Business and Finance News - 12.26.24

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KKR, Bain Capital, and Japan Industrial Partners submitted bids exceeding $5 billion for Seven & i Holdings' non-core assets, surpassing expectations. Seven & i plans to spin off its supermarket and restaurant businesses, with the winning bid expected to be selected by February 2025. (Reuters)

Key Insight → The intense bidding by KKR and Bain Capital for Seven & i's non-core assets signals a significant shift in Japan's retail sector, reflecting increasing private equity interest in streamlining and modernizing traditional conglomerates. This divestment allows Seven & i to sharpen its focus on its core 7-Eleven convenience store operations, potentially boosting profitability and competitiveness. For the larger market, such large-scale transactions highlight the growing trend of corporate restructuring in Japan, which could drive innovation, efficiency, and shareholder value across various industries.

American Airlines grounded flights for about an hour on Tuesday due to a third-party hardware issue, delaying over 1,000 flights and canceling more than 90. The problem, which affected critical flight data, was resolved, but the disruption compounded delays during peak holiday travel. (CNBC)

Key Insight → American Airlines' brief grounding highlights the vulnerability of airline operations to technical glitches, even from third-party platforms, during peak travel times. This incident underscores the need for stronger technology infrastructure in the aviation sector to prevent widespread delays. For the market, it reflects broader concerns about operational resilience and potential disruptions impacting passenger trust and airline revenue.

The Mega Millions jackpot has surpassed $1 billion after no winning ticket was drawn on Christmas Eve, with the next drawing set for Friday at an estimated $1.15 billion. This could be the fifth-largest jackpot in the game’s history, with tickets available in 45 states, D.C., and the U.S. Virgin Islands. (AP News)

Key Insight → The Mega Millions jackpot surpassing $1 billion highlights the growing public interest in large-scale lotteries, driven by the allure of life-changing winnings during the holiday season. This surge boosts state revenues, benefiting public programs funded by ticket sales. For the broader market, it reflects increased consumer spending and engagement in entertainment-driven investments.

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Here’s how the major indexes did on Tuesday (the markets were closed yesterday for Christmas):

• Dow Jones Industrial Average: 43,297.03 +390.08 (+0.91%)

• S&P 500: 6,040.04 +65.97 (+1.10%)

• Nasdaq Composite: 20,031.13 +266.24 (+1.35%)

• Russell 2000: 2,259.85 +22.42 (+1.00%)

Here’s how The Magnificent Seven did on Tuesday (the markets were closed yesterday for Christmas):

• Apple (AAPL) [3.903T]: 258.20 +2.93 (+1.15%)

• Nvidia (NVDA) [3.434T]: 140.22 +0.55 (+0.39%)

• Microsoft (MSFT) [3.266T]: 439.33 +4.08 (+0.94%)

• Amazon (AMZN) [2.408T]: 229.05 +3.99 (+1.77%)

• Alphabet (GOOGL) [2.401T]: 196.11 +1.48 (+0.76%)

• Meta Platforms (META) [1.534T]: 607.75 +7.90 (+1.32%)

• Tesla (TSLA) [1.484T]: 462.28 +31.68 (+7.36%)

Here’s how Bitcoin and Ethereum did yesterday:

• Bitcoin (BTC): $98,797.90 (3:00PM PST on 12/25/24)

• Ethereum (ETH): $3,474.54 (3:00PM PST on 12/25/24)