Union Pacific (NYSE:UNP) was raised to buy from hold at Jefferies after the railroad operator confirmed it was in talks with Norfolk Southern (NYSE:NSC) about a business combination. Investors should start building a position in Union Pacific (NYSE:UNP) to "get in on the ground level" on what is likely a "transformational" combination,

Union Pacific and Norfolk Southern confirmed that they are in “advanced” merger talks that would create a single U.S railroad with service stretching from the East to the West Coast. The Associated Press reported last week that the companies were discussing a tie-up but neither company acknowledged that until Thursday morning.

Paramount has locked up streaming rights for the entire South Park back catalog. The media company and creators Matt Stone and Trey Parker have signed a five-year deal worth $1.5 billion. HBO Max was the previous streaming home to the show.