Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly:
1. A United Airlines (UAL) flight with 241 people on board experienced engine failure over Broomfield, Colorado, on Saturday afternoon, shedding debris across three neighborhoods before landing safely in Denver, The New York Times' Christopher Mele reported. There were no injuries reported, officials said. The F.A.A. said the plane, a Boeing (BA) 777-200, experienced "a right-engine failure" shortly after takeoff and that it was aware of reports of debris "in the vicinity of the airplane's flight path." Following the incident, Japan Airlines (JAPSY) and ANA Holdings (ALNPY) have been ordered to ground their Boeing 777 planes, Bloomberg's Peter Vercoe reported. Japan's transport ministry ordered the grounding Sunday while safety checks are conducted, the author noted. Meanwhile, the Federal Aviation Administration said late Sunday it was ordering immediate inspections of Boeing 777 aircraft equipped with the type of engine that broke apart in the air and scattered debris over a Colorado town over the weekend, The Wall Street Journal's Alison Sider and Andrew Tangel reported. "This will likely mean some airplanes will be removed from service," FAA Administrator Steve Dickson said. United Airlines also said late Sunday it will immediately halt all flights by its fleet of 24 Boeing 777 airplanes with the same type of engine involved in Saturday's emergency landing in Denver, according to Reuters.
2. A group of activist investors has a big stake in Kohl's (KSS) and is attempting to take control of the department-store chain's board, The Wall Street Journal's Cara Lombardo reported, citing people familiar with the matter. A group that includes activists Macellum Advisors GP, Ancora Holdings and Legion Partners Asset Management, as well as 4010 Capital, controls a combined 9.5% stake in Kohl's and earlier this year nominated nine people to its now-12-person board, the people said.
3. Oracle (ORCL) is starting to "flex its muscles in cloud computing," as its public cloud offering takes on Amazon (AMZN), Microsoft (MSFT) and Alphabet (GOOG) in a market arguably worth trillions of dollars, Eric Savitz wrote in this week's edition of Barron's. And yet Oracle shares look like a bargain compared to their higher-priced peers, the author contended.
4. The White House has been reaching out to social media companies including Facebook (FB), Twitter (TWTR) and Alphabet's Google about clamping down on COVID misinformation and getting their help to stop it from going viral, Reuters' Nandita Bose reported, citing a senior administration official. President Joe Biden has made inoculating Americans one of his top priorities and called the move "a wartime effort." But tackling public fear about taking the vaccine has emerged as a major impediment for the administration, the author noted.
5. Bank of America (BAC) and Blackstone (BX) saw positive mentions in this week's edition of Barron's.