| 2021-08-01 20:02:30|
SQ, AFTPF… 20:02 08/01 08/01/21
Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Square (SQ) and Afterpay (AFTPF) announced that they have entered into a Scheme Implementation Deed under which Square has agreed to acquire all of the issued shares in Afterpay by way of a recommended court-approved Scheme of Arrangement. The transaction has an implied value of approximately $29B based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock. The acquisition aims to enable the companies to better deliver compelling financial products and services that expand access to more consumers and drive incremental revenue for merchants of all sizes. The closing of the transaction is expected in the first quarter of calendar year 2022, subject to the satisfaction of certain closing conditions. 2. Zoom Video (ZM) agreed to pay $85 million and bolster its security practices to settle a lawsuit claiming it violated users' privacy rights by sharing personal data with Facebook (FB), Google (GOOGL) and LinkedIn (MSFT), and letting hackers disrupt Zoom meetings in a practice called Zoombombing, Reuters' Jonathan Stempel reported. A preliminary settlement filed on Saturday afternoon requires approval by U.S. District Judge Lucy Koh in San Jose, California, the report added. 3. It took a while, but early last week investors recognized the increased risk embedded in Chinese stocks, after they tumbled in reaction to regulators' latest focus: after-school tutoring companies, Reshma Kapadia wrote in this week's edition of Barron's. The losses slowed later in the week as Beijing tried to calm markets, but the risks will remain elevated until more clarity on China's regulatory push emerges, the author contended. Antimonopoly efforts and increased data scrutiny have sent newly public DiDi Global (DIDI) crashing and forced a reassessment of the growth prospects of Alibaba (BABA) and Tencent (TCEHY). Shares of Tal Education Group (TAL) and New Oriental Education & Technology Group (EDU) are also down about 90% this year after China's draconian crackdown on the tutoring sector upended their businesses and painfully illustrated how even fundamentally sound investments can quickly turn into losers when the state steps in, the publication added. 4. Disney's (DIS) "Jungle Cruise" won this weekend's domestic box office with a better-than-expected opening of $34.2M amid renewed COVID-19 concerns over the delta variant. Worldwide the movie earned a total of $61.8M for a global start of $91.8M when including $30M in revenue from Disney+ Premier Access. "Jungle Cruise" stars Dwayne Johnson and Emily Blunt. 5. GlaxoSmithKline (GSK) and Atlas Technical Consultants (ATCX) saw positive mentions in this week's edition of Barron's.