Julie Morgan

Shares of Spanish beauty group Pouge jumped on Tuesday after Estee Lauder confirmed it is in talks about merging the two companies.

Pouge, which is behind such brands as Rabanne and Charlotte Tilbury, has a market cap of $10.3 billion.

Estee Lauder has a market cap of $31 billion.

Pouge's Spain-listed shares jumped as much as 15% on Tuesday, while Estee Lauder was up 0.6% in U.S.

pre-market action.

We're taking a deeper dive into this story in the Wall Street Breakfast newsletter.

I'll leave a link to the newsletter in the show notes section.

Now for a look at a few other articles that are trending.

OpenAI reportedly flags Microsoft dependents as a key business risk ahead of an expected IPO.

A Broadcom exec reportedly says Taiwan's semiconductor is reaching capacity limits.

And crude climbs on supply worries after Iran rejects the U.S.

's claim of negotiation.

I have several items to tell you about on our Catalyst Watch for the day.

Shareholders with Two Harbors Investment will vote on the deal to be acquired by mortgage wholesaler UWM Holdings.

JFB Construction will begin trading on a split-adjusted basis following the two-for-one stock split.

The Shop Talk conference in Las Vegas will include a keynote from Reddit CEO Steve Huffman.

Top execs from Wayfair, Stitch Fix, Pinterest, Gap, Dutch Bros, and Shark Ninja will also appear.

Mercado Libre will appear at a conference by Morgan Stanley.

Zillow Group will host an investor event focused on the company's AI innovation in real estate.

CrowdStrike CEO George Kurtz will give a keynote address at the RSA Security Conference.