| 2021-06-20 20:09:11|
PSTH, VIVHY… 20:09 06/20 06/20/21
Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Pershing Square Tontine Holdings (PSTH), a special purpose acquisition company, announced that it had entered into a definitive agreement with Vivendi (VIVHY) to acquire 10% of the outstanding Ordinary Shares of Universal Music Group for approximately $4 billion. Later this year, after Vivendi completes the previously announced separation from and listing of UMG on Euronext Amsterdam, the acquired UMG shares will be distributed to PSTH shareholders. PSTH will continue to exist following these transactions and expects to have approximately $1.5 billion in cash and access to an additional $1.4 billion in cash through forward purchase agreements. PSTH intends to pursue a business combination with an operating business promptly. 2. American Airlines (AAL), which rapidly increased flying to meet a surge in travel demand, is trimming some flights to alleviate potential strains on its operations, The Wall Street Journal's Alison Sider reported. The number of flights being culled is relatively small, amounting to about 1% of planned flying in the first half of July, the company said. 3. FedEx (FDX) can charge higher fees when demand strengthens, thanks to the duopoly it shares with UPS (UPS), and that should add up to a strong earnings report this coming week, Al Root and Jacob Sonenshine wrote in this week's edition of Barron's. A big beat and strong guidance will probably be needed to move the stock higher, but if FedEx tops estimates, stock should deliver too, the authors added. 4. Lionsgate's (LGF.A) action-comedy sequel "The Hitman's Wife's Bodyguard" won Father's Day weekend box office with $11.7M from 3,331 locations for a five-day start of $17M. Audiences gave the Ryan Reynolds, Samuel L. Jackson and Salma Hayek's film a B CinemaScore. 5. Lennar (LEN) and Six Flags (SIX) saw positive mentions in this week's edition of Barron's.