Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Twitter (TWTR) has approached TikTok's Chinese owner ByteDance to express interest in acquiring the U.S. operations of the video-sharing app, Reuters' Greg Roumeliotis and Kanishka Singh reported, citing two people familiar with the matter. It is far from certain that Twitter would be able to outbid Microsoft (MSFT) and complete such a transformative deal in the 45 days that President Donald Trump has given ByteDance to agree to a sale, the sources said. Meanwhile, NPR's Bobby Allyn reported that TikTok is planning to sue the Trump administration, challenging President Trump's executive order banning the service from the United States. The video-sharing app will file the federal lawsuit as soon as Tuesday, according to a person familiar with the matter. NPR has learned that the lawsuit will argue that President Trump's far-reaching action is unconstitutional because it failed to give the company a chance to respond. It also alleges that the administration's national security justification for the order is baseless, according to the source. 2. Simon Property Group (SPG), the biggest mall owner in the U.S., has been in talks with Amazon (AMZN) to turn some of its anchor department-store spaces into Amazon fulfillment centers, The Wall Street Journal's Esther Fung and Sebastian Herrera reported, citing people familiar with the matter. Simon's discussions with the online retailer have been under way for months and began before the coronavirus pandemic, the people said. The two companies have explored converting stores formerly occupied by J.C. Penney (JCP) and Sears (SHLD) into Amazon distribution centers; in some cases, Simon and Amazon explored buying out occupied space from the retailers, sources added. 3. Apple (AAPL) shares came tantalizingly close to the historic $2T threshold this past week, Barron's Eric Savitz wrote in this week's edition of Barron's. For years, bulls asserted that Apple shares looked cheap on most typical valuation metrics, but the rally has driven the stock to its highest level in at least a decade based on whatever metric you want to use: price to earnings, price to sales, price to book, the author noted. Nonetheless, with Shopify (SHOP) trading for 50 times sales, Zoom Video (ZM) trading for 40 times and Microsoft trading for 10 times sales, Apple at $2T is no longer cheap but also not crazy, the report contended. 4. Qualcomm (QCOM) is lobbying the Trump administration to roll back restrictions on the sale of advanced components to Huawei Technologies, wading into the intensifying technology battle between the U.S. and China, The Wall Street Journal's Asa Fitch and Kate O'Keeffe reported. Qualcomm is telling U.S. policy makers their export ban won't stop Huawei from obtaining necessary components and just risks handing billions of dollars of Huawei sales to the U.S. firm's overseas competitors, according to a presentation reviewed by The Wall Street Journal that the company has been circulating around Washington. 5. Estee Lauder (EL), Lennar (LEN; LEN.B), Brown Forman (BF.A; BF.B), Liberty Broadband (LBRDA; LBRDK), Liberty Formula One (FWONA; FWONK) saw positive mentions in this week's edition of Barron's.