Catch up on the weekend’s top five stories with this list compiled by The Fly: 1. Fiat Chrysler (FCAU) confirmed that the company and the UAW have reached a tentative agreement on a new four-year contract. According to CNBC’s Michael Wayland, citing a UAW statement, the agreement will add $4.5B in investments, which translates to 7,900 jobs over the course of a four-year deal. 2. Black Friday shopping at physical stores saw a 4.2% increase in sales compared to 2018, according to First Data Insights. The greatest increase over normal shopping activity was seen across electronics and appliances, sporting goods, and clothing/shoe stores.
Electronics and appliance stores saw the largest average ticket size at $214 per transaction. 3. Disney’s (DIS) “Frozen II” earned an estimated $85.2M/$123.7M over three/five days in its second weekend at theaters — the largest three and five-day grosses ever over Thanksgiving weekend. “Frozen II” has now grossed over $287M domestically and over $738M globally in less than two full weeks. Lionsgate’s (LGF.A, LGF.B) murder mystery “Knives Out” opened in second place, with an estimated $41.7M over the five day weekend, which made the film the sixteenth largest Thanksgiving opener of all time.
4. Barron’s cover story, written by Eric Savitz, looked at legacy technology companies Cisco (CSCO), IBM (IBM), Intel (INTC), Oracle (ORCL), Seagate Technology (STX), Western Digital (WDC), Xerox Holdings (XRX), HP Inc. (HPQ), and Hewlett Packard Enterprise (HPE), which are struggling to stay relevant. Wolfe Research strategist Steve Milunovich warned against “excessive optimism” for legacy technology companies, concluding that “as a group, the secular winds are against them.” 5. Tanger Factory Outlet Centers (SKT) and Suncor Energy (SU) saw positive mentions in this week’s edition of Barron’s.