🚫 This Mega Merger Just Got Blocked...

Good morning. US stock futures moved higher in Tuesday morning trading as investors continue to monitor big tech corporate earnings.

🛍️ Mega fashion acquisition blocked by FTC

📝 Our report: The Federal Trade Commission (FTC) is crashing Tapestry, Inc.'s $8.5 billion party, worried that snatching up Capri Holdings Ltd. would stifle the friendly rivalry between brands like Coach and Michael Kors in the "affordable luxury handbag arena." The agency also said that the deal, announced in August 2023, threatens to eliminate the incentive for the two companies to vie for employees and could depress employees’ wages and workplace benefits.

 🔑 Key points:

• The move is the latest by the FTC to take a more aggressive position on antitrust issues.

• In February, the FTC sued to block the $24.6 billion merger between grocery giants Kroger and Albertson's, saying the lack of competition would lead to higher grocery prices and lower wages for workers.

• Tapestry's and Capri's portfolio of brands cover a wide array of items from clothing to eyewear to shoes. Tapestry has been on an acquisition binge for the past several years, and already owns Kate Spade New York, Stuart Weitzman and Coach. Capri owns the Versace, Michael Kors and Jimmy Choo brands.

💡 So what: The FTC’s move to blocks Tapestry's acquisition of Capri Holdings could have significant implications for the fashion industry. Firstly, it would maintain competition in the "affordable luxury handbag arena," potentially benefiting consumers with a wider range of choices and competitive pricing. However, it might also disrupt Tapestry's strategic plans and growth projections, forcing the company to reassess its expansion strategies. Additionally, it could influence future merger and acquisition activities in the fashion sector, prompting companies to tread carefully to avoid antitrust scrutiny.

Tuesday - New Home Sales

Wednesday - No Major Economic News

Thursday - U.S. GDP

Friday - Consumer Sentiment

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🛍️ Mall retailer files for bankruptcy

WHAT: Express, the popular mall retailer, just pulled a dramatic move and filed for Chapter 11 bankruptcy. In a news release, Express said it filed for bankruptcy to “facilitate” a sale process of most of its retail stores and operations to the investor group, which includes WHP, Simon Property Group and Brookfield Properties.

WHY: The business casual apparel brand, founded in 1980 by Les Wexner’s Limited Brands, has seen sales plummet over the last few years as debt and costly mall leases dragged down its business.

🥽 Meta opens up Quest to third parties

WHAT: Meta Platforms is sharing the secret sauce behind its Quest headsets with other device makers, aiming to be the cool kid leading the charge in virtual and mixed reality. Meta Horizon OS is a re-branded operating system that will bring off-the-shelf capabilities like gesture recognition, passthrough, scene understanding and spatial anchors to the devices that run on it.

WHY: The move underscores Meta CEO Mark Zuckerberg's ambition to own the computational platform that powers virtual and mixed-reality (VR & MR) devices, similar to the way Google became a key player in the smartphone market by making its mobile OS Android open source.

📺 Apple, FIFA link up on TV rights

WHAT: Soccer’s international governing body FIFA is gearing up to ink a deal with Apple, handing over global TV rights for a new, month-long club tournament. The deal with Apple could be announced as soon as this month and valued at around $1 billion, according to reports from the New York Times.

WHY: The potential agreement would give the company's streaming business an edge amid competition among streaming services providers to lap up rights for widely watched sporting events in a bid to add subscribers.

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