Photo: Justin Sullivan/Getty Images

PepsiCo has agreed to buy Las Vegas-based energy drink maker Rockstar for $3.85 billion.

Why it matters: This would give Pepsi a leg up on rival Coca-Cola in the growing energy drink space, and also would be Pepsi's first major acquisition since Ramon Laguarta took over as CEO in 2018.

  • Coke does have a 19% stake in Monster, but it's been a contentious relationship that included a legal fight over Coke's decision to launch its own energy drink.

The big picture: Speaking of Monster, it's long been considered a takeover or merger target, and this should only intensify that talk. Monster shares climbed nearly 7% on the Rockstar report, pushing its market cap to over $35 billion.

The bottom line: "Rockstar, which PepsiCo already distributes, is one of a handful of major energy-drink brands. The entrepreneur Russell Weiner founded the company in 2001, when Rockstar was the first energy drink to come in now-ubiquitous 16-ounce cans. The number of energy-drink offerings has since exploded and begun edging out sodas for space in store coolers," writes the Wall Street Journal.

Go deeper: Betting on the future of breakfast

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Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 14 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.