Axios Closer

December 19, 2024
Thursday ✅.
Today's newsletter is 691 words, a 2½-minute read.
🔔 The dashboard: The S&P 500 closed down 0.1%.
- Biggest gainer? Accenture (+14.7%), the IT services company, beat expectations for fiscal Q1 revenue and raised its full-year guidance.
- Biggest decliner? Lamb Weston (-20.1%), the frozen potato maker, disappointed with its quarterly results and slashed its 2025 adjusted-profit expectations.
1 big thing: Power play
As House Republicans scrambled to get a revised stopgap spending bill to a vote this afternoon, a central question still lingers from yesterday's chaos:
- If Elon Musk can effectively veto a congressional budget deal, imagine how much influence he might wield over more arcane policy issues affecting his pantheon of business interests.
The big picture: The incoming Trump administration and Congress could soon take action on a litany of regulatory and spending matters affecting the self-proclaimed First Buddy's business empire, including self-driving cars, space and AI.
- The reality that Musk is capable of turning his political influence into action suggests that investors have been right to believe that his companies will benefit from a Trump administration and Republican Congress.
- Musk's net worth has climbed by nearly $200 billion since Election Day to $458 billion, according to the Bloomberg Billionaires Index.
What we're watching: His influence could play out in a variety of ways:
- Tesla — and other autonomous vehicle companies — would benefit from a national regulatory framework for self-driving cars, rather than the patchwork of rules that currently exists.
- SpaceX would benefit from a continued flow — or perhaps even an increase — in federal funding for its interstellar endeavors.
- xAI, Musk's increasingly valuable startup, could be affected by any congressional action — or, perhaps more significantly, inaction — on AI regulation.
The bottom line: After Musk wielded a cudgel with the federal budget, there's no reason to believe he won't deploy a pencil and eraser to federal regulations.
2. Charted: Casual's comeback

Casual dining chains aren't gone for good if the Olive Garden owner's earnings report today is any indication.
Why it matters: The sector's been struggling as consumers have been looking for savings on food, leading to the bankruptcies of chains like TGI Fridays and Red Lobster.
Driving the news: Darden Restaurants topped earnings estimates and posted an overall same-restaurant sales increase of 2.4% for the latest quarter, compared with a year earlier.
- That included a blistering 7.5% jump for LongHorn Steakhouse and a 2% increase for Olive Garden — chains that collectively represent about 69% of the company's revenue.
Yes, but: Fine dining's slump continued.
The impact: Darden's stock rose nearly 15% today.
4. Teamsters launch strike at Amazon
The Teamsters union launched a strike against Amazon this morning, with workers at seven facilities in New York City, Atlanta, Illinois and California taking to the picket line in a push for better wages, benefits and working conditions.
The big picture: The strike, which the union is calling the largest against Amazon in U.S. history, coincides with the final week of holiday shopping — one of the company's busiest times of year.
- "If your package is delayed during the holidays, you can blame Amazon's insatiable greed," Teamsters president Sean O'Brien said in a statement.
Zoom in: The union says workers decided to walk out after Amazon ignored a Dec. 15 deadline for contract negotiations.
Reality check: Those striking are just a small percentage of Amazon's massive workforce.
- Amazon said in a statement that the Teamsters' claims of representing thousands of the company's employees are misleading.
5. ❤️ 1 viral gingerbread plushie to go
Our hearts are melting after we saw this viral tweet about a Ty Beanie Baby someone spotted recently at CVS.
State of play: After 18-year-old Devin Silva posted on X about mercy-buying Cookie last week, sales have soared, NBC News reported.
- The post — which has now been seen some 28 million times — "had the internet in a state of cuteness-induced hypnosis over the past week," USA Today wrote.
- The gingerbread plushie — which appears to be an ornament? — is listed for sale for $3.99 on TY's website, though X users have reported it's been periodically sold out.
💭 Nathan's thought bubble: I rushed over to the CVS near the Axios office this morning in Arlington, Virginia, and I'm sad to report Cookie wasn't there.
- I am devastated.
Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller.
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