19th January 2021

Goldman Hit the Goldmine

Dear Reader,

Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[Labour] The National Labor Relations Board announced that approximately 6,000 employees at Amazon’s Bessemer, Alabama facility would be allowed to cast votes to unionize their workplace, potentially paving the way for the first US-based union at the e-commerce giant. The news comes in the wake of the heightened scrutiny on Amazon’s working conditions during the COVID-19 pandemic. 

Over60: CNN

[Regulatory] Cisco Systems Inc’s purchase of Acacia Communications Inc has been approved by China’s antitrust regulator, the State Administration for Market Regulation (SAMR). SAMR’s decision stipulated that the companies must service existing contracts in China and continue to supply customers in China “in accordance with the principles of fairness, reasonableness and non-discrimination.”

Over60: Reuters

[Earnings] Goldman Sachs beat Wall Street’s expectations by reporting fourth-quarter EPS of $12.08 on $11.74 billion in revenue, far above the $7.47 on $13.49 billion in revenue that had been predicted. Bank of America also beat analyst expectations by reporting a decline in EPS of 59 cents a share on $20.2 billion in revenue versus 56 cents a share on $20.4 billion as had predicted.

Over60: CNBC1, CNBC2, What is EPS?

[Automobile]  Microsoft is investing more than $2 billion in General Motors driverless car division, Cruise, as part of a strategic tie-up with other companies. Cruise will use Microsoft’s Azure cloud-computing service to help it roll out autonomous-vehicle services as part of the deal.

Over60: WSJ, The Verge

[M&A] MGM Resorts International has reportedly walked away from a deal to acquire U.K. based gambling company Entain. Entain owns companies such as Ladbrokes and Coral chains in the U.K. MGM cited “limited recent engagement” from Entain as the reason for canceling the acquisition. Entain’s stock fell 16% following the announcement. 

Over60: FT, CNBC

[M&A] Office Depot rejects a $2.1 billion takeover bid from rival Staples, stating that the proposal was not in shareholders’ interests but that it was open to negotiating a more limited deal.

Over60: FT, CNBC

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