Wall Street Today | Rivian's trading debut surge drives value to almost $88 blns
Stocks to fall as yields, dollar jump on inflation
Asian stocks looked set to fall Thursday after the hottest U.S. inflation print in three decades hurt Wall Street shares and sparked a jump in Treasury yields and the dollar.
Equity futures for Japan, Australia and Hong Kong dropped. The $Nasdaq(NDAQ.US$ underperformed in the U.S. retreat as investors questioned the richer valuations of technology stocks.
Rivian's trading debut surge drives value to almost $88 billion
$Rivian Automotive(RIVN.US$ ended its first day as a public company valued at almost $88 billion, more than tripling its last private valuation after investors piled into 2021's biggest initial public offering.
That puts the electric truck maker on par with $General Motors(GM.US$ and makes it more valuable than $Ford Motor(F.US$, one of its top investors, as well as EV rival $Lucid Group(LCID.US$. On a fully diluted basis, including options and restricted stock units, the Irvine, California-based company is valued at about $98 billion.
Twitter launches cryptocurrency team to explore bitcoin, blockchain uses
$Twitter (Delisted)(TWTR.US$ said Wednesday it is assembling a team called "Twitter Crypto" to look into ways to help creators on the app to earn money or accept cryptocurrencies such as bitcoin for payment, and other ways to use blockchain technology.
Warren Buffett-backed Paytm set to raise $2.5 billion in India's largest IPO
The parent of Indian mobile-payments giant Paytm on Wednesday collected enough investor bids to raise the equivalent of $2.5 billion in the country's largest-ever initial public offering, but the much-hyped deal didn't go as smoothly as other recent tech IPOs.
Paytm's big corporate backers include Chinese fintech giant Ant Group Co., $SOFTBANK GROUP CORP(SFTBF.US$'s Vision Fund and Warren Buffett's $Berkshire Hathaway-A(BRK.A.US$, which are all selling some shares in the IPO. The company's founder, Indian billionaire Vijay Shekhar Sharma, also is cashing in.
Tesla share price rises in wake of selloff
$Tesla(TSLA.US$'s stock price climbed 4.3% on Wednesday, a sign that the electric-vehicle maker's shares might stabilize after falling for three consecutive days. As of the stock market's close Wednesday, Securities and Exchange Commission records didn't show Mr. Musk having filed forms for a share sale. Mr. Musk is Tesla's largest shareholder, with around 17% of the company, according to FactSet.
Disney earnings miss across the board with slowing streaming growth
$Disney(DIS.US$ reported fiscal fourth-quarter earnings on Wednesday after-the-bell. The company missed Wall Street estimates across the board, sending the stock down in after-hours trading.
The company added to reach a total of 118.1 million, in line with Disney's estimates. During the Goldman Sachs Communacopia Conference in September, CEO Bob Chapek said the segment's growth had "hit some headwinds" and that Disney expected to add "low single-digit millions" of streaming subscribers in the fourth quarter.
AMC CEO Adam Aron sold $25 million in shares Tuesday, after warning meme investors he would do so
$AMC Entertainment(AMC.US$ CEO Adam Aron sold 625,000 shares on Tuesday, half of what he ultimately plans to sell under a selling program filed with the Securities and Exchange Commission. The sale is part of the executive's estate planning ahead of his 67th birthday next year, Aron told investors last August.
AMC shares fell 4% on Wednesday to close at $38.29, and were down another 3% in after hours trading, following the news.
U.S. consumer prices jump 6.2% in October, the biggest inflation surge in more than 30 years
The consumer price index surged 6.2% from a year ago in October, the most since December 1990. Core inflation, stripping out food and energy, increased 4.6%, the fastest gain since August 1991. Energy, shelter and vehicle costs led the gains, which more than wiped out the wage increases that workers received for the month.
Source: Bloomberg, WSJ, CNBC
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