Asian stocks — specifically in Vietnam, Indonesia and the Philippines — have been sinking lately after increasing to record numbers earlier this year. U.S. and China’s trade war tensions have seen these stocks decline as U.S. Treasury yields surge higher.
Several companies made headlines over the weekend with mergers from Prologis Inc (NYSE:PLD) and DCT Industrial Trust Inc (NYSE:DCT), as well as Sprint Corp (NYSE:S), T-Mobile US Inc (NASDAQ:TMUS) and Wynn Resorts, Limited (NASDAQ:WYNN).
Here’s how they did:
Prologis Inc (PLD)
Prologis agreed to buy DCT Industrial over the weekend.
The San Francisco-based real estate investment trust (REIT) acquired DCT Industrial, also an REIT, for $8.4 billion in stock and assumed debt. The two companies will combine for the largest warehouse owner in the world as demand is higher for online shopping.
DCT stockholders will garner 1.02 Prologis shares for each of theirs, according to a statement from the companies Sunday. This figure marks a 16% premium over DCT’s closing price of $58.75 per share on Friday.
Both boards approved the deal, which is slated to be complete in the third quarter. DCT has 71 million square feet (6.6 million square meters) of real estate in hotbeds of real estate in areas such as Southern California, the Bay Area, New York, Seattle, South Florida and New Jersey.
These are among the locations that have experienced the highest demand for warehouse spaces and logistics services due to the growing popularity of e-commerce.
PLD stock was up about 1.1% on Friday, while DCT shares were up 0.8%.
Sprint Corp (S) and T-Mobile US Inc (TMUS)
Sprint and T-Mobile have finally reached a merger agreement.
The $26.5 billion deal will combine two of the four largest U.S. carriers, reducing the number of major players in the industry to three. However, the acquisition is still pending regulatory approval from the Donald Trump administration.
Sprint and T-Mobile are the country’s third- and fourth-largest wireless companies in the U.S. respectively and the deal had been brewing for years. The deal was made due to the fact that fellow carriers Verizon Communications Inc. (NYSE:VZ) and AT&T Inc. (NYSE:T) have a much larger share in the industry than the two companies.
The two companies said that they are planning to hire more workers following the acquisition, especially in rural areas. Helping to stimulate the job market, which has seen unemployment fall in recent years, could aid its bid to overcome regulatory hurdles.
T-Mobile CEO John Legere would serve as CEO of the combined company.
S stock was up 8.4% Friday but fell 7.4% after hours, while TMUS stock gained 0.7% and an additional 1.2% after the bell.
Wynn Resorts, Limited (WYNN)
A former Wynn Resorts employee is being sued by former CEO Steve Wynn.
The company, and specifically its former boss, has been embroiled in a sexual misconduct scandal as a number of current and former female employees spoke out about Wynn sexually harassing them for decades.
A former Wynn Las Vegas salon director is now being sued for defamation, with the suit being filed in Clark Country District Court against Jorgen Nielsen, one of the two people to go on record regarding allegations of Steve Wynn’s harassing tendencies.
Nielsen — a Denmark native — is a hair stylist who worked at Wynn Resorts for many years, including the Bellagio, Encore and Wynn Las Vegas before departing in 2013. He said that Wynn used the salon and spa services of his casino frequently.
The stylist said that “everyone was petrified” of Wynn when he was on his way to the salon. Nielsen told The Wall Street Journal that he and other employees informed the company executives about Wynn’s behavior but nobody helped.
‘”In falsely accusing Mr. Wynn of sexual misconduct in the #MeToo era, Defendant Nielsen acted with the unlawful purpose of smearing Mr. Wynn and creating workplace issues for Mr. Wynn at a time when he was embroiled in highly contentious and public litigation with his ex- wife, Elaine Wynn,”’ the lawsuit states.
WYNN shares gained 0.5% and fell 0.1% after the bell Friday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.