Molson Coors tapping into M&A froth, Twitter losing its mojo, iPhone sales lifting Apple
Molson Coors (TAP): The brewer is tapping in to the beer bidding frenzy this morning. Last Friday there were rumors Molson was looking to buy Heineken's Czech operations. This morning brings the news that Heineken itself is in play, rejecting a bid from SAB Miller which was in turn rumored to be the potential target of a $122 billion bid from Anheuser Busch (BUD). BUD denies that scuttlebutt but given low rates and lack of regulatory restraint the deal environment in the beer industry is starting to look like closing time at a bar; all these companies are looking to hook-up with just about anyone at this point. Molson Coors may end up a target or get assets from a spin-off of assets to satisfy anti-trust regulators, or possibly simply end up with Heineken's stake in the biggest per capita beer drinking nation on earth. Chug!
Twitter (TWTR): Shares are lower as momentum names get hit ahead of Alibaba. Twitter is among a handful of high-flying tech stocks traders are watching closely to see how they handle the Alibaba IPO. There are only so many tech-specific mutual funds out there and they need to raise cash to take part in the BABA offering. Netflix (NFLX), Facebook (FB), and Tesla (TSLA) are all coming off huge runs but falling sharply today after rumors surfaced that bankers are considering raising Alibaba's price to $70, well above the prior range of $60 to $66.
Apple (AAPL) head-faked a move to all time highs before giving back most of those gains. The company says it took more than 4-million pre-orders for the iPhone 6 and 6 Plus in just twenty four hours. Regarded by some as the most important upgrade since humanity started walking upright, the iPhone 6 and 6 Plus offer bigger screens, a better camera and silent affirmation that you're a good person. No one does product releases like these guys. What more is there to say?
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