Fun-money companies like DoorDash take a beating as investors bet consumers will tighten up

Wall Street appears to have its doubts that people will keep up their “let’s order a taxi for a burrito” habits much longer.

Consumer discretionary was the worst sector in the S&P 500 on Thursday, and companies that largely rely on “fun money” experienced some notable sell-offs. DoorDash posted its worst day since last May, closing down more than 7%. Delivery app rivals like Uber, Lyft, and Instacart were also down about 2% each.

Airbnb fell more than 5% on the day, and travel peers Expedia and Booking also took a dive. Carnival and fellow cruise companies also closed squarely in the red.

With layoffs surging to levels not seen in five years (largely led by DOGE cuts), investors are shying away from anything that relies on folks tossing around extra cash.

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Delta, the K-shaped airline

Delta’s premium ticket sales grew more than 7% in 2025. Its main cabin ticket sales fell 5%.

Max Knoblauch2h

Tom Jones

closing out

Diageo is considering selling parts of its struggling China business

The Guinness and Johnnie Walker giant has its work cut out in the nation, where drinking has sunk since 2015.

Max Knoblauch1/12/26

Paramount sues Warner Bros. for more info on its deal with Netflix, says it plans to nominate new directors

It’s a fresh week and that means a fresh bit of escalation in the ongoing Warner Bros. Discovery merger drama.

At an upcoming meeting, Paramount Skydance plans to “nominate a slate of [WBD] directors who, in accordance with their fiduciary duties, will... enter into a transaction with Paramount,” CEO David Ellison wrote in a letter to WBD shareholders disclosed on Monday.

Ellison also said that Paramount sued WBD in Delaware court in an effort to force the board to disclose “basic information” that will allow shareholders to make an informed decision between Paramount’s offer and one from Netflix. WBD shares dipped about 2% on Monday morning.

The latest update follows Paramount’s move last week to reaffirm — but not raise — its $30-per-share offer for WBD. Some saw that decision as Paramount effectively throwing in the towel on its merger hopes, given that the same deal has been rejected twice by the WBD board and winning over shareholders directly is a difficult process. Monday’s disclosure appears to signal that whether it loses or not, Paramount isn’t going to make Netflix’s acquisition easy.

Hyunsoo Rim

one battle after another

1/12/26

Saks Global nears bankruptcy as department stores lose ground in America

On top of its debt-laden luxury merger, the retailer’s operating in a sector that’s been in retreat for over 20 years.

Claire Yubin Oh

QLO-UP

1/9/26

Uniqlo’s shiny international stores are pumping its sales as it targets Inditex’s crown

Even Uniqlo’s Japan business now sees 10% of its revenue coming from foreign tourists.

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