Coty's Paris Stock Offering
Plus, Chainlink's wallet questions.
Today is Tuesday, September 26, 2023.
The Early Bird Index today is 53.51.
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Coty's Paris Stock Offering
Beauty company Coty (NYSE: COTY) declined by 2.21% in after-hours trading on Monday after filing for a dual listing of its shares on the Paris Stock Exchange and announcing an offering of 33 million shares.
Details: The offering is available publicly in the United States and on a private placement outside of the United States. Investors can either buy Coty shares in euros on the Paris exchange or in U.S. dollars on the New York Stock Exchange.
Also: Net proceeds from the offerings will be used to retire some outstanding debt and for other general corporate purposes, such as strategic investments, working capital, and capital expenditures.
Background: Coty was founded in Paris in 1904. Having a dual listing in both the U.S. and France will allow the beauty company to tap into investors in both markets.
Powering the Story: Despite posting mixed financial earnings results in August, Coty recently increased its full-year guidance due to strong “momentum in beauty demand.”
Stock Price: Coty’s stock is up 34% this year, including a 4% increase in the last 30 days.
Final Thoughts: Beauty and cosmetic stocks are considered to be “recession-proof” because consumers still spend money on beauty products even during recessions. It’s something to consider especially if there is a future recession.
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Notable Earnings Today: Costco Wholesale (Nasdaq: COST), Cintas (Nasdaq: CTAS), Ferguson (NYSE: FERG), AAR Corp (NYSE: AIR), TD Synne (NYSE: SNX), MillerKnoll (Nasdaq: MLKN), United Natural Foods (NYSE: UNFI), Progress Software (Nasdaq: PRGS), Theratechnologies (Nasdaq: THTX), Nanobiotix (Nasdaq: NBTX).
Notable IPOs Today: The Cooper Companies, Inc. Common Stock (Nasdaq: COO).
Notable Equity Crowdfunding Campaigns Ending Today: N/A.
Notable Economic Events Today: Building Permits (8:00 a.m. ET), S&P/CS HPI Composite (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), New Home Sales (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Chainlink Jumps Despite Wallet Questions
As most cryptocurrency prices stabilized on Monday, Chainlink saw its price jump by 4.6%.
Background: Chainlink, which has a market cap of $4.1 billion, is a decentralized blockchain oracle network built on Ethereum in 2017.
Recent Developments: Chainlink recently reduced the number of signatures it requires on its multi-signature wallet from 4-of-9 to 4-of-8. The signatures are a security measure.
Yes, But: The developers behind Chainlink also downplayed the impact of the recent wallet change, according to Cointelegrah.
Price: Chainlink is up 36% this year, including a 26% jump in the last 30 days.
Final Thoughts: Can Chainlink continue to climb at this rate? Analysts are not as bullish due to the coin’s volatile history, but it is still getting a lot of attention from investors.
Ford Reportedly Stops Construction of Battery Plant
Ford (NYSE: F) is pausing construction of a $3.5 billion electric vehicle battery plant until the company is “confident about our ability to competitively run the plant,” a Ford spokesperson told The Detroit News on Monday
Final Thoughts: Ford, up 7% this year, is dealing with an ongoing strike involving the United Auto Workers union.
Trends to Watch
Worst-Case Scenario: Dimon Warns World May Not Be Prepared for Fed at 7%, TOI Reports (Bloomberg)
Keep Rolling: U.S. Shutdown, Assuming It Doesn’t Run Long, Will Slow, Not Cripple Crypto Efforts (CoinDesk)
Pain: Americans Finally Start to Feel the Sting From the Fed’s Rate Hikes (The Wall Street Journal)
Rocketman: Longtime Amazon executive to take over Jeff Bezos’ rocket company (CNN)
Dollar Soaring: Dollar at 10-month top as US yields spike; yen slides (Reuters)
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