Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. The Federal Aviation Administration could start flight trials of Boeing's (BA) proposed 737 MAX safety enhancement as early as this week, The Wall Street Journal's Andrew Tangel, Alison Sider and Andy Pasztor wrote. Meanwhile, Reuters' Eric Johnson reported that the head of Boeing said the planemaker had made a mistake in implementing a faulty cockpit warning system on the 737 Max and predicted it would take time to rebuild the confidence of customers in the wake of two fatal crashes. Chairman and CEO Dennis Muilenburg said Boeing failed to communicate "crisply" with regulators and customers, but defended the broad engineering and design approach to nose-down control software at the center of probes into the accidents, the author noted. 2. Deutsche Bank (DB) is preparing a deep overhaul of its trading operations including the creation of a bad bank to hold tens of billions of euros of assets, Financial Times' Stephen Morris and Olaf Storbeck reported. The plan would see the bad bank house or sell assets valued by the lender in its accounts at up to EUR50B after adjusting for risk, the authors noted. Meanwhile, Goldman Sachs (GS) is said to be pulling together four separate units that invest in private companies, real estate and other hard-to-access deals, creating a new unit and planning a fundraising blitz, according to The Wall Street Journal's Liz Hoffman, citing people familiar with the matter. The division's exact makeup will take shape over the next few months, but it is likely to have around $140B in assets, the author noted. 3. Amazon (AMZN) is quitting its meal delivery service, making the shares of GrubHub (GRUB) rise on the news, Jack Hough wrote in this week's edition of Barron's. Online food ordering will rise 20% to $56B this year in the U.S., and 16% to $203B worldwide, predicts market researcher Euromonitor, and the "food fight" extends well beyond restaurant delivery, the author noted. Autonomous driving will eventually solve for the least-scalable part of food delivery-people, and companies that survive the thin-margin years between now and then could enjoy powerful network effects, and rich profits, he contended. 4. Sony's (SNE) "Men in Black: International" debuted to a sluggish $28.5M from 4,200 theaters. Overseas, the spinoff collected $73.7M, making its global haul an estimated $102.2M. The movie received just 27% on Rotten Tomatoes, while sporting a B CinemaScore. 5. United Technologies (UTX), Raytheon (RTN), McKesson (MCK), Cardinal Health (CAH), AmerisourceBergen's (ABC) saw positive mentions in this week's edition of Barron's.