(Robert Gauthier/Los Angeles Times via Getty Images)

Tariffs don’t mean avocados are toast

The threat of levies on Mexican imports doesn’t seem to be bothering the market.

12/20/24 11:36AM

Avocado giant Mission Produce is on track for its biggest single-day gain since going public in 2020 after reporting record revenue numbers in the fourth quarter of 2024.

The reason? Rising prices. Prices for avocados were up 36% year over year, helping to drive the company’s year-on-year 37% growth. Revenue hit a record $354.4 million.

The fact that people were willing to pay up for the guacamole ingredient, and the company’s diversified production base among countries including Colombia, Peru, and Mexico, as well as California, are part of the reason why Mission Produce executives don’t seem particularly shook by the prospect of tariffs that the incoming Trump administration has threatened to impose on Mexican imports.

Mission Produce Chief Operating Officer John Pawlowski told analysts:

“We have really seen the consumer be resilient through both an inflationary period as well as price. Not just the price side, but also from a supply challenge perspective. And the consumer is really taking away more and at a higher price than they ever have. So, both of those two things combined, I see Mission positioned in a great spot kind of regardless of what happens on the tariff side of things.”

Avocados could provide an interesting lens through which to observe the economic impact of any Trump-administration tariffs and how consumers react. Earlier this month, Chipotle — a giant consumer of avocados — raised prices, in part to offset growing guac costs.

Max Knoblauch14h

Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

Max Knoblauch21h

The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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GM has reportedly rehired more than 100 former Cruise employees, 18 months after shuttering the robotaxi unit

GM has rehired more than 100 employees it let go early last year when it shuttered Cruise, its former robotaxi business, according to reporting by The Information.

The hiring spree, which also includes employees from Nvidia and Uber, is geared toward ramping up GM’s plans for personal-use self-driving vehicles and not robotaxis. The former had been the focus of Cruise, prior to GM shuttering it in 2024.

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

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