Beer wars! Heineken has confirmed that it rejected a takeover bid from SABMiller. The Heineken family which still has a controlling interest in the world's number 3 brewer by volume says the company intends to remain independent. SAB Miller is the number 2 brewer in the world. It's not over yet though. Low rates have given all multinationals beer goggles and Heineken is still looking pretty good to Belgium's King of Beer, Anheuser Busch (BUD) which controls 20% of the global market.
UPDATE - The Wall Street Journal is reporting that Anheuser-Busch is talking to banks about financing what could be a $122 billion deal to buy SABMiller, according to a person familiar with the matter.
Big news for economic data and Fed speak. We've got PPI on Tuesday and CPI data Wednesday morning followed that day by the FOMCs latest statement on interest rates. There is roughly a 100% chance that the Fed once again tapers its controversial quantitative easing program yet again prior to ending the controversial program in October. The Fed will also give an update to its outlook for GDP. Currently the Fed is expecting 2.1% - 2.3% for 2014. The risk is to the downside. Look for Chair Janet Yellen to take her last shot at pols before November elections in her presser on 2:30 Wednesday.
Finally struggling teen apparel retailer Urban Outfitters (URBN) is taking heat this morning for selling faux blood-stained Kent State sweatshirts on its website for $129. The shirts were a classless reference to a 1970 incident when the Ohio National Guard shot 13 unarmed war protestors. It was one of the darkest, most divisive moments in U.S. history. Urban is no stranger to tasteless PR stunts having come under fire for selling shirts for girls with "eat less" printed on the front. Last month Zara was forced to pull "western style" pajamas that to many evoked images of the Holocaust. Urban's Kent State shirts sold out almost immediately and are now available on eBay, bidding stands at more than $500 with a $2,500 "buy it now" price. Just say no. Seriously.
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