Today is Tuesday, October 18, 2022.
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Intel's Self-Driving Car IPO
Intel (Nasdaq: INTC) might be lowering its initial public offering for its self-driving car unit, Mobileye, according to a report on Monday.
Details: The Wall Street Journal says that Intel is now seeking an IPO of less than $20 billion for Mobileye instead of the original target of $50 billion. This includes selling fewer shares than the original plan. Intel has not commented on the report.
Background: Intel first filed an IPO for Mobileye in September, an interesting move given that the IPO market has been slow lately, especially in technology.
Stock Price: Shares of Intel are down 50% this year, including 10% in the past 30 days. Monday’s after-hours report resulted in shares ticking up 0.3%.
Final Thoughts: Intel, which reports earnings on October 27, is hoping that the Mobileye IPO can drive some positive momentum for the company.
Notable Earnings Today: Netflix (Nasdaq: NFLX), Goldman Sachs (NYSE: GS), Johnson & Johnson (NYSE: JNJ), United Airlines (Nasdaq: UAL), Lockheed Martin (NYSE: LMT), Intuitive Surgical (Nasdaq: ISRG), Silvergate Capital (NYSE: SI), J.B. Hunt Transport (Nasdaq: JBHT), Hasbro (Nasdaq: HAS), Interactive Brokers (Nasdaq: IBKR), Albertsons (NYSE: ACI), Pinnacle Financial Partners (Nasdaq: PNFP), State Street (NYSE: STT), United Community Bank (Nasdaq: UCBI), Signature Bank (Nasdaq: SBNY), Hancock Whitney (Nasdaq: HWC), Commerce Bancshares (Nasdaq: CBSH), First Horizon (NYSE: FHN), Truist Financial (NYSE: TFC), First National Bank (NYSE: FBNB).
Notable IPOs Today: IQ U.S. Mid Cap R&D Leaders ETF (Nasdaq: MRND), IQ U.S. Large Cap R&D Leaders ETF (Nasdaq: LRND), IQ Global Equity R&D Leaders ETF (Nasdaq: WRND).
Notable Equity Crowdfunding Campaigns Ending Today: Boone’s Bourbon (StartEngine), A Band of Anglers (StartEngine), Modern Picnic (Republic).
Notable Economic Events Today: Industrial Production (9:15 a.m. ET), TIC Net Long-Term Transactions (4:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Alaska Airlines Jumps On Pilot Deal
Shares of Alaska Air Group (NYSE: ALK) ticked up 0.87% in after-hours trading on Monday after the company reached a tentative agreement with its pilots union.
Details: The Air Line Pilots Association announced that 82% of pilots for Alaska Airlines voted in a favor of a new agreement that will last for three years.
Stock Price: Alaska Air’s stock is down 23% this year, including a 9% drop in the last 30 days.
Final Thoughts: Having a new deal in place with pilots can help Alaska Airlines meet the strong travel demand in the market now.
Polygon Grows With Partnership Buzz
The price of the cryptocurrency Polygon jumped over 7% on Monday thanks to a pair of new partnerships.
Details: Crypto payment solution Utrust added support for Polygon on Monday. KuCoin also formed a partnership with Polygon yesterday.
Final Thoughts: Despite the increase, Polygon has lost 60% of its value since the beginning of the year.
Trends to Watch
From Russia With No Love: Exxon exits Russia empty-handed with oil project 'unilaterally terminated' (Reuters)
$25 Billion: What this mega supermarket merger could mean for your grocery bills (CNN)
Guaranteed Trouble: Forecast for US Recession Within Year Hits 100% in Blow to Biden (Bloomberg)
Bank on it: Mastercard will help banks offer cryptocurrency trading (CNBC)
Walking Away: CVS Won’t Comment on Report It’s Abandoning Purchase of Cano Health. Cano Stock Plummets. (Barron’s)
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