Reddit's $7 Billion IPO

Plus, Chainlink jumps 7% on Sunday.

March 11, 2024

Today is Monday, March 11, 2024.

The Early Bird Index today is 72.95.

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Reddit's $7 Billion IPO

When Reddit has its initial public offering this year, the social media platform will reportedly seek a valuation of about $7 billion.

Details: A report from Bloomberg on Sunday said that Reddit wants to fetch about $748 million for its IPO. The price per stock is expected to be in the range of $31 to $34. Reddit has not commented on the report.

Also: Reddit is giving some users of the platform the option to buy shares that won’t be subject to a lockup period.

Definition: A lockup period is a time after an IPO when large shareholders cannot sell their shares in the company.

Background: Reddit’s IPO has been in the works since 2021, but then the IPO market plummeted in 2022 and 2023. The excitement from Reddit’s IPO could jumpstart the broader IPO market.

Bigger Picture: Other big brands that could IPO this year include Plaid, Discord, and Skims.

Final Thoughts: IPOs are exciting for investors, but returns are questionable. Several companies have seen their stock price drop shortly after the fanfare of the IPO dies down.

Notables

Notable Earnings Today: Oracle (NYSE: ORCL), Fortrea (Nasdaq: FTRE), Asana (NYSE: ASAN), Vail Resorts (NYSE: MTN), Casey's General (Nasdaq: CASY), Mission Produce (Nasdaq: AVO), Legend Biotech (Nasdaq: LEGN), Assertio Holdings (Nasdaq: ASRT), Ballard Power Systems (Nasdaq: BLDP), Calavo Growers (Nasdaq-GS: CVGW), CytomX Therapeutics (Nasdaq: CTMX), Endeavor Silver (EXK), Eltek (Nasdsq: ELTK), LifeMD (Nasdaq: LFMD), Playstudios (Nasdaq: MYPS), SilverCrest Metals (NYSE American: SILV).

Notable IPOs Today: JV SPAC Acquisition Corp. Class A Ordinary Share (Nasdaq: JVSA).

Notable Equity Crowdfunding Campaigns Ending Today: Sawfish (StartEngine), Alchemy SD (Honeycomb), UNOMi (MicroVentures).

Notable Economic Events Today: NY Fed 1-Year Consumer Inflation Expectations (11:00 a.m. ET).

Link Technology GIF by Pudgy Penguins

Gif by pudgypenguins on Giphy

The price of the cryptocurrency Chainlink grew by about 7% on Sunday thanks to a series of positive events.

Details: Crypto whales, a term that refers to groups of people who buy a lot of crypto, accumulated nearly $17 million in Chainlink from the platform Binance over the weekend, according to a FXStreet report.

Also: South Korea-based game developer Wemade announced on Sunday that it integrated with Chainlink’s platform. This is positive because it is another potential use case for Chainlink.

Final Thoughts: Chainlink is up 8% in the past 30 days, which sounds nice but lags behind other cryptos in that time. It has been steady but not perfect.

Saudi Aramco Raises Dividend by 30%

Saudi Aramco, the oil giant known as Saudi Arabian Oil (TADAWUL: 2222), reported its financial results on Sunday.

Details: Although the full-year profit decreased from $161.1 billion to $121.3 billion, the company raised its dividend by 30%.

Final Thoughts: The stock is up nearly 8% in the last year despite problems in the global oil market.

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.