At the center of the story gripping Wall Street: Mysterious recent moves in shares of Discovery and ViacomCBS. Class A Discovery shares rose 4.8% in premarket trading after slumping 27% on Friday. ViacomCBS shares rose 2.1% after also sliding 27% Friday.
CM Life Sciences II jumped 7.4% after The Wall Street Journal reported that the special-purpose acquisition company isThe SPAC could finalize a merger that values SomaLogic at around $1.25 billion as soon as Monday. Publishing pop: Houghton Mifflin Harcourt rose 15% after the Journal reported that News Corp is nearing an agreement toNews Corp owns Wall Street Journal publisher Dow Jones.
Powering up: New York-listed Eaton gained 2.4% after the power-management company said it had bought a 50% stake in a subsidiary of China’s HuanYu Group that manufactures low-voltage circuit breakers.There are another roughly 400 SPACs searching for merger targets to take public, including hedge-fund billionaire Bill Ackman’s Pershing Square Tontine Holdings, the largest SPAC ever.Spring hasn’t been kind to stock-market highfliers.
Any shot of covering the part where the same people that knew they were going to sell off massive blocks also shorted the same stocks?
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