 2025 Samsung Bespoke refrigerator models with different types of screens and AI Vision Inside which will enable consumers to not only manage their food inventory but enable replenishment through Instacart (CART) directly from the refrigerator.
The new functionality will also be available to existing AI Family Hub+ units through an over-the-network software update in 2025.
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Catalyst watch:
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Meritage Homes (MTH) will begin trading on a split-adjusted basis following the company’s 2-for-1 stock split.
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Nvidia (NVDA) and AMD (AMD) could see some extra attention by investors looking to get ahead of keynote presentations by the companies’ CEOs at CES the following week.
Now let’s take a look at the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.4% at $72/barrel. Bitcoin is down 0.2% at $96,000.
In the world markets, the FTSE 100 is flat and the DAX is down 0.6%. The market in Japan is closed for a holiday.
The biggest movers for the day premarket: SuperCom (SPCB) shares extended their rally in premarket trading on Friday, gaining an additional 10% after surging 59% in the previous session. The momentum follows the announcement of two new contracts with key agencies in Kentucky.
On today’s economic calendar:
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
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