Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly:
1. Kansas City Southern (KSU) announced that the KCS Board of Directors determined that CP's (CP) revised proposal constitutes a "Company Superior Proposal" as defined in KCS's merger agreement with Canadian National Railway (CNI). The KCS Board of Directors made this determination after consultation with the company's outside legal and financial advisors. Under the terms of CP's proposal, each share of KCS common stock would be exchanged for 2.884 CP common shares and $90 in cash. In addition, holders of KCS preferred stock would receive $37.50 in cash for each share of KCS preferred stock held. The proposal is binding on CP and may be accepted by KCS at any time prior to 5:00 pm ET on Monday, September 20, 2021. The transaction would be subject to approval by the stockholders of CP and KCS, receipt of regulatory approvals and other customary closing conditions. KCS has notified CN that it intends to terminate KCS's merger agreement with CN and enter into the definitive agreement with CP, subject to CN's right to negotiate amendments to the merger agreement for at least five business days and the KCS Board's further determination as to whether any such amendments would cause the CP proposal no longer to constitute a "Company Superior Proposal."
2. "Fortnite" game maker Epic Games on Sunday said in a legal filing that it plans to appeal a ruling in its antitrust case against Apple (AAPL) after a federal judge on Friday handed down a mixed decision, according to Reuters. The judge on Friday said Apple would have to loosen some rules on developers, but the ruling favored Apple on many counts, including allowing the iPhone maker to continue its prohibition of third-party, in-app payment systems, the publication noted. It also allowed Apple to continue to charge commissions of 15% to 30% for its own in-app payment system. Epic had said it would continue its legal fight.
3. The hard-seltzer market has lost its fizz-and so have shares of Boston Beer (SAM), Ben Levisohn wrote in this week's edition of Barron's. With the stock now worth less than half what it was at its peak, it might be time to take a sip, the author argued. The stock now looks to have support near $500, around its June 2020 lows. If that level holds, buying the stock in the low $500s could turn out to be a smart bet-fizz or no fizz, the publication added.
4. Disney's (DIS) "Shang-Chi and the Legend of the Ten Rings" remained atop the box office charts in its second weekend, earning an estimated $35.8M. The superhero movie is playing in 4,300 locations and sports an A Cinemascore. Unlike fellow Marvel Studios pic "Black Widow," "Shang-Chi" has an exclusive 45-day theatrical release.
5. Mayville Engineering Company (MEC), SVB Financial Group (SIVB), D.R. Horton (DHI), M.D.C. Holdings (MDC) and Meritage Homes (MTH) saw positive mentions in this week's edition of Barron's.