Top Five Weekend Stock Stories For September 22, 2019

Catch up on the weekend's top five stories with this list compiled by The Fly:

1. A block of WeWork directors is planning to push Adam Neumann to step down as CEO after a tumultuous week in which his eccentric behavior and drug use came to light and the startup delayed its much-anticipated stock-market listing, The Wall Street Journal's Maureen Farrell, Liz Hoffman, Eliot Brown and David Benoit reported. Meanwhile, Reuters' Anirban Sen and Joshua Franklin also wrote that SoftBank (SFTBY), the biggest investor in WeWork owner We Company (WE), is exploring ways to replace Adam Neumann as CEO of the office-sharing start-up. This comes after We Company postponed its initial public offering last week, following pushback from perspective investors, not just over its widening losses, but also over Neumann's unusually firm grip on the company, the authors noted.

2. Deutsche Bank (DB) is close to completing a deal with BNP Paribas (BNPQY) to transfer its prime brokerage business to the French bank, Reuters' Donal Griffin and Steven Arons reported, citing people familiar with the matter. The transaction may be announced as early as Monday, sources said.

3. Opioid lawsuits have already hammered the share prices of a handful of publicly traded companies, sent one private corporation into bankruptcy and rocked the bonds of several others, and now the litigation appears to be nearing a crescendo, Josh Nathan-Kazis writes in this week's edition of Barron's. Despite the few discrete settlements that have been reached - included one that resulted in privately held Purdue Pharma filing for bankruptcy - a final resolution for the majority of the companies remains far off, the author noted. Among the names that could potentially face additional legal liabilities steaming from opioid lawsuits are Johnson & Johnson (JNJ), Teva Pharmaceutical (TEVA), Endo International (ENDP), Mallinckrodt (MNK), Abbott Laboratories (ABT), Amneal Pharmaceuticals (AMRX), Mylan (MYL), McKesson (MCK), Cardinal Health (CAH), AmerisourceBergen (ABC), Walgreens Boots Alliance (WAB), and CVS Health (CVS).

4 In the biggest opening of all time for specialty distributor Focus Features, "Downton Abbey" won weekend box office with a better than expected $31M from 3,079 locations. Overseas, the movie earned $30.8M from 32 markets for an early global haul of $61.8M. The pic received an A CinemaScore and 85% on Rotten Tomatoes.

5. RealReal (REAL), Softbank, Chipotle (CMG), McDonald's (MCD), Yum! Brands (YUM), Wendy's (WEN), Restaurant Brands (QSR), Comcast (CMCSA), Delta Air Lines (DAL), Diamondback Energy (FANG), Encompass Health (EHC), Facebook (FB), Microsoft (MSFT), Procter & Gamble (PG), Coca-Cola (KO), PepsiCo (PEP), Colgate-Palmolive (CL), Kimberly Clark (KMB) and Kellogg (K) saw positive mentions in this week's edition of Barron's.

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.