The Economy
Top EU Court to Hand Down Uber Verdict on Wednesday
On Wednesday, the top European Union court will hand down its verdict on the ongoing debate regarding whether Uber provides online services, transportation services, or both. Companies are regulated differently in the EU depending on the type of services they offer. The court decision would decide whether the EU could ensure that online services are not unduly restricted by its member states.
The Markets
U.S. Stocks Move Up With New Tax Bill Looming
The U.S. stock market moved up on Monday to record levels, with the Nasdaq surpassing the 7,000 mark, as a new Republican tax bill moves closer to passage. A Senate vote is set to take place on Tuesday. President Donald Trump is expected to sign the bill by the end of the week.
Campbell Soup to Buy Snyder’s-Lance for $4.87 Billion
Campbell Soup Co. (NYSE:CPB) plans to acquire snacks maker Snyder‘s-Lance Inc. (NASDAQ:LNCE) at $50 a share for $4.87 billion. This acquisition would be the largest deal in Campbell Soup’s 148-year history.
Hershey to Acquire Amplify Snack Brands for $1.6 Billion
In another big acquisition involving snack brands, Hershey Co. (NYSE:HSY) will acquire Amplify Snack Brands (NYSE:BETR) at $12 a share for about $1.6 billion, which is a 71% premium over Friday’s closing price. Shares of Amplify rose by over 70% on Monday.
Penn National Gaming to Buy Pinnacle Entertainment for $2.8 billion
Casino operator Penn National Gaming Inc. (NASDAQ:PENN) intends to buy Pinnacle Entertainment Inc. (NYSE:PNK) at approximately $2.8 billion in a cash-and-stock deal. This deal will also involve Boyd Gaming Corp. (NYSE:BYD) and Gaming and Leisure Properties Inc (NASDAQ:GLPI), as Pinnacle plans to sell four Ameristar properties to Boyd to appease regulatory concerns, and Boyd will sign a lease agreement with Gaming and Leisure.
CME Launches Bitcoin Futures
CME Group Inc. (NASDAQ:CME), the world’s biggest derivatives exchange, has launched its bitcoin futures contracts, one week after the launch of rival CBOE’s bitcoin futures.
Top Active Stocks
Shares of Berkshire Hathaway Inc. (NYSE:BRK.A) reached $300,000 for the first time on Monday. The company’s stock has been steadily going up despite four straight quarters of lower operating profit.
Chinese online retailer Vipshop Holdings Ltd. (NYSE:VIPS) rose by close to 40% following announcement that Internet giant Tencent, along with partner JD.com (NASDAQ:JD), will invest $863 million in Vipshop. Tencent has also invested in Tesla (NASDAQ:TSLA), Snap (NYSE:SNAP), and Spotify this year.
Twitter Inc. (NYSE:TWTR) went up 11% as JP Morgan upgraded the stock on expectations of double-digit daily average user growth in 2018. Its price target was raised to $27 from $20.
ModusLink Global Solutions Inc. (NASDAQ:MLNK) shares jumped by over 40% as the company completed its acquisition of IWCO Direct, a marketing solutions provider, for $476 million cash.
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