☕️ Getting saltier

Why Mars is buying the maker of Cheez-Its... August 15, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Grayscale Investments]( Good morning. Hope you’re sitting down because this news is about to rock you: Scientists revealed yesterday that the six-metric-ton stone at the center of Stonehenge, known as the Altar Stone, was not brought from nearby Wales, as previously thought. It was instead hauled [all the way from northeast Scotland]( a journey of at least 435 miles on land. This is as much of a geographical surprise as House fans learning that Hugh Laurie is not American. —Matty Merritt, Sam Klebanov, Molly Liebergall, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 17,192.60 +0.03% S&P 5,455.21 +0.38% Dow 40,008.39 +0.61% 10-Year 3.820% -3.0 bps Bitcoin $58,906.05 -3.47% Alphabet $162.03 -2.35% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: The S&P 500 stretched its [winning streak]( to five days after new consumer price data confirmed that inflation is finally cooling down, setting Jerome Powell and co. up for an interest rate cut as deftly as your pal who knows to put your fave karaoke song on the party playlist. Alphabet fell following [reports]( that the government is mulling whether to ask the judge who found Google to be a monopoly to break up the company.  FOOD & BEV [Mars adds a pinch of salt to its portfolio with Kellanova]( [Pringles cans.]( Images The company most famous for catching your eye with a package of Peanut Butter M&Ms in the checkout line is hoping to tempt you with savory snacks. Mars [announced]( yesterday that it will acquire Kellanova, maker of Pringles and Cheez-Its, in a deal worth $35.9 billion, and the first thing these people need to do is finally put a real potato chip inside of [Swoops](. - The size of the merger blows other recent snack food deals like J.M. Smucker’s $5.6 billion purchase of Hostess in 2023 out of the water. - It’s also one the biggest deals of the year in any industry—and there’s no way Exxon Mobil’s $60 billion acquisition of Pioneer Natural Resource had as many bowls of Skittles on the conference table. Mars enters another new aisle Mars is known for its chocolate candies, but it’s been slowly snapping up other brands to spread its reach across the grocery store. It acquired its first pet food company in 1935, bought Dove ice cream in 1986, Wrigley gum in 2008, and has kept ramping up purchases. Since 2020, Mars has also bought healthier snack companies like Kind and Nature’s Bakery. Kellanova seemed like the next logical step. The brand behind Eggo, RXBAR, and MorningStar Farms veggie meat substitutes broke off last year from Kellogg’s (which kept its cereal heavy hitters). In 2023, Kellanova did $13 billion in sales. Its product line is close enough to Mars’s wheelhouse but likely not similar enough to upset any antitrust watchdogs. Analysts still expect regulators to flag the merger because of its sheer size, and Kellanova said it doesn’t expect the deal to be finalized until early 2025. Big picture: Companies are still nervous that consumers are bristling at name-brand products because of high prices. Those nerves could lead to more consolidation in the sector as big brands try to stay competitive.—MM PRESENTED BY GRAYSCALE INVESTMENTS [Introducing ticker: BTC]( [Grayscale Investments]( BTC is not suitable for all investors. An investment in BTC is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. BTC is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”). As a result, shareholders of BTC do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act. [BTC]( is the low-cost* Bitcoin fund from Grayscale, the brand name in crypto investing. Today, BTC is one of the most affordable ways to gain exposure to Bitcoin directly in your brokerage or retirement account, as you would invest in any other stocks or bonds. Search for it on your trading platform of choice, or visit [etfs.grayscale.com/btc]( to learn more. [Grayscale]( has been offering exposure to crypto through investment funds for over a decade. Today, they offer a suite of over a dozen different funds covering Solana, Filecoin, Chainlink, and others for investors to choose from. Grayscale. Crypto investing begins here. WORLD [Tour de headlines](#) [The mpox vaccine]NurPhoto/Getty Images The WHO declared mpox outbreaks a global health emergency. The World Health Organization determined that outbreaks in the Democratic Republic of Congo and other African countries constitute [an emergency]( saying international organizing and funding are needed to curb the spread of a deadly new disease strain. In Africa, more than 500 