2022-01-23 20:12:19 ACTG Acacia Research
Kohl's
01/23/22 01/2320:12 01/23/2220:12 | Fly Intel: Top five weekend stock storiesCatch up on the weekend's top five stories with this list compiled by The Fly: 1. A group led by Acacia Research (ACTG), which is controlled by activist investor Starboard Value, offered to buy Kohl's (KSS) for $64 per share in cash, a 37% premium to Friday's closing price of $46.84 and an offer that values the department store operator at roughly $9B, The Wall Street Journal's Cara Lombardo reported, citing people familiar with the matter. There are no guarantees that the group will ultimately line up all the funding needed and make a firm offer, but the bidders told the company they have assurances from bankers about being able to get financing for the bid, sources added. Previously, Reuters' Svea Herbst-Bayliss reported that Starboard-backed Acacia had reached out to Kohl's to express interest in making a bid. 2. Wynn Resorts (WYNN) is looking to unload its online sports-betting business at a steep discount as the fledgling niche faces painful losses from stiff taxes and costly promotions needed to lure customers, New York Post's Josh Kosman reported. The Las Vegas-based casino giant is quietly shopping its Wynn Interactive unit - operator of the WynnBet online gaming app - and has slashed the asking price to $500 million after floating a $3 billion valuation less than a year ago, a source close to the situation told The Post. 3. Netflix (NFLX) shares have been struggling for months. Heading into this past week's fateful fourth-quarter earnings report, there were worries about increased competition from Walt Disney (DIS), Apple (AAPL), and others, along with consumers' reaction to a recent price hike, Eric J. Savitz wrote in this week's edition of Barron's. As it turned out, Thursday's report was a big deal, just not in the way that bulls would have liked. Netflix missed subscriber estimates, the only number that matters to investors, the author noted. Netflix shares plunged more than 20% following results, and what makes the whole situation more worrisome is that Netflix couldn't cleanly explain its soft outlook, Savitz added. Despite this quarter's terrible reviews, it might be time to start nibbling, he argued. 4. Sony (SONY) and Marvel's "Spider-Man: No Way Home" returned to number 1 in its sixth weekend, earning an estimated $14.1M from 3,705 locations for a domestic cume of $721M, the fourth-best showing of all time. The Sony and Marvel's superhero film also passed up 2019's "The Lion King" and 2015's "Jurassic World" to become the number 6 movie of all time worldwide with $1.69B in global ticket, not adjusted for inflation. 5. Mr. Cooper Group (COOP), Goldman Sachs (GS), Morgan Stanley (MS), Bank of America (BAC), and Wells Fargo (WFC) saw positive mentions in this week's edition of Barron's. Acacia Research
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Wynn Resorts
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Sony
Mr. Cooper
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On The Fly
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Fly Intel: After-Hours Movers »
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Shore Bancshares… Shore Bancshares announced that it had received a non-objection letter from the Federal Reserve Bank of Richmond to allow the Board to authorize management to repurchase its common stock. Under the new repurchase program, management is authorized to repurchase up to $5M, or approximately 1.4% of the 19.8M outstanding shares of the company's common stock. The program may be limited or terminated at any time without prior notice. The program will expire on March 31, 2023. Lloyd L. "Scott" Beatty, Jr., President and Chief Executive Officer stated, "We general like to have an active stock buyback program in place at any given time. Our last stock buyback program proved to be very effective before it expired at the end of 2021. With the current volatility in the financial markets and the unknown with the current economy, we deem it prudent to have an active buyback in place in the event we can purchase our common stock at a discount. Our strong capital levels and solid operating results provide us the flexibility to repurchase shares, which is an efficient way to deploy capital, creating long-term shareholder value." ShowHide Related Items >><<
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Kilroy Realty… Kilroy Realty "announced today that it has completed three onsite solar installations at 2100 Kettner and 9455 Towne Centre Drive in San Diego and Kilroy Oyster Point - Phase 1 in South San Francisco. With these systems energized, Kilroy now hosts over six megawatts of solar spanning across 13 assets, demonstrating Kilroy's continued commitment to scaling its renewable energy installations throughout its California portfolio. " ShowHide Related Items >><<
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DiaMedica Therapeutics to resume trading at 17:00ET
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Energy Services of America announces buyback for up to 1M shares of common stock »
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