Financial Daily Dose 9.18.2020 | Top Story: Walmart Back in the Mix for Stake in Oracle/TikTok Deal

Robins Kaplan LLP

Robins Kaplan LLP

The latest on the potential Oracle/TikTok deal includes news that the Treasury Department has added requirements addressing “how TikTok’s data and source code would be handled and secured” to any potential deal that the companies have agreed to in principle [and that Walmart’s back in the mix] – NYTimes and WSJ and Bloomberg and MarketWatch

Maybe don’t call it a tech bubble 2.0 quite yet, but we’re ready with that label as the pandemic has jumpstarted “trends that were building for years by forcing large swaths of the population to work from home and shop online” and, in the process, bestowed outsized gains on tech companies large and small – NYTimes [and MarketWatch]

Stocks did indeed slide on Thursday as investors digested the Fed deeming the economic outlook “highly uncertain” – WSJ and Bloomberg

Insurance giant MetLife will buy Versant Health for nearly $1.7 billion in a deal the company said “would turn it into one of the largest vision insurers in the U.S. and further a diversification push” – WSJ and MarketWatch

A Texas federal court has hit Blue Bell Creameries with a $17.25 million criminal penalty over its “shipments of contaminated products linked to a 2015 listeria outbreak”—the “largest-ever criminal penalty following a conviction in a food safety case” – NYTimes

New U.S. jobless claims for the week ending September 12 fell by some 30,000 from the week before but still topped 860,000, as “the pace of hiring slowed later in the summer, and layoffs have remained persistent” – WSJ and NYTimes

According to a leaked European Council document, members have called on the European Commission “to present a series of legislative proposals to significantly strengthen the European anti-money laundering legal framework” by standardizing the blocs AML rules and creating a supervisory body to address their enforcement – Law360

Bit of Big Data insight here, as Bloomberg’s Odd Lots explores how traders are using Google Searches (that would be “alternative data”) to track the economic recovery in real time – Bloomberg

Walmart announced plans on Thursday to raise wages for 165,000 of its workers—increases that “will affect about 11 percent of the company’s United States employees” as the U.S.’s largest private employer “seeks to reward and retain its more skilled workers” – NYTimes

I don’t think we’ll be talking Popeye’s-like nugget wars here, but still, if you need a small kick from an old standby, these nuggs may be for you – Mashable

Have a great weekend, and stay safe.

Written by:

Robins Kaplan LLP

Robins Kaplan LLP on:

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