Capital Calls: Infrastructure, Doximity, Deliveroo 24 Jun 2021 Concise views on global finance: President Biden’s $1 trln bipartisan plan for U.S. infrastructure is a feat of political engineering. Meanwhile, medical-themed social network Doximity finds riches in niches, and UK delivery outfit Deliveroo serves up a favorable court ruling.
DraftKings’ luck tilts odds against short seller 17 Jun 2021 Hindenburg Research questioned the legitimacy of some of the online-betting firm’s business. Even if proven right, the revenue impact would be small. Like many digital stocks DraftKings looks overvalued right now. But in this market, it’s risky to bet against the momentum.
Capital Calls: Corporate America blowback 15 Jun 2021 Concise views on global finance: An investor lawsuit against Trump-era rules on shareholders' proposals is the latest sign of the tables turning.
Capital Calls: AMC craziness, Pro lacrosse 2 Jun 2021 Concise views on global finance: The movie-theater chain raised $230 million from a hedge fund, which promptly sold the shares at a profit; New England Patriots owner Robert Kraft and Alibaba's Joe Tsai are betting on the latest U.S. effort to professionalize the preppy sport.
Star’s stack looks too short to win Crown deal 31 May 2021 The Aussie casino operator’s $7 bln offer interested its larger rival, unlike the Blackstone bid that was dubiously spurned. Star’s proposal is less than it’s cracked up to be, however, and there’s little wiggle room to improve it. Only gaming regulators can help its cause.
Capital Calls: Airbus signals liftoff, Bill Gates 27 May 2021 Concise views on global finance: The global aircraft industrial complex got a boost after the European plane maker said it hopes to churn out more of its A320 short-haul workhorses per month than expected; Microsoft founder’s huge private investment vehicle under scrutiny.
Capital Calls: BlackRock/Exxon, Media deals, SPACs 25 May 2021 Concise views on global finance: The giant asset manager will vote for three dissident nominees for Exxon Mobil’s board; boutique adviser LionTree has benefited from a rash of media deals; Lordstown Motors show why blank-check merger projections can’t be relied upon.
Sea has a new reason to play a smart game 18 May 2021 The success of the $114 bln Southeast Asian giant’s gaming unit is tied to third parties like backer Tencent. Developing more of its own hits like “Free Fire” will provide a more stable core to offset losses in areas like e-commerce as rivals Gojek and Tokopedia tie up to compete.
Capital Calls: AT&T’s bankers, Blackstone in Italy 17 May 2021 Concise views on global finance: The U.S. telecom giant’s unwinding of its purchase of Time Warner is a gift for advisers on Wall Street; a court rules that the U.S. private equity firm’s 2013 purchase of Corriere della Sera’s HQ was valid.
Capital Calls: Amazon EU tax win, Scooter SPAC 21 Jan 2022 Concise views on global finance: Jeff Bezos’s e-commerce giant wins a victory over the European Union, but the battle has already moved on; Bird’s $2.3 billion price tag is relatively high but less pie-in-the-sky than some recent deals.
Capital Calls: Uber, Roblox 11 May 2021 Concise views on global finance: Free rides for Covid jabs won’t help the ride-hailing app’s labor battle with Washington; the online games platform’s year-on-year growth decelerated sharply in April.
Apple’s App battle has only slightly epic ending 5 May 2021 A ruling against the $2 trillion tech behemoth in the case brought by video game company Epic could optically be bad for Apple and have global implications. But even if App Store sales fall in half, it would shave just 3% from Apple’s market value. Being a giant has privileges.
SJM is only edging out of Stanley Ho’s shadow 5 May 2021 A year after the death of its founder, the $7.2 bln Macau casino company has yet to open a new flagship resort, its market share is the lowest among peers and the board needs a shake-up. Daughter and Chair Daisy Ho has her work cut out to make sure the house wins again.
Blackstone fights time more than Oaktree for Crown 3 May 2021 It’s hard to see value in Oaktree’s plan to fund a buyback of founder James Packer’s 37% stake in the Aussie casino operator. And yet Blackstone is willing to absorb more regulatory risk. That suggests concern that as Crown’s crisis ebbs, the $6 bln bid’s appeal may too.
Capital Calls: Jerome Powell, Shopify 28 Apr 2021 Concise views on global finance: The clock is ticking on the Fed boss’s taper timeline; the e-commerce firm grew even as it warns of a post-pandemic lull.
Capital Calls: Hella/Hueck, Evolution Gaming, 3M 27 Apr 2021 Concise views on global finance: A big block trade is good news for investors of German car parts maker Hella if it presages industry consolidation; Swedish gaming group enjoys a double whammy from locked-down punters and states jonesing for casino cash; 3M could use a pruning.
Capital Calls: The $2 trln toybox 23 Apr 2021 Concise views on global finance: Mattel’s 47% sales growth tees up a spree of discretionary spending, as American consumers raid pandemic savings.
Epic’s $29 bln price tag looks beyond “Fortnite” 14 Apr 2021 Its latest fundraising values the maker of the cult shoot-’em-up game at two-thirds more than last August. That’s a bigger bump than listed peers got from the pandemic. Investors are counting on boss Tim Sweeney’s bets on digital marketplaces and game-making software to pay off.
Capital Calls: Christine Lagarde, Bernie Madoff 14 Apr 2021 Concise views on global finance: The European Central Bank president’s quest for inflation will take a while to achieve its goal; investor gullibility will live on after the death of the Ponzi schemer in a U.S. federal prison.
Capital Calls: LVMH surges back to full health 13 Apr 2021 Concise views on global finance: The 300 billion euro luxury conglomerate’s first-quarter sales surpass pre-Covid-19 levels.