Wall Street Today: Toast, Freshworks make strong market debuts
Asia set for steady open, curve flatter after Fed
Asian stocks look set for a steady open Thursday after U.S. shares took in their stride the prospect of a reduction in Federal Reserve stimulus as early as November. The Treasury yield curve flattened.
Futures rose in Australia, while Japan is closed for a holiday and Hong Kong will reopen from one. The $S&P 500 Index(.SPX.US$ climbed for the first time in five sessions and the $NASDAQ 100 Index(.NDX.US$ ended higher. U.S. contracts edged up.
Powell says Fed taper could start 'soon' and end around mid-2022
Federal Reserve Chair Jerome Powell said the U.S. central bank could begin scaling back asset purchases in November and complete the process by mid-2022, after officials revealed a growing inclination to raise interest rates next year.
Powell, explaining the U.S. central bank’s first steps toward withdrawing emergency pandemic support for the economy, told reporters Wednesday that tapering “could come as soon as the next meeting.”That refers to the policy gathering on Nov. 2-3.
North America fertilizer firms gain amid EU nitrogen price spike
European nitrogen prices are set to soar, putting North American fertilizer companies like $CF Industries Holdings(CF.US$ at an advantage. Prices of natural gas, the main feedstock for most nitrogen producers, are skyrocketing in Europe, which will drive up prices for products like nitrogen fertilizer globally.
The high fertilizer prices are raising the cost to produce agriculture commodities, adding to concerns about global food inflation. Prices could continue to soar through the spring, Isaacson said.
Apple denies request by Epic to bring 'Fortnite' developer account back
$Apple(AAPL.US$ won't be letting the popular videogame "Fortnite" back onto the iPhone anytime soon.
Epic Games Chief Executive Tim Sweeney said Wednesday that Apple told the maker of "Fortnite" that its ability to release software on Apple platforms won't be reinstated until its litigation against the iPhone-maker is resolved.
Software firm Freshworks jumps 32% after $1 billion IPO
$Freshworks(FRSH.US$ rose 32% after raising $1 billion in an initial public offering priced above a marketed range.
Shares of the software company closed at $47.55 Wednesday in New York trading, giving it a market value of $13 billion. Accounting for employee stock options and restricted stock units, Freshworks would have a fully diluted value of more than $14 billion. The potential competitor to far larger $Salesforce(CRM.US$ was valued at $3.5 billion in a 2019 funding round.
Toast whets appetite for consumer IPOs with $20bn stock market debut
The restaurant technology provider $Toast(TOST.US$ whetted the appetite of investors in one of the year's largest US listings on Wednesday, leading a wave of consumer-focused companies hoping that enthusiasm for new technology will override recent jitters about the health of the economic rebound.
The offering price of $40 a share gave the seven-year-old company an implied market capitalisation of $20bn. Shares in the company jumped a further 50 per cent in early trading on Wednesday morning.
The offering price of $40 a share gave the seven-year-old company an implied market capitalisation of $20bn. Shares in the company jumped a further 50 per cent in early trading on Wednesday morning.
Facebook chief technology officer to step down; Zuckerberg appoints hardware boss as replacement
$Facebook(FB.US$ Chief Technology Officer Mike Schroepfer announced on Wednesday he will be stepping down from his role. He will be replaced by Andrew "Boz" Bosworth, who is currently the head of Facebook's hardware division.
The change in leadership comes after a series of report last week that shed light on how Facebook either ignores or fails to properly address numerous problems affecting users across its services. That includes the impact that Instagram has on the mental health of teenage girls as well as how Facebook is exploited by drug cartels in Mexico to recruit hitmen, among several other issues.
SEC asks dozens of companies for more climate disclosures
SEC published Wednesday a list of requests that SEC staff have been sending to chief financial officers in connection to a 2010 guidance document on climate-change disclosures.
The SEC hasn't revealed which companies have received the letters, but a person familiar with the matter said they had been sent to firms in industries including agriculture, oil and gas, banking, real estate and trucking.
Source: Bloomberg, WSJ,CNBC, Financial Times
Source: Bloomberg, WSJ,CNBC, Financial Times
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