TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a massive merger in the auto industry.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Wall Street is looking to put the chaos of last week behind it as lawmakers clinched a
00:09deal to keep the government funded through March.
00:12On the corporate front, the Nordstrom family is taking its eponymous department store chain
00:16private in a $6.25 billion deal.
00:20By doing so, it will allow the family to revitalize the brand without the scrutiny of outside
00:25investors and analysts.
00:28After deal-making news, it's official, Honda and Nissan are holding merger talks to create
00:33the world's third biggest automaker.
00:35The combined entity would be worth $54 billion with annual auto production of 7.4 million
00:42vehicles.
00:43Only Toyota and Volkswagen will be bigger.
00:46The Honda-Nissan merger is being done out of necessity.
00:50Tesla and Chinese automakers like BYD have changed the game, resulting in a price war
00:55that's wiping away profits and pushing low-performing automakers to the brink.
01:00Honda and Nissan will team up in order to better compete, reduce operational costs,
01:04share technology and move quicker on new car development.
01:08In a statement, Nissan CEO Makoto Uchida said, quote, together we can create a unique way
01:14for customers to enjoy cars that neither company could achieve alone.
01:19This will be a complicated deal with many stakeholders having their say.
01:23French carmaker Renault is Nissan's biggest shareholder.
01:27Meanwhile, Nissan is the biggest shareholder of Mitsubishi Motors.
01:32Analysts say if this merger goes through, it will cause a reshuffling of the deck, forcing
01:36other ailing players to seek merger partners too.
01:40That'll do it for your daily briefing.
01:41From the New York Stock Exchange, I'm Conway Gittins with the Street.