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Latigo prices $345.6 million IPO at $18 a share
Latigo priced its IPO at $18 a share for $345.6 million, one of the largest biotech raises of the year and enough capital to push its non-opioid painkiller against Vertex's head start. Goldman Sachs, Jefferies, Leerink and Guggenheim ran the books.
Earnings split the session at the close: Airbnb's raised revenue outlook lifted it 15.1% while Trade Desk lost nearly a quarter of its value. Travel, optics and AI names carried the session; ad tech and crypto miners absorbed the damage.
Priced at $16 for a $150M Nasdaq debut
BlossomHill Therapeutics priced its IPO at $16 a share, raising $150 million with J.P. Morgan and Leerink leading the book. A deal that size for a precision oncology developer is a real test of how far the reopened biotech window extends.
Priced at $8, raising $15 million on Nasdaq
Ticketplus priced its Nasdaq debut at $8 a share, a $15 million raise on just 1.875 million shares. That tiny float is the whole story: live-event ticketing exposure arrives in a micro-cap that can move hard on day one, with Roth Capital Partners leading the deal alongside Bancroft Capital and MDB Capital.
Growth did the heavy lifting again: the Nasdaq's 0.91% gain was more than triple the Dow's 0.29%, leaving the S&P 500 at 7,753. If you are underweight tech, you are underweight the only engine running right now.
Latin America's largest bank pulled a 24.3% recurring return on equity out of Brazil's easing cycle. Revenue landed just under expectations, so the fee income slowdown management flagged is the thing to track next quarter.
Take-Two reaffirming the November GTA 6 date, right after Rockstar's extended look landed on Netflix, took the delay risk off the table and lifted the stock 5% to $244.73. Next checkpoint is any marketing beat that hints at slippage.
SoundHound AI is up 10.5% to $7.95 in the session, putting the voice-AI name back in play for small-cap AI money. Moves this size in a stock this small rarely stay quiet into the close.
Airbnb's move is what tips the verdict, because it is the consumer-rollover leg of the bear case that is giving way. Sentiment sitting at 2021 extremes leaves the call qualified, and another guidance blowup on the scale of The Trade Desk would flip the verdict back.
Monster rarely moves like this, and a 4.1% intraday drop to $89.91 puts the energy drink leader back in play for anyone tracking the category share fight. Next signal is whether buyers defend the $90 line.
Berkshire Hathaway reports before the open Monday, opening a week of 608 companies that stretches from software and gold mining to bitcoin miners and aerospace. Positioning after Friday's close means reacting to the busiest stretch of the season instead of anticipating it.
GAAP earnings came in well below expectations after a $965 million export tax hit, even as net income nearly doubled to $10.44 billion on higher crude exports to China. Shareholders get $3.4 billion in dividends and interest on capital declared August 6, with Brasilia's export tax regime still under reassessment.
Baker Hughes is sending shareholders the biggest check today, $228 million at 23 cents a share, landing August 17. Alliance Resource Partners pays the richest per share of the group at 60 cents.
Tech is doing the heavy lifting again, with the Nasdaq up 0.91% at midday against just 0.21% for the Dow. Own the industrials and you are barely participating in this leg of the record run.
London finished at 10,921.68, another step deeper into record ground, though Germany did the heavy lifting Friday with the DAX outpacing the FTSE. US investors underweight European equities are watching that gap widen by the week.
London finished at 10,921.68, another step deeper into record ground, though Germany did the heavy lifting Friday with the DAX outpacing the FTSE. US investors underweight European equities are watching that gap widen by the week.
The connected TV story got a bid back for the first time after a brutal run down, with the ad-tech name up 11.19%. Whether it holds through the close is the tell.
An 11.31% jump to $127.92 is a rare kind of move for a company valued near $985 billion, adding tens of billions in market value in one session. Live coverage is still developing, so keep an eye on the stock into the close.
A 16.3% surge to $176.39 ranks among Airbnb's largest single-session moves. Travel and short-term rental holders have a new benchmark for what the group can do on good news.
Cloudflare's 10.7% jump pushes the edge network into the same cybersecurity-plus-AI trade lifting the group. Palo Alto and CrowdStrike earnings are next up to test whether the rally holds.
A 7% drop in US same-restaurant sales pushed the stock to $7.39, leaving Wendy's with a market cap of just $1.4 billion. Traffic is walking to cheaper value menus and grocery aisles, and management has yet to show a fix.
A negative July payrolls number did nothing to slow the record run, with the S&P 500 opening 23 points above yesterday's close. Traders are reading weak jobs data as a faster path to rate cuts, and the Dow is following along.
Rising depreciation and interest expense ate the Kentucky rate increase, leaving both lines short of expectations. Management still backed full-year ongoing EPS of $1.90 to $1.98 and flagged a 31.8 GW Pennsylvania data center pipeline, so the second half is where the growth case gets tested.
Tenaris came in 16% above expectations even with the Strait of Hormuz closure delaying shipments to Iraq, Kuwait, Qatar and Jordan and cutting Middle East/Africa revenue 17%. The board still approved an interim dividend of $1.18 per ADS, roughly $600 million, payable November 25. Management sees the second half matching the first, with upside if Hormuz reopens before year-end.