Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Benson Hill is going public via a merger with Star Peak Corp II (STPC) in a deal that values the plant-growing technology company at $2B, Amrith Ramkumar of Wall Street Journal reported, citing the companies. Benson Hill expects last year's sales of about $100M to grow as it provides more products to food companies, restaurants and grocery stores, Ramkumar said. Investors including funds managed by BlackRock, Van Eck Associates, Hedosophia and Lazard Asset Management are putting money into the deal through a $225M private investment in public equity, the reporter added. 2. U.S. government officials were working closely with top U.S. fuel pipeline operator Colonial Pipeline on Sunday to help it recover from a ransomware cyberattack that forced the company to shut a critical fuel network supplying populous eastern states, Reuters' Laila Kearney reported. While the U.S. government investigation is in the early stages, a former U.S. official and two industry sources said the hackers are likely a professional cybercriminal group and that a group called DarkSide was among potential suspects, the author noted, adding that cybersecurity company FireEye (FEYE) has also been brought in to respond to the attack, according to two industry sources. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). 3. Sell in May and go away usually refers to the entire stock market, and right now it also applies to Tesla's (TSLA) stock, Al Root wrote in this week's edition of Barron's. The stock looks stuck and the next big catalyst to drive shares higher isn't on the horizon, the author notes. Bull hope for more U.S. EV purchase incentives. Tesla's driver-assistance feature-called Autopilot-could also be cleared in the Texas crash that generated bad PR recently, the publication added. Those will help balance out recent concerns over emission credits, which Tesla earns for producing more than its fair share of zero-emission vehicles, after Stellantis (STLA) announced it would purchase fewer of them from Tesla, Root said, pointing out that true catalysts look further out in the distance, with Tesla's new German plant being one. 4. United Artists Releasing and Miramax's "Wrath of Man" won the weekend box office with a domestic debut of $8.1M. Overseas, the movie has earned $17.6M for a global cume of $25.6M. "Wrath of Man" was directed by Guy Ritchie and stars Jason Staham. 5. Seagate (STX), Corteva (CTVA), FMC (FMC), Deere (DE), AGCO (AGCO), Mosaic (MOS), Nike (NKE), TJX Cos. (TJX), Revolve Group (RVLV), and American Eagle Outfitters (AEO) saw positive mentions in this week's edition of Barron's.