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- charity: water | June 4th, 2024
charity: water | June 4th, 2024
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Today's insights are courtesy of charity: water, a nonprofit organization on a mission to bring clean water to the 703 million people living without it.
| Market | Day | Month | Year |
|---|---|---|---|
| Dow | ▼0.30% | ▼0.20% | ▲14.55% |
| S&P | ▲0.11% | ▲2.63% | ▲23.22% |
| Nasdaq | ▲0.56% | ▲3.25% | ▲26.41% |
| Bitcoin | ▲0.02% | ▲5.99% | ▲149.75% |
| 10-Year | ▲0.36% | ▲0.02% | ▼4.54% |
GOOD MORNING
Here's everything you need to know today: Paramount and Skydance have agreed on a massive merger to reshape the entertainment industry landscape. The impending deal, reportedly valued at a staggering $8 billion, is expected to be officially announced in the coming days, pending approval from Paramount's controlling shareholder, Shari Redstone.
GameStop (GME) stock skyrocketed on Monday following a major investment revelation from the well-known individual investor Keith Gill, famously known as "Roaring Kitty" on YouTube and "DeepF***ingValue" on Reddit. Gill's recent post on Reddit's Superstonk subreddit showcased a significant $175 million position in GameStop, sparking a dramatic surge in the stock's value.
By year-to-date flows, the top 10 ETF issuers have demonstrated significant market movements through the year's first five months. Vanguard leads the pack with a staggering $102.8 billion inflows, followed by BlackRock with $65.1 billion.
Let’s dive into more detail below.
M&A
$8 Billion Dollar Paramount-Skydance Hollywood Merger Sets the Stage For a New Course in a Shifting Industry
Paramount special committee and Skydance consortium finalize merger terms, promising major market shifts and competitive advantages
BREAKING NEWS
Paramount and Skydance have agreed on a massive merger to reshape the entertainment industry landscape.
The impending deal, reportedly valued at a staggering $8 billion, is expected to be officially announced in the coming days, pending approval from Paramount's controlling shareholder, Shari Redstone.
WHAT HAPPENED
A Paramount special committee and the buying consortium, consisting of David Ellison's Skydance and private equity firms RedBird Capital and KKR, have agreed to the terms of the merger. The deal stipulates that Redstone will receive $2 billion for her stake in National Amusements, which owns 77% of Paramount's class A shares. Skydance will acquire nearly 50% of class B Paramount shares at $15 per share, totaling $4.5 billion, while the remaining shareholders will retain equity in the newly formed company.
Additionally, Skydance and RedBird will inject $1.5 billion in cash into Paramount's balance sheet to help reduce debt. The finalized terms come after weeks of discussions and a competing offer from Apollo Global Management and Sony Pictures.
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STONKS
Roaring Kitty Returns with $175 Million High Stakes Bet on Infamous Meme Stock $GME
Gill's revelation on Reddit leads to a 75% spike in GameStop shares at market open, highlighting the influence of retail investors and meme stock culture
BREAKING NEWS
GameStop (GME) stock skyrocketed on Monday following a major investment revelation from the well-known individual investor Keith Gill, famously known as "Roaring Kitty" on YouTube and "DeepF***ingValue" on Reddit.
Gill's recent post on Reddit's Superstonk subreddit showcased a significant $175 million position in GameStop, sparking a dramatic surge in the stock's value.
WHAT HAPPENED
Keith Gill, the infamous investor who played a major role in the 2021 GameStop rally, disclosed a substantial position in the video game retailer on Reddit Sunday, amounting to $175 million. His holdings include 5 million GameStop shares purchased at an average price of $21.274, valued at $115.7 million based on last Friday's closing price of $23.14.
Additionally, Gill holds 120,000 options contracts expiring on June 21, giving him the right to buy GameStop shares at $20 each, worth $65.7 million as of the last closing. This revelation propelled GameStop shares to new heights, with the stock trading at $38 in early Monday trading before a halt for volatility.
Other notable holders are Dave Portnoy of Barstool spots who disclosed owning 1.2 million shares of GameStop (GME) and 700,000 shares of AMC (AMC), further showcasing the significant investment in the meme stock movement and the culture.
