• 2 days ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a mega-merger in the food industry is on the horizon

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04A minor pullback across Wall Street from record highs,
00:08merger and acquisition activity gave investors something to focus on.
00:11Omnicom and Interpublic announced plans to merge in what would create
00:15the world's biggest advertising agency.
00:18Looking ahead to Tuesday, investors will get a look at third-quarter productivity
00:22and quarterly results from GameStop.
00:26In other news, Wall Street is salivating over talk of a possible offer
00:30to merge Hershey's and Mondelēz.
00:33If that deal were to happen,
00:34it would create one of the biggest food and beverage conglomerates in the world.
00:39Hershey's has reportedly hired a team to come up with a response
00:42to Mondelēz's unsolicited offer.
00:45So what's literally on the table if this deal is a go?
00:48Hershey has a storied 130-year history,
00:51including its eponymous Hershey Kiss and Chocolate Bar.
00:55It also has Kit Kat, Twizzlers, York Peppermint Patty,
00:58Reese's Peanut Butter Cup and Skinny Pop Popcorn, just to name a few.
01:03From Mondelēz, which was spun off from Kraft Foods in 2012,
01:07we get Cadbury, Chips Ahoy, Oreo, Ritz Crackers, Sour Patch Kids,
01:13Velveeta, Cliff Bars, Paul's Cough Drops, Toblerone Chocolate,
01:17Wheat Thins and others.
01:19This wouldn't be the first time an offer was put on the table.
01:22Hershey rebuffed Mondelēz back in 2016.
01:25But times have changed.
01:27The rise of GLP-1 weight loss drugs has led to a drop in sales.
01:32Soaring food production costs have dented profits for both.
01:35Combined, the two companies took in $47 billion in annual sales in 2023.
01:42And that'll do it for your daily briefing from the New York Stock Exchange.
01:45I'm Conway Gittins with The Street.
01:49Thanks for watching.

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