The Economy
Trump to Give Speech on Tax Overhaul Wednesday
President Donald Trump will deliver a speech this Wednesday on the proposed plan to overhaul the U.S. tax code.
Financial Companies Testing Blockchain Platform Ahead of New EU Rules
A group of financial companies led by Swiss bank UBS is now testing a blockchain platform to help them comply with new European Union data reporting rules that are set to take effect next year.
Canada to Release Foreign Investment Data Next Week
Canada will release fresh data on foreign investment in Toronto and Vancouver next week. This data release is aimed to provide a better insight into the country’s housing market.
The Markets
Wall Street Moves Up As Bitcoin Futures Begin Trading
The U.S. stock market moved up on Monday morning following the debut of bitcoin futures the day before. The S&P, Dow, and Nasdaq were up 0.32%, 0.23% and 0.51% respectively as of market close.
Apple Confirms Deal to Buy Shazam Entertainment
Apple Inc. (NASDAQ:AAPL) has confirmed that it has reached an agreement to buy music and image recognition service Shazam. It is reported that the deal is worth approximately $400 million.
CanniMed Asks Regulators to Intervene In Hostile Aurora Takeover Bid
Medical marijuana company CanniMed Therapeutics Inc. (TSX:CMED) has requested Canadian regulators to intervene and block a hostile takeover by rival Aurora Cannabis Inc. (TSX:ACB).
Among the requests sent to regulators, CanniMed has asked to declare Aurora’s buyout offer as an insider bid, which would require further disclosure and approval processes to protect minority shareholders.
Top Active Stocks
Bluebird Bio Inc. (NASDAQ:BLUE) rose to a record high of $222.03 on Monday after receiving positive results from an early stage myeloma study on its experimental gene-modifying immunotherapy drug co-developed with Celgene Corp. (NASDAQ:CELG).
Valeant Pharmaceuticals International Inc. (NASDAQ:VRX) continued its upward momentum from last week, now reaching a 52-week high of $20.73. The recent rise in its stock is likely due to the company’s success this year in trimming down its massive debt.
Shares of Overstock.com Inc. (NASDAQ:OSTK) and Riot Blockchain Inc (NASDAQ:RIOT) jumped by 22% and 24% respectively on Monday, riding on the recent launch of bitcoin futures that make cryptocurrency-related more appealing to investors.
CenturyLink Inc. (NYSE:CTL) gained 9.5% on news that the company has been selected as a network provider to Pennsylvania on a five-year contract. The company will be collaborating with Comcast Corp (NASDAQ:CMCSA) under this deal.
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