3. Spinning
IAC is spinning off Angi, the home improvement marketplace formerly known as Angie’s List, which the company acquired in 2017. Barry Diller’s company has become known for incubating businesses and then spinning them off. IAC will also operate without a new CEO, as CEO Joey Levin will vacate his role and become executive chairman. The holding company said it expects the spinoff to close in the second quarter of the year.
4. Retail relays
Several big-name retailers raised their guidance for the holiday quarters on Monday, but Wall Street wasn’t impressed. Lululemon, Abercrombie & Fitch and American Eagle all projected better-than-expected fourth quarters after they saw strong responses from shoppers during the key holiday season. Nonetheless, American Eagle’s stock fell 15% as investors worried if the growth could continue. Struggling Macy’s, meanwhile, said the all-important quarter was going worse than it had anticipated.
5. Special report
The Justice Department released special counsel Jack Smith’s report on President-elect Donald Trump’s efforts to overturn the 2020 election early Tuesday morning. In the 170-page report, Smith said a jury would have convicted Trump if it wasn’t for his election in November that prevented the prosecution from moving forward. He also defended his decision to bring charges. Trump, who had fought to keep the report secret, criticized the findings on Truth Social and repeated false claims about the House committee that investigated Jan. 6.
— CNBC’s Hakyung Kim, Annika Kim Constantino, Salvador Rodriguez, Gabrielle Fonrouge and NBC News contributed.
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