Microsoft (MSFT)
Microsoft’s revised proposal for gaming company Activision Blizzard (ATVI) was approved by UK regulators on Friday after lengthy back-and-forth over the peculiarities of the deal.
The UK Competition and Markets Authority (CMA) blocked the $69bn (£56.5bn) proposal in April. The company now says the updated bid addresses its concerns.
As part of the compromise, Microsoft will give the rights to distribute Activision games on consoles and PCs via the cloud to French video game publisher Ubisoft (UBI.PA).
Despite clearing the deal, the CMA reprimanded Microsoft for how it handled the issue.
“Companies and their advisers have no doubt that the tactics employed by Microsoft are not the way to engage with the CMA,” CMA chief executive Sarah Cardel said in a statement.
read more: LIVE: FTSE and European markets mixed as Microsoft gaming deal closes
“Microsoft had the opportunity to reorganize during our initial investigation, but instead continued to advocate a series of proposed measures that we told were simply ineffective,” she added. “Prolonging litigation like this only wastes time and money.”
The news didn’t seem to move the stock much pre-market.
British American Tobacco (BATS.L)
U.S. regulators on Thursday blocked the sale of six flavors of BAT’s Vuse Alto e-cigarette brand, including the menthol flavor, a key sales driver.
The company’s three mixed berry flavored e-cigarette products were also banned.
“RJ Reynolds Vapor Company intends to contest the denial and seek an immediate stay of enforcement of the menthol denial,” BAT said.
read more: Today’s trending stocks
Shares were trading 2.7% lower in London by mid-morning.
The FDA reasoned for the ban that menthol- and mixed berry-flavored products offer additional benefits to adult smokers compared to tobacco-flavored products that sufficiently outweigh the known risks to youth. This is because RJ Reynolds was unable to prove that.
JP Morgan (JPM)
Banking giant JPMorgan’s stock price fell in pre-market trading on Friday ahead of the release of new financial results.
Banks are currently in the spotlight as they grapple with the high interest rate environment. The London Stock Exchange Group expects third-quarter earnings per share to reach $3.96 on revenue of up to $39.65 billion.
Amid the macro turmoil, banks including JPMorgan are setting aside more cash to cover expected loan losses.
JPMorgan stock has increased 8.7% since the beginning of the year.
Black Rock (BLK)
BlackRock stock was flat in pre-market trading this morning ahead of the company’s third-quarter earnings release later today.
Analysts expect the report to post earnings per share (EPS) of $8.47. In the last quarter, the company beat EPS by $0.82.
BlackRock shares fell 1% yesterday following the US consumer price inflation report.
Video: UK regulator gives go-ahead for ‘Call of Duty’ maker Activision Blizzard to be acquired by Microsoft
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