Episode 76: We Shave Off Some Gains In Anticipation of Earnings
Welcome to another episode of market recap. We kick off the week shaving off some gains from last week. Boeing is the biggest decliner.
Around 90 business leaders gathered via Zoom on Saturday to discuss strategies for opposing newly proposed state voting restrictions. In attendance were Ken Chenault, Ken Frazier, Reid Hoffman, James Murdoch, Levi Strauss CEO Chip Bergh, Snap-On CEO Nicholas Pinchuk, and Atlanta Falcons owner Arthur Blank.
The White House is hosting a virtual semiconductor summit today with tech CEOs from Intel, Google, and Dell among others joining automakers and other hard-hit industries to discuss the chip shortage with the president.
Impossible Foods is gearing up for the biggest plant-based IPO in history if it can actually pull off plans for an initial stock offering that would be worth $10 billion. The plant-based meat company is eyeing a public listing within the next year according to sources familiar with the company's intentions. Sources told Reuters that Impossible is also contemplating a potential merger with a Special Purpose Acquisition Company or SPAC. The plant-based burger company’s potential price would be significantly higher than the current value of the company which is $4 billion. Impossible Foods Is Reported to Be Planning a $10 Billion IPO |
General Catalyst dedicates $400 million from SPAC funding to black founders developing software. The increase in special-purpose acquisitions companies (SPAC) fundraising brought February's total to $27 billion.
Market Close
Dow 30 33,745.40 -55.20 (-0.16%)
S&P 500 4,127.99 -0.81 (-0.02%)
Nasdaq 13,850.00 -50.19 (-0.36%)
IPO
UiPath, a VC-backed robotic process automation software company, set IPO terms to 21.3 million shares at $43–$50. It would have a fully-diluted market value of $26 billion, were it to price in the middle. The company plans to list on the NYSE (PATH) and reports a $92 million net loss on $607 million in revenue for the fiscal year ending Jan. 31, 2021. http://axios.link/qfVB