Double dipping

[The beef 675] [I'm an image] "The last time there were this many IPOs? 2000. What’s the worst that could happen?" - Jeff Hey there carnivores, Markets were up on Wednesday on the back of COVID relief bill hopes. Today we’re talking Palantir and Asana doubling up on IPO day. Keep raging, Jeff & Jason [Image] [I'm an image] A tale of two listings Palantir and Asana both IPO’d [via direct listing]( yesterday, doubling the number of notable companies to go public via the DL. We see you Spotify and Slack. Interestingly, both companies are backed by Peter Thiel. Both companies went public on the NYSE. I hope it’s not sore tomorrow. And the same exchange wasn’t the only similarity... Both companies used Citadel Securities as their market maker and Morgan Stanley as their financial adviser. Morgan Stanley also helped Spotify and Slack navigate the murky waters of a direct listing. MS does know that traditional IPOs are much more lucrative, right? Underwhelmed Both companies' performances, like yours, left much to be desired. Each closed above their reference prices but Palantir closed below its initial trade price. Technically, the reference price is the list price but the first trade price is more in line with an “opening price” that you would see on a standard IPO. Palantir’s reference price was $7.25 and its first trade was $10. It closed at $9.50 Meanwhile, Asana’s reference price was $21, it first traded at $27, and then it closed at $28.80. Sellouts Palantir’s day could have been better, and nobody felt that more than its employees. The beauty of the direct listing (aside from saving millions in underwriting fees) is that employees who were paid in stock can sell immediately. Only, that didn’t happen for some of Palantir’s employees yesterday. A glitch in Morgan Stanley’s trading system [prevented people from cashing in.]( The bottom line... The latest listings have 2020 trending to be [the largest IPO year by dollars](of all time. Take that ‘rona boi. [Image] What Is It Like To Cash In On A Monday Mover’s Trade? [Alternate text]( Jason Bond’s Monday Movers Watchlist Comes Out Tomorrow* [Don’t Miss It]( [I'm an image] ☑️A future as bright as crude. Marathon Petroleum [will cut over 2k employees](, amounting to roughly 12% of its workforce. These job cuts include not only the corporate cogs at HQ, but additionally the employees affected by the idling of two refineries in California and New Mexico. This is due to the lack of demand from COVID, as many people still WFH and travel less on airlines. It’s projected that MPC will lose $798M in Q3, with a $175M charge related to severance and employee expenses. [Looks like]( its new CEO Mike Hennigan has his hands full. [You’re doing amazing sweetie.]( ☑️Across the Pond. "Hold my beer." - Royal Dutch Shell Shell announced some job cuts of its own, indicating that [it will cut 10%]( of its workforce by 2022 due to a corporate restructuring (read: drop in demand due to COVID). These layoffs, combined with other cost-cutting efforts, should save the company nearly $2.5B in annual expenses. So that should make the 9k former keyboard jockeys feel a lot better when they’re sitting at home. The cuts will also contribute to Shell’s plan of reducing its emissions to net-zero by 2050. ☑️We are NOT in good hands. Not to be outdone... Allstate (are you reading this in Dennis Haysbert’s voice too?) [will reduce its headcount by 3.8k.]( These cuts should free up cash to spend on new technology, which will ultimately allow the company to offer cheaper rates. ☑️And now, some good news… Not for you average, middle-class workers, but for a billionaire. Tim Apple received a $114M stock grant yesterday. Suck it, poors. 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