[The beef 675]
[I'm an image]
âSucks to suck, WeWork.â - Jeff
Hey there carnivores,
Markets ended the week strong on Friday, with ten of eleven S&P sectors closing positive.
Today weâre talking #IPOSzn.
Keep raging,
Jeff & Jason
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[I'm an image]
A public affair
IPO szn is upon us.
Many private companies that put potential IPOs on hold earlier this year, thanks to ârona boi, are back on their bullsh*t. It probably doesn't hurt that markets have been absolutely ripping (well, before September that is), including recent IPOs.
Hims, [a telemedicine startup]( that has made its mark selling hair loss treatments and boner pills, announced it is going public via a merger with blank check company Oaktree Acquisition Corp.
The deal values Hims at $1.6B. Big money in the discrete menâs health market.
Trending
Second-hand high-end clothing marketplace Poshmark [also announced plans]( to go public on Friday. The company filed a confidential IPO with the SEC.
The social commerce platform's board includes Serena Williams.
No details were provided yet, but the company had been focused on boosting sales for a potential 2020 IPO last year. I guess the disgusting thought of wearing another personâs clothing during COVID-times isnât enough to turn people off from a good deal.
Poshmark's largest rival, ThredUp, is also planning to IPO early next year and is expected to raise between $200M and $300M
The bottom line...
The IPO market is en fuego.
Believe it or not, this is shaping up to be a [record-breaking year]( for companies going public. So far, companies have raised $95B via public offerings, which is second only to the $96B raised in 2014, more than 25% of which was raised by Alibaba.
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[I'm an image]
âï¸Mr. FeelGood. Johnson and Johnsonâs COVID vaccine testing [has reported some positive results]( thus far. Read: no one became a mutant supervillain. The two-dose vaccine has produced a strong immune response, creating neutralizing antibodies in the 1k adults tested.
Based on these results, J&J has indicated it will kick off its final 60k person Phase 3 trial, which should be completed by early 2020. Itâs worth noting that no participants [have died from ovarian cancer]( during testing⦠yet. [People donât forget.](
âï¸What a Deutsche-bag. Two former Deutsche Bank traders [were convicted of fraud]( on Friday. Cedric âThe Entertainerâ Chanu and James âWoodsâ Vorley made numerous trades between 2008 to 2013 to illegally manipulate gold and silver prices. Shouldâve gone to Jaredâ¦
This was the largest spoofing case since the flash crash of 2010. For those of you who werenât in my University of Phoenix finance class, spoofing is the practice of creating false market indicators by canceling buy or sell orders before theyâre executed.
âï¸Say something nice about DB. Now some positive news for a former Deutsche Bank employee. DBâs head of retail, Manfred Knof, [will be taking his talents]( to Commerzbank and become its new CEO. Knof will lead Commerz through its turnaround efforts and oversee roughly 10k job cuts and 800 branch closures. That's dark...
Current CEO Martin Zielke will stay onboard until January 1. This announcement follows less than two years since Commerz and Deutsche failed to merge, so it looks like Manfred finally achieved his dream of joining Commerzbank.
âï¸Yaâll mind if I have a good week? The US financial markets closed the week strong, but donât let that distract you from the fact that the S&P 500 has [fallen for four weeks]( in a row. Selloff September has lived up to its name as investors have grown concerned that the economy might struggle without a little help from our representatives in DC. Looking at you, Congress...
Commodity producers and banks led the way, as these sectors are closely tied to economic growth. It also doesnât help that the coronavirus is still here, not unlike your inlaws that just donât know how to take a hint and leave after all other family have left the potluck.
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