Billion-Dollar Deals, Mergers, and Acquisitions Highlight Short Week

"Meme stocks" are back in the spotlight

Deputy Editor
Jun 4, 2021 at 3:11 PM
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Though the week was a short one with markets closed on Monday in observance of Memorial Day, there was still plenty going on to keep investors on the edge of their seats. Tuesday saw the Dow lock in its fourth-straight win to kick off the month of June, as U.S. Covid-19 cases continued to drop while vaccination rates accelerated. By Wednesday, the blue-chip index extended its lead even more, while all three major indexes logged muted wins as inflation fears continued to stoke investors' anxieties. The Dow started Thursday with a triple-digit drop, but a rebound in reopening plays and "meme stocks" helped the index pare a majority of losses by the afternoon. Closing out the holiday shortened week, the major benchmarks are eyeing weekly wins, thanks to a better-than-expected drop in the unemployment rate.

Billion-Dollar Deals, Mergers, and Partnerships

There was a host of billion-dollar deal, merger, and partnership news that had investors excited. Cloud name Cloudera (CLDR) announced it will be acquired by Clayton, Dubilier & Rice for a receipt of $5.3 billion. E-tail giant Etsy (ETSY) announced it will be buying Depop, a fashion brand catering to Gen-Z tastes, for $1.63 billion, in an attempt to attract younger customers. Tilray (TLRY) and Aphria are still making headlines since announcing their merger, and at least one analysts hit the former with a bull note in response, saying Tilray stands to have plenty of post-merger strength. Lastly, Casey's General Stores (CASY) partnered up with Uber Technologies' (UBER) Uber Eats to provide delivery from over 750 locations, seven days per week.

 

"Meme Stocks" Make a Comeback

It looks like "meme stocks" are primed for another run, as this week saw plenty of action among names heavily targeted by retail traders on sites like Reddit. Marijuana name Sundial Growers (SNDL) is one such stock, which tacked on 55% in a week. Blackberry (BB), an old favorite, also returned to the spotlight. The tech icon has added nearly 200% year-over-year, and was the second most mentioned stock on Reddit's WallStreetBets forum. Last, but certainly not least, is the forum's favorite name, AMC Entertainment (AMC). The movie theater operator shot up 38% on Wednesday, though traders were dealt a blow after AMC raised more than $230 million in share sale to Mudrick Capital.

How the SPX Might Buck the Summer Doldrums

Earnings season is nearing its end, though reports from Chewy (CHWY), Dave & Buster's (PLAY), RH (RH), and Signet Jewelers (SIG). Plus, a deluge of economic data is due out, including consumer data, jobless claims data, and the latest Federal budget balance sheet. In the meantime, see whether or not the S&P 500 (SPX) can buck the "Summer Doldrums" this year.

 

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