people have died in the recent outbreaks of the ailment, formerly known as monkeypox, and vaccines are scarce. Ernesto knocked out out Puerto Rico’s power and became a hurricane. As a tropical storm, Ernesto deluged Puerto Rico with rain and brought 74 mph wind gusts, leaving more than 700,000 homes and businesses—representing half of all power customers on the island—without power. Another 46,000 customers lost power in the Virgin Islands. Traveling north, the storm [strengthened]( into a Category 1 hurricane, and it is expected to become even stronger over open waters in the Atlantic, potentially stirring up strong waves and currents along the East Coast of the US. DraftKings scraps tax surcharge. We can’t guarantee that your bets on the big game will be winning ones, but at least you won’t have to pay more just because you live in a state with high taxes. Just two hours after the parent company of rival FanDuel said it wouldn’t be imitating DraftKings’s controversial plan to implement a surcharge on winning bets in states that demand sports betting companies pay higher taxes, DraftKings [gave up]( on the idea. The planned surcharge would have impacted bettors in Illinois, New York, Pennsylvania, and Vermont. The swift decision could mean DraftKings was bluffing to get states to lower taxes. ECONOMY [Inflation hasn’t been this low in years]( [Grocery shopping inflation]( News Service/Getty Images The purchasing power of a sack of Benjamins hidden under a mattress is diminishing slower than it has in a while. Yearly price growth [cooled to 2.9%]( last month, dipping below 3% for the first time since March 2021, the Labor Department said yesterday. Prices rose 0.2% in July on a month-to-month basis, compared to a drop of 0.1% in June. - Used and new cars, medical care, and clothes all became cheaper in July. - Meanwhile, stubbornly rising housing costs were responsible for 90% of last month’s inflation. Excluding notoriously volatile food and energy prices, annual inflation declined for a fourth month in a row to 3.2%, making anyone who doesn’t expect the Fed to lower interest rates next month a contrarian. Your move, Fed “Duh” became the most common exclamation in discussions of a potential rate cut after a recent jobs report showed a hiring slowdown. And analysts say that inflation’s approach toward the Fed’s 2% target rate will likely dispel any second thoughts central bankers may have had. Looking ahead: The tea leaf readings are now about how much interest rates will go down, with investors shifting their bets toward a less drastic rate cut after yesterday’s numbers.—SK TOGETHER WITH HIBOB [Hibob]( From A to Gen Z. Gen Z is set to make up 30% of the workforce by 2030. Do you have a solid grasp on how this generation works? Well, for starters, Gen Zers value clear growth paths and company alignment to their values. [HiBob’s guide]( dives further into driving Gen Z performance and [business success](. ENTERTAINMENT [Disney says Disney+ terms prevent wrongful death suit]( [Disney World Cinderella's castle on a cloudy day]( Machado Noa/Getty Images The place where dreams come true is trying to convince a judge that it can’t be sued for a Disney World guest’s death because of the terms and conditions you have to accept before watching The Mandalorian. Jeffrey Piccolo filed a $50,000+ wrongful death lawsuit against Disney after his wife died last year from an allergic reaction following a meal at a theme park restaurant. “Preposterous,” “inane,” and borderline “surreal.” That’s how lawyers for Piccolo [described]( the motion filed by Walt Disney Parks and Resorts to dismiss his lawsuit on the grounds that he waived his right to sue when he signed up for a free Disney+ trial in 2019, and again when he bought an Epcot ticket via app last year. Huh? The terms of use for Disney+ and the theme park app include a requirement that users settle disputes with the company via arbitration, which is a confidential negotiation that is handled outside of court. - Piccolo’s lawyers blasted Disney for extrapolating its [digital contracts]( to cover matters of life and death and implying that its 150+ million subscribers have signed away their right to sue the company in any situation. - They also argue the arbitration clause is irrelevant because the deceased never agreed to the terms and conditions—her husband did, but he’s acting on behalf of her estate. What now? A Florida judge will consider Disney’s motion in October.