Fly Intel: Top five weekend stock stories

Catch up on the weekend’s top five stories with this list compiled by The Fly:
1. Johnson & Johnson (JNJ) is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, Reuters’ Mike Spector, Jessica DiNapoli, and Dan Levine reported, citing seven people familiar with the matter. J&J has not yet decided whether to pursue the bankruptcy plan and could ultimately abandon the idea, some of the people said.
2. Facebook (FB) fired back after President Biden earlier said that social media platforms are “killing people” by allowing COVID-19 vaccine misinformation on their sites, Axios’ Gigi Sukin reported. “We will not be distracted by accusations which aren’t supported by the facts,” a spokesperson for the tech giant said in a statement.
3. The latest cloud looming over U.S.-listed Chinese companies is uncertainty around how U.S. regulators will enforce last year’s Holding Foreign Companies Accountable Act, which requires foreign companies to adhere to U.S. auditing standards in order to trade on U.S. exchanges, Reshma Kapadia wrote in this week’s edition of Barron’s. The Chinese government has long prevented Chinese companies from providing the necessary information to comply with U.S. auditing requirements, the author noted. Many large Chinese companies, including Alibaba Group (BABA), JD.com (JD), and Yum China (YUMC) have sought secondary listings closer to home, and many U.S. fund managers have shifted into those listings, the publication added.
4. AT&T (T) subsidiary Warner Bros.’ “Space Jam: A New Legacy” won this weekend’s domestic box office with a better-than-expected debut of $31.7M from 3,956 locations. Overseas, the movie opened to $23M from 64 territories for a global start of $54.7M as numerous markets are still impacted by the pandemic. The live-action/animated film is also available on HBO Max. 5. Amyris (AMRS), Zymergen (ZY), Ginkgo Bioworks – which is merging with Eagle Acquisition (SRNG) -, Academy Sports and Outdoors (ASO), and SAP (SAP) saw positive mentions in this week’s edition of Barron’s.

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