Wall Street Breakfast Podcast: Circle K Ends 7-Eleven Bid

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Couche-Tard (OTCPK:ANCTF) pulls $47B takeover bid for 7-11 parent (OTCPK:SVNDY). (00:22) PBS, NPR face funding loss as Senate approves DOGE-backed budget cuts. (01:11) Wix.com (WIX) climbs after Barclays reveals hike on subscription plans. (02:11)

This is an abridged transcript.

Alimentation Couche-Tard has withdrawn its $47B proposal to buy Seven & i Holdings.

Canada’s convenience store giant (OTCPK:ANCTF) said Wednesday (OTCPK:SVNDY) (OTCPK:SVNDF) that the 7-Eleven parent company had a “persistent lack of good faith engagement.”

The surprise move marks the end of a year-long attempt by Couche-Tard (OTCPK:ANCTF) who operates Circle K to dramatically expand its convenience store empire.

Couche-Tard (OTCPK:ANCTF) said it repeatedly sought a friendly dialogue with Seven & i’s (OTCPK:SVNDY) (OTCPK:SVNDF) founding family but that the Japanese company was not open to any conversation about the takeover proposal.

Couche-Tard (OTCPK:ANCTF) raised its offer to $47B in October 2024 from $38.5B, and in March offered to increase it further if Seven & i (OTCPK:SVNDY) (OTCPK:SVNDF) cooperated and revealed more financial information.

Republicans are poised to achieve their long-standing goal of eliminating federal funding for public broadcasting.

The Senate approved a $9 billion package of cuts tied to the Department of Government Efficiency initiative.

The measure passed in a 51-48 vote, targeting the Public Broadcasting Service, National Public Radio, and various foreign aid programs.

Two of the Senate’s 53 Republicans, Lisa Murkowski of Alaska and Susan Collins of Maine, joined Democrats in voting against the legislation.

The bulk of the funds targeted — about $8 billion — was for foreign assistance programs. The remaining $1.1 billion was for the Corporation for Public Broadcasting, which funds PBS and NPR. The House is expected to give final approval to the package this week before sending it to President Trump for his signature.

According to the Corporation for Public Broadcasting, Congress has fully funded it through Sept 30, 2027.

Wix.com (NASDAQ:WIX) finished the trading day on Wednesday 4.2% higher.

Barclays revealed that the website development platform had increased its subscription plans.

Barclays’ price tracker identified increases on Wix’s two and three-year plans ranging from 8 to 21%.

Barclays maintains its Overweight rating and $240 price target on Wix.com.

What’s Trending on Seeking Alpha:

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Taiwan Semi rises after Q2 profit surges 60%, raises 2025 outlook

Catalyst watch:

• It is the 70th anniversary of the Disneyland Resort in Anaheim, California (DIS). Disneyland is widely regarded as one of the most important and influential theme parks in history.

• Merck (MRK) will host an investor event where scientific and commercial leaders will give an overview of the company’s advancing research pipeline in HIV treatment and prevention.

Stocks came off a volatile session on Wednesday, especially after reports of Trump’s plans for Powell, but eventually ended in the green. Major averages also benefited from a softer-than-anticipated wholesale inflation report.

Trump said on Wednesday that it’s “highly unlikely” he’ll fire Powell “unless he has to leave for fraud.” Earlier reporting on the day indicated that the President would fire the Fed Chair soon.

Dow, S&P and Nasdaq futures are in mixed territory. Crude oil is flat at $66/barrel. Bitcoin is up 0.3% at $119,000. Gold is down 0.5% at $3,328.

The FTSE 100 is up 0.5% and the DAX is up 0.9%.

The biggest movers for the day premarket: Sarepta Therapeutics (NASDAQ:SRPT) +31% — Shares surged after the company announced a strategic review that includes a 36% workforce reduction (~500 jobs) and a sharp refocus of its pipeline.

On today’s economic calendar:

• 8:30 am Retail Sales

• 10:00 am Business Inventories

• 12:45 pm San Francisco Federal Reserve Bank President Mary Daly will participate in a moderated conversation before the 2025 Rocky Mounty Economic Summit.

• 6:30 pm Federal Reserve Board Governor Christopher Waller will speak on the economic outlook before the Money Marketeers of New York University.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.