Weekly Flash Report 8/14 2020.08.14

Current Happeneings

  • Yale’s saliva-based COVID-19 test wins FDA emergency use authorization.
  • Fortnite-maker Epic Games added its own in-app payment system to bypass Apple and Google’s 30% App Tax. Epic filed a lawsuit to establish the App and Play stores as competition-crushing monopolies. 
  • Home improvement behemoths Home Depot and Lowe’s are expected to report same-store sales growth of 10.9% and 14.3% respectively.
  • Simon Property Group and Authentic Brands Group will purchase Brook Brothers for $325M and Lucky Brands for $140M.

Regulatory Chatter and Industry Trends

  • McKinsey agrees to settle excessive fee lawsuit for $39.5M, the firm has agreed to a number of prospective steps to ensure reasonable expenses.
  • An ERISA lawsuit has been filed against fiduciaries of Mercy Health Corp.’s 403(b) plan for unreasonable recordkeeping and investment management fees.
  • The ERISA lawsuit against Gannett alleges its benefit plans committee and other fiduciaries’ decision to concentrate plan investments in Tegna Inc. stock was a breach of their fiduciary duties under ERISA. The plaintiffs claim these alleged breaches caused $135M in losses.

Investment Manager News

  • Schroders appointed Nicole Kidd as its first head of private debt for Australia.
  • Amelia Kennedy joined Wasatch Global Investors as head of institutional business development for the Asia-Pacific region.

What's Ahead

  • EIA Petroleum Status Report – August 19, 2020
  • EIA Natural Gas Report – August 20, 2020
  • Jobless Claims – August 20, 2020
  • Baker-Hughes Rig Count – August 21, 2020
Sign up for our Newsletter
Sign up for our Newsletter