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U.K. Throws A Wrench Into Activision Deal – InsideArbitrage Friday Wrap

  • April 28, 2023

FRIDAY WRAP

Our list of curated tweets for the current week

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Special Situations

Great read from @hughes_chris on why the UK blocked and the difficulties Microsoft will have in proving them wrong

This action by the UK to block the Microsoft deal for Activision Blizzard $ATVI was certainly unexpected.

The UK is clearly closed for business," an Activision-Blizzard rep said in response CMA's decision to block the Microsoft-Activision merger.

$atvi reported results today. Ahead of schedule. Revenue ahead of consensus, EPS ahead of consensus.

$IRBT $AMZN iRobot falls amid UK decision to block Microsoft's $69B Activision deal

$BKI $ICE: David Einhorn’s Greenlight Capital is betting against Wall Street in a wager that ICE’s $11.7 billion acquisition of Black Knight is most likely to go through.

Senator Menendez (D-NY) took to the Senate floor on April 25 to discuss the Standard General/Tegna $TGNA transaction

$SWAV $BSX Shockwave Medical gains as Boston Scientific declines to discuss takeover speculation

Following Engagement with ARKO, TA Board Reaffirmed ARKO Proposal is Not Superior to BP Transaction

In today's Bloomberg Deals, we breakdown why bigtime M&A may be coming back to the US oil and gas industry.

MSG Entertainment, Sphere Entertainment complete spin-off

Kenvue, the upcoming spinoff from $JNJ will include consumer health brands like Band-Aid, Neutrogena, Tylenol, and Aveeno will be valued around $40 billion.

Both @BluthCapital and @puppyeh1 had this $GETY situation right.

Fugayzi, fugazi. It's a whazy. It's a woozie. It's fairy dust. It doesn't exist. It's never landed.

Teck Withdraws Separation Proposal

They have a revolutionary model, of going to the smaller companies and being the partner of choice.

$SYF Synchrony Announces Approval of an Incremental $1.0 Billion Share Repurchase Program and Plans to Increase Quarterly Common Stock Dividend by 9% to $0.25 Per Share

Vornado Announces Postponement of Common Share Dividends Until Year-End and Authorization of $200 Million Share Repurchase Program

$PLAY: Dave & Buster's authorized an additional $200 million share repurchase program

PulteGroup reports Q1 home sales up 6%.

Alphabet announces board-authorized $70B share repurchase plan

Waste Connections $WCN, the departure was announced a day after the CEO had already left.

Pioneer boss Scott Sheffield to retire from US shale group at end of 2023

Breaking: Giovanni Caforio to step down as Bristol Myers CEO, with Chris Boerner named successor

Every single one of the insider transactions that qualified for our event-driven monitor this morning was by insiders of regional banks including $PNC $KEY $TCBI $SFBS

Investing

The best stocks are the ones that compound at ~20% for a while then get zero-ed overnight.

Anyway, this is great podcast as he self-reflects on his process and how things have become harder.

The CEO of Alphabet/ Google has what you might call a delicate leadership style, which was not an issue during monopoly time.

Growth vs Value $SPX

 

Earnings

Does this look like an earnings apocalypse?

Positive earnings revisions for 2023 with a big jump lately. Not something most investors likely realize.

If earnings estimates are correct (a big if), the market is doing exactly what it should be during this phase of the cycle (rallying in anticipation of recovery).

ducking while yelling from behind cover

#Intel posts its biggest-ever loss, but stock rises on signs of a turnaround

Visa $V Quarterly Earning

$AMZN Amazon Q1 FY23

Lemonade 🍋 -94%. The only thing it disrupted was its balance sheet.

Meta earnings: "For the first time, we surpassed 3 billion people using at least one of our family of apps on a daily basis in March and approximately 3.8 billion people use at least one on a monthly basis.“

$META went from the worst possible stock you could own to THE best stock you could own all within 6 months

First Republic Bank lost 41% of its deposits (see 2nd footnote).

Situation getting worse for First Republic. I would be surprised if this Bloomberg story came from someone at the Fed/FDIC.

The U. S. Economy

The US consumer decisively slowed for the first time since Covid post SVB.

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