Tale of the Tape
Good evening, everyone. Welcome back to the market of stocks.
All major indexes closed red last week, displaying relative weakness on both Thursday and Friday.
We’ll get earnings from Tencent Music on Monday. GameStop reports Tuesday and Winnebago on Wednesday. See the earnings calendar below.
Powell will testify Tuesday and Wednesday before Congressional committees accompanied by Treasury Secretary Janet Yellen.
Crypto traded quietly. Bitcoin and Ethereum tightened up below all-time highs on below-average volume. Are breakouts imminent? Time will tell.
Here’s the weekly S&P 500 chart::
And last week's changes:
S&P 500 3,913 -0.77%
Nasdaq 13,215 -0.79%
Russell 2000 2,287 -2.77%
Dow Jones 32,627 -0.46%
M&A
USMCA Railway
Canadian Pacific Railway and Kansas City Southern announced today the two railways will merge.
$CP will purchase $KSU stock and cash for approximately $29 billion. Common shareholders of $KSU will receive 0.489 of a $CP share and $90 in cash for each $KSU common share held.
The two railroads will combine to create the first rail network connecting the U.S., Mexico, and Canada.The combined networks will expand market reach for customers and employ ~ 20,000 people while generating total revenues of $8.7 billion.
Keith Creel, CEO of Canadian Pacific said:
This transaction will be transformative for North America, providing significant positive impacts for our respective employees, customers, communities, and shareholders. This will create the first U.S.-Mexico-Canada railroad, bringing together two railroads that have been keenly focused on providing quality service to their customers to unlock the full potential of their networks. CP and KCS have been the two best performing Class 1 railroads for the past three years on a revenue growth basis.
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