🛍️ This Deal Could Shake The Retail Industry...

Good morning. US stock futures dipped in Monday morning trading as investors awaited the Federal Reserve’s final meeting for 2023 and look for signals on if the Fed will begin to cut interest rates.

💰 Macy’s gets buyout offer

📝 Our report: Hold on to your shopping bags! Looks like retail giant Macy's might be exiting the public market as the investor duo of Arkhouse Management and Brigade Capital whipped out a whopping $5.8 billion offer to take the department store chain private in a buyout.  

 🔑 Key points:

• Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy's stock they don’t already own for $21 a share on Dec. 1 according to a report from the Wall Street Journal.

• Arkhouse and Brigade believe Macy's is undervalued in the public markets and have indicated that they would be willing to raise their offer subject to due diligence, the WSJ report said.

• The retailer crushed analysts' estimates for quarterly profit on lower inventories and strong demand for beauty products in November, signaling that attempts to trim inventory from 2022 highs were finally working ahead of the all-important holiday shopping season.

💡 So what: If Macy's were to go private, it could bring about a whirlwind of changes in the retail landscape. Away from the public spotlight, Macy's may have more flexibility to retool its strategy, innovate, and make bold moves without the constant scrutiny of stockholders.

Monday - No Major Economics News

Tuesday - US Consumer Price Index

Wednesday - FOMC Interest Rate Decision, Fed Chair Powell Speaks

Thursday - Initial Jobless Claims (wk end Dec 8)

Friday - No Major Economic News

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🛒 Amazon fights back

WHAT: Amazon's legal eagles have swooped in, asking a federal judge to give the Federal Trade Commission's (FTC) antitrust lawsuit against it the boot! In its 31-page filing made in a federal court in Washington state, Amazon pushed back, arguing the conduct that the FTC has labeled anti-competitive consists of common retail practices that benefit consumers.

WHY: The FTC’s complaint, filed in September, accused the company of engaging in anti-competitive practices through measures that deter third-party sellers from offering lower prices for products on non-Amazon sites.

🤖 EU finalizes proposals for AI regulations

WHAT: The European Union's brain trust just inked a deal on the rules for navigating the wild world of artificial intelligence (AI)! The new rules include proposals governing the use of artificial intelligence, including governments' use of AI in biometric surveillance and how to regulate AI systems such as ChatGPT.

WHY: The proposals include safeguards on the use of AI within the EU as well as limitations on its adoption by law enforcement agencies. Consumers would also have the right to launch complaints, and fines could be imposed for violations.

🛑 Deal scrapped

WHAT: US health insurer Cigna decided to break up its merger dreams with Humana, opting instead for a $10 billion shopping spree for its own shares. A merger would have given the combined company more scale to rival bigger U.S. health insurance players UnitedHealth Group and CVS Health.

WHY: The deal talks ended due to both parties not being able to agree on a price according to sources familiar with the transaction. A Cigna-Humana combination would have created a company with a value exceeding $140 billion, based on their market values, but was certain to attract fierce antitrust scrutiny

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