Top Five Weekend Stock Stories - November 3, 2019

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

1. McDonald's (MCD) announced that CEO Steve Easterbrook has separated from the company following the board's determination that "he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee." McDonald's said its board has named Chris Kempczinski, who was most recently president, McDonald's USA, as president and CEO, effective immediately.

2. The Wall Street Journal reported that both the Justice Department and the Securities and Exchange Commission are examining Under Armour's (UA, UAA) accounting practices, specifically looking at "whether the sportswear maker shifted sales from quarter to quarter to appear healthier." Bloomberg later reported, citing a statement from the company, that federal officials have been investigating its accounting practices for over two years, and that it's cooperating with the probe. "The company began responding in July 2017 to requests for documents and information relating primarily to its accounting practices and related disclosures, and the company firmly believes that its accounting practices and disclosures were appropriate," the statement said.

. Saudi Aramco, Saudi Arabia's state-owned oil producer, is planning an initial public offering in Riyadh, and the banks involved with the IPO are having difficulty valuing the company, according to Bloomberg, citing research from banks involved in the IPO. Saudi Arabia has targeted a valuation of $2T for Saudi Aramco, but the research "suggests the banks are struggling to pinpoint a precise valuation for Aramco." BofA valued Aramco at $1.22T-$2.27T, a range of over $1T. Goldman Sachs, meanwhile, valued it between $1.6T-$2.3T.

4. This weekend's box office winner was "Terminator: Dark Fate," which is distributed by Viacom's (VIA, VIAB) Paramount in North America, Tencent (TCEHY) in China, and 20th Century Fox (FOX, FOXA) internationally. However, as the sci-fi action film -- which had a reported budget of approximately $185M-$196M -- was expected to open in the range of $38M-$41M, it's weekend domestic gross of $29M is still likely to be a disappointment.

5. Garmin (GRMN), Fiat Chrysler (FCAU), and Groupe PSA (PUGOY) saw positive mentions in this week's edition of Barron's, while PG&E (PCG) got a negative mention.

Disclosure: None.

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