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Data: Yahoo Finance; Chart: Axios Visuals

Video conferencing giant Zoom is having troubles with its $14.7 billion deal to buy Five9 (Nasdaq: FIVN), a cloud-based call center operator.

Why it matters: Some of the opposition is related to shareholder value, but the bigger issue is geopolitical tensions with China.

Driving the news: The U.S. Justice Department is investigating the merger on national security grounds due to Zoom's ties to China (including R&D operations).

  • For the record: Zoom is based in Silicon Valley, CEO Eric Yuan is a naturalized U.S. citizen and its top outside shareholders are U.S. mutual fund managers T. Rowe Price and Vanguard.

Also: Institutional Shareholder Services last week recommended that Five9 shareholders vote against the all-stock deal, saying it would expose them to “a more volatile stock whose growth prospects have become less compelling as society inches towards a post-pandemic environment."

Go deeper

Stock deals are hot in pandemic-era merger spree

Illustration: Annelise Capossela/Axios

Those turbocharged stock gains are coming in handy. More frequently, companies are using their shares as the hot currency to snap up other firms.

Why it matters: There’s been an uptick in the number of stock M&A transactions during this year's deal frenzy, helped by soaring valuations. But cash still looms large — and the growth in stock deals may be fleeting amid market volatility.

1 hour ago - Technology

Scoop: Facebook exec warns of "more bad headlines"

Illustration: Annelise Capossela/Axios

In a post to staffers Saturday obtained by Axios, Facebook VP of global affairs Nick Clegg warned the company that worse coverage could be on the way: “We need to steel ourselves for more bad headlines in the coming days, I’m afraid.”

Catch up quick: Roughly two dozen news outlets had agreed to hold stories based on leaked materials from Facebook whistleblower Frances Haugen for Monday publication — but the embargo fell apart Friday night as participating newsrooms posted a batch of articles ahead of the weekend.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.