It was a tough day for the markets on Monday as troubling news on Capitol Hill and rumors of a proposed phase-in corporate tax rate cut weighed on the major indexes.
Investors seem to be fearing the worst after Donald Trump's former campaign chairman, Paul Manafort, and an associate, were indicted on federal charges that include conspiracy against the United States, money laundering and making false statements. Sure, the news isn't good news for the Trump administration, but it may be good news for those companies that have been covering the White House.
News on Capitol Hill didn't stop merger Monday from coming at us in full force, however, as a litany of large-cap deals made headlines.
Although the multi-billion dollar deals were pretty exciting, the most startling deal of the day came from Constellation Brands (STZ) , the owner of Corona, Modelo Especial, and Svedka Vodka alcohol brands. The international producer and marketer of beer, wine and spirits, on Monday announced that it had agreed to acquire a minority stake in Canopy Growth Corp. (TWMJF) , an Ontario, Canada-based provider of medicinal cannabis products.
Constellation said it has no plans to sell cannabis products in the U.S. or any other market until the substance is deemed legally permissible to do so at all government levels, but the deal is a sign that even large corporations see growth in marijuana industry. It is also the first real example of a large-cap company taking a serious look at the cannabis industry in a direct way. Not to mention that investors seemed to like the news, sending Constellation's stock up by nearly 1% on Monday.
But there's no escaping the Russia thing: TheStreet looks ahead to Tuesday when executives from Facebook Inc. (FB) , Twitter Inc. (TWTR) and Alphabet Inc's (GOOGL) Google will testify before a Senate Judiciary subcommittee hearing in regards to allegations of Russian interference in the 2016 presidential election.
Photo of the day: Who ya gonna call?
The buzzy debut of the second season of "Stranger Things" on Netflix Inc. (NFLX) is just another reminder of how far ahead of its competition the streaming service really is. The series, which pays homage to 80s hits including "Ghost Busters," "The Goonies" and "Stand by Me," is also a reminder of how much ground its competitors have to make up, even with the new Kevin Spacey/"House of Cards" drama. Particularly, Hulu LLC, has yet to pose much of a challenge to its still very dominant rival in the increasingly expansive business known as subscription video on demand. You've probably yet to hear someone talking about binge watching that new Hulu series and so as long as the buzz keeps buzzing around Netflix, and the kids from "Stranger Things" keep the hits coming, its hard to image that changing anytime soon.
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