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Congress Saves Christmas: No Shutdown Here

Plus: Party City’s Farewell Bash: Grab Your Deals!

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Cash Nut
December 23, 2024

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👋 Hey, Cash Nut Crew!

Welcome to your daily digest of everything you need to know to stay ahead of the curve. From boardroom shakeups and blockbuster deals to quirky stories and market moves, we’ve got your back. Grab your coffee (or tea—no judgment here!) and dive into today’s top stories. 🌟

🏨 Playa Hotels Surges: Hyatt’s All-Inclusive Ambitions

Hyatt Hotels is turning heads with its strategic move to potentially acquire Playa Hotels & Resorts N.V., a $1.2 billion operator of 24 all-inclusive resorts in Mexico and the Caribbean. With exclusive negotiations set to wrap by February 3, Hyatt is exploring ways to expand its fee-based revenue streams and lean into an asset-light growth strategy.

Playa already collaborates with Hyatt under its Ziva and Zilara brands. This deal could elevate their partnership to a whole new level. Playa’s shares soared 19% in premarket trading, while Hyatt's gained 1%, showing investor confidence in this potential powerhouse collaboration.

Advised by PJT Partners and Hogan Lovells, Playa could redefine the resort game. For Hyatt, it’s another feather in its hospitality cap, following its 9.99% stake acquisition. As global travel cautiously rebounds, these talks may reshape the competitive landscape.

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💸 Congress to the Rescue: Shutdown Dodged Just in Time

Santa’s early gift? Congress passed a last-minute funding bill, keeping Uncle Sam's lights on through March 14. The late-Friday vote averted a government shutdown that threatened to leave federal workers unpaid and markets jittery.

The deal, including $100 billion in disaster aid and a one-year farm bill, pushes the debt ceiling debate to 2024. While bipartisan support helped smooth its passage, fireworks are expected in January as the political tug-of-war intensifies. Markets can breathe—for now.

🌎 Trump Targets the Panama Canal (Again)

Donald Trump’s diplomacy took an aggressive turn as he floated the idea of reclaiming the Panama Canal, citing concerns over Chinese influence. At a rally, he accused Panama of overcharging for canal access and threatened to "demand it back" if terms don’t improve.

While China doesn’t control the canal, Hong Kong-based operators at its entrances fueled his rhetoric. Trump’s remarks highlight his combative stance on U.S. trade routes. Will Panama bend under the pressure? Unlikely, but it’s sure to spark global debate.

🎈 Party City Files for Bankruptcy (Again)

🎭 The party’s over for Party City, which filed for Chapter 11 bankruptcy for the second time in two years. Post-pandemic struggles, helium shortages, and a tough retail landscape spelled the end for this 40-year-old company.

Its 700 stores are now hosting a final going-out-of-business sale, keeping 12,000 employees on board to assist during liquidation. Amscan, its wholesale arm, has also filed for bankruptcy. For Party City, the balloons have deflated for good—grab your discounts while you can.

🎥 Sonic Speeds Ahead, Mufasa Stumbles

🎮 Paramount’s Sonic the Hedgehog 3 zipped past Disney’s Mufasa: The Lion King at the box office, raking in $62M domestically. But neither film hit their marks. Sonic underperformed its $70M projection, and Mufasa limped in with $35M despite $87.2M in overseas sales.

Sonic’s franchise momentum continues with a fourth installment already planned for 2027. Meanwhile, Mufasa’s lukewarm reception (57% Rotten Tomatoes score) signals a stumble for Disney’s Lion King prequel experiment. Next up? Timothée Chalamet as Bob Dylan in A Complete Unknown.

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📰 In Other News…

  • 💊 FDA Approval: The FDA approved Zepbound, a groundbreaking weight-loss treatment specifically targeting sleep apnea. This innovative drug offers hope to millions of patients grappling with this condition, providing a dual benefit of weight management and improved sleep quality.

  • 🪧 Worker Strikes: Amazon and Starbucks employees organize strikes across several U.S. cities, pushing for better wages and working conditions during the critical holiday shopping season. The strikes highlight growing unrest among retail and gig workers amid increasing inflation and profit margins for corporations.

  • 🎰 Jackpot Fever: The Mega Millions jackpot soared to an eye-watering $944 million ahead of the Christmas Eve drawing. If won, it will mark the largest jackpot ever offered in December. With ticket sales spiking, could this holiday season create a new billionaire?

  • 🚨 Google Antitrust Battle: Google has pushed back against the DOJ’s proposal to force the sale of its Chrome browser, calling the measure “extreme.” Instead, the tech giant has floated alternative remedies to address antitrust concerns, signaling a tough legal fight ahead.

  • 🥚 Egg Prices Spike: Egg prices have surged nearly 30 cents since October, thanks to a devastating bird flu outbreak that has significantly reduced the U.S. hen population. Holiday shoppers are scrambling to adjust their baking budgets as the beloved breakfast staple remains scarce.

  • 📉 Payfare Gets a Boost: Fintech company Payfare announced its acquisition by Fiserv at a 92% premium, marking a significant end to what has been a challenging year for the industry. The deal positions Payfare to capitalize on enhanced financial service integrations.

  • 🤝 Honda-Nissan Merger Talks: Japanese automakers Honda and Nissan are reportedly discussing a merger to strengthen their competitive edge against China’s rapidly growing electric vehicle (EV) market. If finalized, this move could create a powerhouse in the global auto industry.

  • 🛠️ Aviva Reduces Workforce: British insurer Aviva is set to cut jobs as part of its £3.7 billion acquisition of Direct Line. This restructuring aims to streamline operations and integrate the two companies, though layoffs loom over employees.

  • ✈️ Boeing's Record Order: Turkish airline Pegasus placed a monumental order for 100 Boeing 737 MAX 10 jets, with options for 100 more. Valued at $18 billion, this marks the largest plane deal in Pegasus’ history, signaling its aggressive expansion in global aviation.

  • 📊 MetLife Eyes PineBridge Investments: MetLife is in advanced talks to acquire Richard Li’s PineBridge Investments, excluding its China joint venture. The deal would bolster MetLife’s asset management footprint and reinforce its position in Asia-Pacific markets.

  • 💸 FedEx Spinoff: FedEx announced it would spin off its “less-than-truckload” freight division, sending its stock price soaring 10% in after-hours trading. The spinoff is expected to unlock value and streamline operations in its logistics business.

  • 🇺🇸 Lexmark Comes Home: Printer giant Lexmark is returning to U.S. ownership as Xerox finalizes a $1.5 billion acquisition. The deal is expected to revive Lexmark’s brand and operations under its new parent company.

  • 🛡️ Defense Alliance in the Works: Palantir and Anduril are leading talks with nearly a dozen competitors to form a consortium for U.S. defense contracts. The partnership could reshape how tech and defense companies collaborate for government projects.

  • 💰 IRS Stimulus Payback: About 1 million taxpayers are set to receive $1,400 each after the IRS determined they hadn’t claimed a credit owed from the 2021 COVID stimulus package. The refunds aim to rectify discrepancies in prior payments.

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