Episode 74: Markets Move Higher and Best IPO Q1 Since 1995.
The markets are moving higher today because of the predictable approach the fed is taking and slight growth. Now that the second quarter is underway and investors are looking for new opportunities in the markets and they are hitting record highs.
The remains of the data. A huge cache of personal information covering 533 million Facebook users that were first stolen in 2019 is circulating once again on a hacking site. The data includes phone numbers, Facebook IDs, full names, locations, birth dates, biographical listings, and some email addresses. Facebook noted the data was taken two years ago. "We found and fixed this issue in August 2019," the company said. As the stock soars today!
California stands to benefit from the $2.2 trillion proposal introduced last week by President Biden. As our colleague Jim Tankersley and others reported (and detailed for The Upshot and “The Daily”), the sweeping plan would inject huge sums of money into wider roads, faster internet, high-speed trains, charging stations for electric cars, airport terminals, upgraded water pipes and much more. If it passes — a big if — the state that conjured Los Angeles out of the chaparral and the nation’s agribusiness capital out of the swamps of the Central Valley will have big plans for the federal money.
Bay Area: Pinterest (NYSE: PINS) is in talks to buy photo-sharing app VSCO, per the NY Times. Oakland-based VSCO raised around $90 million in VC funding, most recently in 2015, from firms like Glynn Capital, Accel, Obvious Ventures and WTI. http://axios.link/TSk4
LATAM: dLocal, a Uruguayan cross-border payments company, raised $150 million at a $5 billion valuation. Alkeon Capital led, and was joined by Bond, D1 Capital Partners and Tiger Global. http://axios.link/treN
Market Close
Dow 30 33,525.48 +372.27 (+1.12%)
S&P 500 4,077.78 +57.91 (+1.44%)
Nasdaq 13,705.59 +225.49 (+1.67%)
IPOs
After posting the busiest quarter in two decades, the IPO market is taking a breather in the week ahead, with one IPO currently on the calendar. While the recent pullback in IPO aftermarket returns could dampen spring listings, we attribute the current break to the Easter holiday; four of the past five years had no IPOs during the week after Easter, while one year saw one foreign company list in the US.