—ML STAT [Prime number: Data techs wanted](#) [A worker in a data center]Feature China/Getty Images Looking for a job that doesn’t require paying off student loans for decades? Turns out tech companies really need people to staff up all those energy-hoovering data centers they’re building to support AI. Job ads for [data technicians]( have spiked 18% since January 2020, even as tech industry want-ads overall have declined by more than half, according to the Wall Street Journal. Pay is rising, too: CompTIA said salaries have increased 43% over the last three years. The median pay is now $75,100, but experienced techs can command six figures. Job duties vary and may include fixing servers or running cooling systems. Some need specific technical know-how—but most don’t count a college degree among the necessary experience. NEWS [What else is brewing](#) - [Hamas]( said it won’t take part in Gaza cease-fire negotiations that were scheduled for today in Qatar because Israel would not commit to sticking to the plan outlined by President Joe Biden. But Reuters reports that mediators might still meet with Hamas representatives. Meanwhile, as concerns of a wider regional war grow, [the US approved]( a $20 billion weapon sale to Israel—though most of the weapons won’t get there for years. - [Cisco]( will lay off 7% of its workforce to cut costs, although it projects an improvement in sales. - [Columbia University President Minouche Shafik]( resigned following backlash over her handling of last year’s pro-Palestinian protest encampment at the university. - [J.K. Rowling and Elon Musk]( were named in a criminal complaint filed to French authorities by gold medal-winning boxer Imane Khelif over alleged cyber harassment. - [Japan’s Prime Minister]( Fumio Kishida will step down next month amid controversy over his handling of a fundraising scandal. - RIP: [Wally Amos]( the founder of Famous Amos cookies, died from complications of dementia at age 88. Oscar-nominated actress [Gena Rowlands]( who was diagnosed with Alzheimer’s in 2019, died at age 94. RECS [To do list Thursday] View the cosmos: Check out the finalists in an [astronomy photography contest](. Why your wine is expensive: Restaurant wine buyers explain how they [price their lists](. When to get jabbed: Experts weigh in on whether you should get a [Covid booster]( now or wait until fall. Get your greens: Make [summer salads](. The shorts: Call off the search for your go-to fitness shorts. [Vuori’s Kore Shorts]( feature four-way performance stretch + a breathable boxer-brief liner, and they’re available in three inseam lengths. [Snag a pair]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Like many summer camps, today’s Mini is locked in a color war. [Play it here](. Three Headlines and a Lie Three of these headlines are real and one is faker than expiration dates to your parents. Can you spot the odd one out? - Mikel Arteta [hires]( professional pickpockets to teach his Arsenal side a lesson in strange new tactic - You can now [rawdog]( the longest flight in the world without ever needing to leave your home - One documentarian’s quest to prove [sea creatures]( like swimming in plastic trash - A nightly Waymo robotaxi parking lot [honkfest]( is waking San Francisco neighbors SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWER We made up the one about sea life and plastic. Word of the Day Today’s Word of the Day is: deluged, meaning “flooded.” Thanks to Mia from Milwaukee, WI, for the overwhelming suggestion. Submit another [Word of the Day here](. ✢ A Note From Grayscale Investments *Low cost based on gross expense ratio at .15%. Brokerage fees and other expenses may still apply. Please read the [prospectus]( carefully before investing in the Trust. Foreside Fund Services, LLC is the Marketing Agent for the Trust. Investing involves significant risk, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries. Extreme volatility, regulatory changes, and exposure to digital asset exchanges may impact the value of Bitcoin and, consequently, the value of the Trust. Digital assets are not suitable for an investor that cannot afford loss of the entire investment. There is no guarantee that a market for the shares will be available, which will adversely impact the liquidity of the Trust. The value of the Trust relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors. There is no certainty that an active trading market for shares will develop or be maintained which will adversely affect the liquidity of shares of the Trust. Written by [Neal Freyman]( [Abigail Rubenstein]( [Matty Merritt]( Sam Klebanov, and [Molly Liebergall]( Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money With Katie](  [Bossy](  [Brew Markets](  [The Playbook]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011