M&A
Waste Management Unanimously Approves to Acquire Stericycle in $7.2B Deal in Ongoing M&A Trends
Waste Management's acquisition of Stericycle targets 5% to 7% revenue growth and expanded EBITDA margins for 2024
BREAKING NEWS
On Monday, Waste Management announced its acquisition of Stericycle for $7.2 billion, significantly consolidating the waste disposal industry.
This deal includes Stericycle's net debt of approximately $1.4 billion. Pending regulatory approval, it is expected to close by the fourth quarter of 2024.
WHAT HAPPENED
Waste Management (WM) will acquire Illinois-based waste-disposal company Stericycle in a $7.2 billion deal, the companies announced on Monday. Under the agreement, WM will purchase all outstanding shares of Stericycle for $62 per share in cash, which includes Stericycle's net debt of around $1.4 billion. This per-share price represents a 24% premium to Stericycle's 60-day volume-weighted average price as of May 23, the last trading day before Bloomberg reported potential takeover interest. The deal has been unanimously approved by the boards of both companies and is anticipated to close by the fourth quarter of 2024. Following the announcement, Stericycle's shares surged 14.6%, reaching a new 52-week high, while WM's shares dropped 4.5%. The Wall Street Journal reported the deal one day before the official announcement.
YESTERDAY | Here’s what you missed |
1. Nasdaq rises, Dow slumps in bumpy trading day as GameStop rallies
The Nasdaq saw gains while the Dow Jones experienced a decline during a volatile trading session. This comes as GameStop shares surged, contributing to the mixed market performance. Investors are optimistic about potential rate cuts, which adds to the overall market dynamics.
2. Microsoft is laying off hundreds in its Azure cloud business, sources say
Microsoft has reportedly laid off hundreds of employees in its Azure cloud-computing division, according to sources. This move is part of a broader effort to streamline operations and improve efficiency within the company's cloud services sector.
3. Dr Pepper just passed Pepsi as the second biggest soda brand
Dr Pepper has surpassed Pepsi to become the second largest soda brand in the United States, while Coca-Cola maintains its lead as the top soda. This shift highlights changing consumer preferences in the beverage industry.
4. Mexico awakes with joy, fear, market jitters to first woman elected president, Claudia Sheinbaum
Claudia Sheinbaum's election as Mexico's first female president has sparked a mix of joy and concern. While she has extended an olive branch to those who did not support her, the market has reacted nervously, reflecting the challenges she faces in uniting a divided country and addressing economic uncertainties.
5. Oil falls 3% on OPEC production cut as demand worries surface
Oil prices dropped by 3% following OPEC+'s announcement of production cuts extending into 2025. The market is responding to concerns about demand, which have overshadowed the expected production cut extensions through the end of the year.
6. New York Stock Exchange is investigating technical issue as dozens of stocks are halted
The New York Stock Exchange is investigating a technical issue that caused the halt of dozens of stocks, including Berkshire Hathaway. The incident disrupted trading and raised concerns about the reliability of the exchange's systems.
7. Jeep expects to grow plug-in hybrid SUV sales by as much as 50% in 2024
Jeep aims to increase its plug-in hybrid SUV sales by up to 50% in 2024. This goal coincides with the launch of its first all-electric SUVs in the U.S., starting with the Wagoneer S EV.
8. Spotify stock rises after company unveils latest US price hikes in profitability push
Spotify's stock rose as the company announced price hikes across all its paid tiers in the U.S. This move is part of Spotify's strategy to boost profitability.
9. Turkey's inflation passes 75% in what economists believe is peak
Inflation in Turkey has surpassed 75%, which economists believe may be the peak before prices start to ease. This marks a significant moment in Turkey's ongoing economic challenges.
10. Moderna, Merck say vaccine improved survival in patients with deadly skin cancer
Moderna and Merck announced that their cancer vaccine, combined with Keytruda, significantly improved survival rates in patients with deadly skin cancer. Nearly 75% of patients showed no signs of cancer returning after 2½ years.
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Today's insights are courtesy of charity: water, a nonprofit organization on a mission to bring clean water to the 703 million people living without it.
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