Your Monday Blip 10/26/20

Your Monday Blip 10/26/20

Lack of a stimulus deal plus rising covid cases pushed stocks lower to open the trading week. German software giant SAP led tech stocks lower after the company lowered its full year revenue guidance due to the effects of the health crisis. At the close the Dow was down 650 at 27,685 on heavy trading volume. About the only thing positive today were a handful of utility and grocery stocks. I wonder if toilet paper demand will spike again?
It was “merger Monday” as several deals were announced. Dunkin’ Donuts is in talks to be acquired by private equity firm Inspire Brands. The deal values Dunkin at $8.8 billion. German drug company Bayer is buying US biotech firm Asklepios Biopharma for $4 billion and marks another deal in the cutting-edge gene therapy space. Up north in Canada Cenovus Energy has agreed to buy Husky Energy for $3 billion. Blackstone is also buying Simply Self Storage for $1.2 billion from Canadian based Brookfield Asset Management which has more than doubled its money from when it bought Simply Self Storage back in 2016.
The scout eagle project on Saturday went well. The Scouts spent the day digging dirt and leveling the area. It was almost like an archeological dig. We found old tools and uncovered concrete formations that had been buried by time. The Salmon Bay Sand and Gravel Company will make its delivery on Friday this week and on Saturday the scouts will finish up the project by spreading and compacting the gravel.