Stocks set to rise as earnings, inflation weighed
Asian stocks looked set to rise Tuesday after a record $S&P 500 Index(.SPX.US)$ close as corporate earnings and progress on President Joe Biden's economic agenda helped sentiment even as the debate over inflation risks intensified.
Australian equities pushed higher, while futures climbed for Japan and were steady for Hong Kong. U.S. contracts advanced. The $NASDAQ 100 Index(.NDX.US)$ outperformed overnight amid a $Tesla(TSLA.US)$ rally to a $1 trillion market value.
Tesla hits $1 trillion market cap for the first time after Hertz says it will buy 100,000 electric vehicles
$Tesla(TSLA.US)$ hit a $1 trillion market cap for the first time after $HERTZ GLOBAL HOLDINGS INC(HTZGQ.US)$ said Monday it would buy 100,000 electric vehicles. News of the deal brought Tesla's stock to a new record high just one trading day after the shares topped $900.
The deal comes more than a year after Hertz filed for bankruptcy protection during the height of the coronavirus pandemic, as demand for travel and rental vehicles dropped.
Facebook shares rise as investors focus on earnings beat and look past whistleblower document dump
$Facebook(FB.US)$ shares rose in extended trading on Monday after the company reported better-than-expected third-quarter earnings while revenue missed estimates. The company announced its plans to break out its Facebook Reality Labs into its own reporting segment starting in the fourth quarter.
Facebook said it expects fourth-quarter revenue of $31.5 billion to $34 billion. Analysts were expecting sales of $34.8 billion.
Trump-linked SPAC cools down after short position emerges
$Digital World Acquisition Corp(DWAC.US)$ pulled back Monday following a wild 846% surge last week after a short-seller said it was betting against the Trump-linked special purpose acquisition company.
Shares of Digital World are trading around $89, or nearly nine times the SPAC's in September. The stock, which had traded as high as $122 earlier in the session and $175 on Friday, slipped Monday afternoon as Iceberg Research said on Twitter that it was short DWAC.
PayPal says it's not looking to buy Pinterest right now, shares jump 6%
$PayPal(PYPL.US)$ said in an update on its website that it is "not pursuing an acquisition of Pinterest at this time." Shares of $Pinterest(PINS.US)$ soared last week after Bloomberg first reported that PayPal may acquire the social media company. PayPal's shares were up more than 3% in morning trading Monday on the Nasdaq stock exchange, while shares of Pinterest were down over 12%.
Tesla is towering over megacap tech in the options market
Tesla, despite reporting earnings on Oct. 20, accounted for eight of the top nine most-traded single stock options on Monday.
In contrast, none of $Facebook(FB.US)$, $Alphabet-A(GOOGL.US)$, $Microsoft(MSFT.US)$, $Apple(AAPL.US)$ or $Amazon(AMZN.US)$ options strikes ranked among the 20 most active in Monday trading.
Mastercard partners with Bakkt to bring cryptocurrency payments to the masses
The companies said the partnership will make it easier for banks, financial-technology firms and merchants to offer and accept crypto payments. Banks and other financial institutions that issue cards through Mastercard will be able to issue cryptocurrency debit or credit cards that let people make payments and earn rewards in bitcoin. Other cryptocurrency assets could follow.
$Bakkt Holdings(BKKT.US)$ shares more than tripled to $30.60. $MasterCard(MA.US)$ shares rose 0.6% to $360.86.
Canadian stocks add $191 billion of value in longest rally ever
The Canadian stock market posted its longest streak of gains ever as a rally in commodities pushed the benchmark higher for a 14th straight session.
The $S&P/TSX Composite Index(.SPTSX.CA)$ rose 0.3% to an all-time high Monday. It has added about C$237 billion ($191 billion) in market value during its recent winning streak, according to data compiled by Bloomberg. U.S. oil prices hit $85 a barrel for the first time since 2014 and metals prices also climbed, fueling Monday's rally. Energy and materials make up about 25% of the Canadian benchmark.
Source: Bloomberg, WSJ, CNBC

According to a filing with the U.S. Securities and Exchange Commission, Chipmaker GlobalFoundries is marketing 33 million shares while Abu Dhabi’s Mubadala Investment Co., its major shareholder, plans to sell 22 million shares.
Mubadala currently owns 100% of the company and “continue to have substantial control after this offering.”
GlobalFoundries plans to list on the Nasdaq under the symbol GFS. It plans to raise as much as $2.6 billion in a U.S. initial public offering. At the top of that range,it would have a market value of $25 billionbased on the outstanding shares listed in its filing.
The offering is being led by Morgan Stanley, Bank of America, JPMorgan Chase, Citigroup and Credit Suisse.
Business Overview
$GlobalFoundries(GFS.US)$is one of the world’s leading semiconductor foundries. The company was created by purchasing the manufacturing operations of Advanced Micro Devices Inc. in 2009 and later combining it with Singapore’s Chartered Semiconductor.
According to Gartner,in 2020, the company was the third largest foundry in the world based on external sales.
GlobalFoundries previously gave up on the kind of leading-edge production that would match the capabilities of Taiwan Semiconductor or Samsung.Instead,it's serving the market for less advanced chips, which are increasingly critical to carmakers and other industries.
GlobalFoundries has over50ecosystem partners spanning IP, electronic design automation, outsourced assembly and test and design services. Building on an existing library of more than4,000IP titles, it currently has more than950IP titles in active development across26process nodes and34IP partners.
The company has built deep strategic partnerships witha broad base of more than 200 customers as of December 31, 2020, many of whom are the global leaders in their field.
In the first six months of 2021, the top ten customers, based on wafer shipment volume, included Qualcomm, MediaTek, NXP Semiconductors, Qorvo, Cirrus Logic, Advanced Micro Devices (“AMD”), Skyworks Solutions, Murata Manufacturing, Samsung Electronics and Broadcom.
The company attracted a large share of single-sourced products and long-term supply agreements. As of the date of the company's prospectus,the aggregate lifetime revenue commitment reflected by these agreements amounted to more than $19.5 billion.
A key measure of GlobalFoundries's position as a strategic partner to the customers is the mix of wafer shipment volume attributable to single-sourced business (Single-sourced products are defined as those that can only be manufactured with GlobalFoundries's technology and cannot be manufactured elsewhere without significant customer redesigns).It represented approximately61% of wafer shipment volume in 2020, up from 47% in 2018.
Financial Performance
Revenue at GlobalFoundries dropped last year by 17% to $4.85 billion. GlobalFoundries said the reason is that it divested a business that brought in $391 million in 2019, and more broadly the company shifted contractual terms with most of its customers, changing how and when it recognizes revenue.
In the first half of 2021, revenue climbed by 13% from a year earlier to just over $3 billion.
Click to view the prospectus

Elon Musk denies he discussed Apple-Tesla merger with Tim Cook
$Tesla(TSLA.US)$Chief Executive Officer Elon Musk said on Friday that he never met with $Apple(AAPL.US)$about a potential takeover and slammed the tech giant’s App Store fees, calling them a “global tax on the internet.”
He was responding to an upcoming book that says Apple CEO Tim Cook called Musk in 2016 about taking over Tesla.
The book claims that merger discussions en...

$Dynatronics(DYNT.US)$ 👍