TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a mega-merger might be coming to the convenience store industry.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're
00:03watching on the street today. Wall Street built on its recent gains ahead of a
00:07busy week for retail earnings. Estee Lauder topped analyst forecasts but
00:12warned customers are even pulling back on quote affordable luxuries like
00:17lipstick and perfumes during the era of higher prices. The cosmetics, beauty and
00:22skincare company lowered financial forecasts for the year. Investors will
00:26hear from Lowe's on Tuesday. In other business headlines, the parent of 7-Eleven
00:31convenience stores is in talks to do a buyout deal with Canada's
00:35alimentation Couchetard. The value of the potential deal was not revealed but
00:407-Eleven and I, parent of 7-Eleven, has a market value of more than 38 billion
00:45dollars while Couchetard has a market value of 58 billion dollars. 7-Eleven's
00:50parents said the board has set up a committee and quote consistent with its
00:55obligation to act in the best interest of its shareholders and other
00:58stakeholders of the company. The special committee intends to conduct a prompt,
01:03careful and comprehensive review of the proposal. The deal would create a behemoth
01:08in the global convenience store world at a time when Americans are watching their
01:12weights and watching their pennies. Alimentation Couchetard has more than
01:1616,000 Circle K and Couchetard locations throughout North America and Europe.
01:22Meanwhile, the conglomerate that includes 7-Eleven has 85,000 stores in
01:27the United States and Asia. North America is responsible for 75% of the company's
01:3381 billion dollar annual revenue. That'll do it for your daily briefing from the
01:38New York Stock Exchange. I'm Conway Gittins with the street.