TLDR 

MARKET RECAP → The S&P 500 (VOO) hit a new record Wednesday, showing resilience despite Trump's tariff threats and the Fed’s cautious stance.

ACKMAN UPS HOWARD HUGHES BID → Bill Ackman raised his takeover bid for Howard Hughes to $90 per share, aiming to turn it into a diversified holding company. Pershing Square will own 48% if approved, and Ackman will take over as CEO. Investors were less enthused, with shares dropping 8% on the day.

KFC RELOCATES U.S. HEADQUARTERS TO TEXAS → KFC is moving its U.S. headquarters from Kentucky to Texas as part of Yum! Brands' (YUM) corporate restructuring. The company will maintain offices in Louisville and build a flagship restaurant while consolidating operations in Plano for greater brand synergy.🏢

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TODAY’S TOP NEWS

Ackman Ups Howard Hughes Bid, Aims For ‘Modern-Day Berkshire’

📈 Bill Ackman raised his takeover offer for Howard Hughes Holdings to $90 per share, aiming to transform the real estate developer into a diversified holding company. The deal, if completed, would give Pershing Square a 48% stake without requiring regulatory approvals or shareholder votes.

🏡 Ackman plans to expand Howard Hughes’ portfolio beyond real estate, taking inspiration from Warren Buffett’s transformation of Berkshire Hathaway. The firm will continue to develop its master-planned communities, including The Woodlands and Summerlin, while acquiring controlling interests in other businesses.

💰 Investors reacted cautiously, with Howard Hughes stock dropping 5% in after-hours trading despite an earlier 6.8% rally. Pershing Square would receive a 1.5% annual fee based on Howard Hughes’ market cap, and Ackman would take over as chairman and CEO.

TODAY’S TOP NEWS

KFC Relocates U.S. Headquarters to Texas

🏢 Moving South – KFC announced the relocation of its U.S. headquarters from Louisville, Kentucky, to Plano, Texas, over the next six months.

🤝 Enhancing Collaboration – Parent company Yum! Brands (YUM) aims to foster greater collaboration among its brands by designating two main headquarters: Plano for KFC and Pizza Hut, and Irvine, California, for Taco Bell and Habit Burger & Grill.

🌟 Honoring Roots – Despite the move, Yum! Brands will maintain corporate offices in Louisville, endow $1 million to the University of Louisville's College of Business, and plans to establish a flagship KFC restaurant in the city.

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