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Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street built on its recent gains ahead of a busy week for retail earnings. Estee Lauder topped analysts forecasts but warned customers are even pulling back on “affordable luxuries” like lipstick and perfumes during this era of higher prices. The cosmetics, beauty, and skin-care company lowered financial forecasts for the year.
Investors will hear from Lowe’s on Tuesday.
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In other business headlines: The parent of 7-Eleven convenience stores is in talks to do a buyout deal with Canada’s Alimentation Couche-Tard. The value of the potential deal was not revealed but Seven & I, parent of 7-Eleven, has a market value of more than $38 billion, while Couche-Tard has a market value of $58 billion.
7-Eleven’s parent said the board has set up a committee and “Consistent with its obligation to act in the best interest of its shareholders and other stakeholders of the company, the Special Committee intends to conduct a prompt, careful and comprehensive review of the proposal.”
The deal would create a behemoth in the global convenience store world at a time when Americans are watching their weights and watching their pennies. Alimentation Couche-Tard has more than 16,000 Circle K and Couche-Tard locations throughout North America and Europe. Meanwhile, the conglomerate that includes 7-Eleven has 85,000 stores in the United States and Asia. North America is responsible for 75 percent of the company’s $81 billion annual revenue.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
