The Market News Reel for the week of September 13th! Get the most important market news and updates for the upcoming week each Monday!
Major headlines, excerpts from a reputable news source and a link to the full article are shown below. "Our Thoughts" section is purely our opinion.
Apple Gears up for its iPhone Launch Event on Tuesday
"The biggest, simplest and most important answer to the question of what to expect is a new iPhone. Last year’s models saw a notable delay due to COVID-19-related supply chain bottlenecking. Supply chain problems have persisted, of course, but by all accounts, the company appears to be back on track with its pre-pandemic release cycle." - read more on Techcrunch here
Our Thoughts: The event will be a chance for Apple to showcase some positive developments in its products including more AI & AR features, after a few days of negative media coverage regarding anti-trust rulings against the fees on its appstore.
Canadian Pacific's bid for Kansas City Southern is Accepted
"Kansas City Southern said it’s backing out of a merger agreement with Canadian National Railway Co. and plans to accept a competing offer from Canadian Pacific Railway Ltd., the latest step in the fight over which railroad would become the first to operate in Canada, the U.S. and Mexico.
Canadian Pacific’s proposal was declared superior even though at about US$27 billion it’s lower than Canadian National’s US$30 billion offer, which began to unravel last month amid questions over whether it would win regulatory approval. Canadian National has about five business days to negotiate terms that could change the U.S. railroad’s decision, Kansas City Southern said in a statement Sunday." - read more on Bloomberg here
Our Thoughts: US regulators had already ruled against Canadian National's competing bid, so this represents a big win for Canadian Pacific. However, there could be more regulatory or merger issues before the deal is fully completed.
Major Earnings This Week
Friday September 17:
Progressive Insurance (PGR): Expected Q3 earnings of $0.72 per share
Manchester United (MANU): Expected Q4 earnings of $-15.00 per share
Trip dot com (TCOM): Expected Q2 earnings of $0.38 per share
Major Expected IPOs This Week
Wednesday September 15:
Dutch Bros (BROS) coffee house raising up to $400M at a $3B valuation
Thursday September 16:
FordgeRock (FORG) identity and access management valued at $4B
See you next week!
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