Episode 37: Debates, IPOs and Covid hits the White House.
Happy October. This week was truly a headline week. From the debate to IPOs and now Covid hitting our administration.
The market kicked off the week positive as investors are looking more at Fed support than turbulent events as we head into the election and move into the 4th quarter. Regarding the election, Goldman Sachs said the market would only see a short-lived impact, even in a Blue-Wave scenario. So it’s clear investors are trying to continue to separate the Wall Street narrative from what’s happening on Main Street.
The jobs report came back lower than expected which shows that the recovery is losing steam, while the stimulus package is still on hold as political issues continue to put a drag on a return to normalcy.
It’s like swimming through bubble gum!
The two direct listings that hit the public markets, Asana and Palantir, did pretty well. Asana began trading at about 12:30 pm ET on Wednesday, debuting at a price of $27 per share, up from the New York Stock Exchange’s reference price of $21. Those shares were trading at about $28 - 33% over the reference price - as of 2:30 pm ET. Palantir, at an implied market capitalization of more than $21 billion, opened trading an hour after Asana.
As the big name IPOs slow down right before the election, everyone is wondering where Airbnb is? If they were going public before the election, it would have happened by now, so we will be watching for a launch around the Holidays or early next year. We do have an “oldy but goody” coming this month. McAfee - yes those guys - are taking the leap and will be making a public debut on Nasdaq, looking to raise $100M.
Friday Market Close
Dow 30 27,682.81-134.09(-0.48%)
S&P 500 3,348.44-32.36(-0.96%)
Nasdaq 11,075.02-251.49(-2.22%)
LATAM
Kavak becomes the first Mexican startup to become a 'unicorn'.
Kavak works as a car-buying and selling platform that facilitates processes and paperwork, generating personalized financing and guaranteeing a transaction for each client. This model was strengthened with the reconditioning of vehicles for sale to the public.
Stay tuned for the launch of our Spanish content starting next week, para toda la communidad que nos quieren segir en Español. Gracias al equipo de Pandocap.
Have a great weekend!