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Shares of Slack Technologies soared nearly 50% in their public trading debut on Thursday, valuing the company at more than $23B. The strong performance helped validate the unusual direct listing model the company used to go public, as well as underscoring investor demand for business software makers. Revenues for Slack soared more than 80% to $400M in 2018, but it reported losses from operations of $143.85M. The app has more than 90M users, but so far has only around 100K paid customers. (FT)

 

Dividend-focused bank investors should be paying attention this afternoon to the first round of the Fed's annual stress tests on 18 of the largest U.S. financial institutions. The quantitative part will show the impact of hypothetical scenarios on banks' capital levels, with a consensus that most lenders will pass the exam. A second round next week will say whether any firm failed because of either insufficient capital or on qualitative grounds. (SA)

 

Looks like GE could be the surprise winner of the Paris Air Show: Marking its highest close in four months, General Electric closed up 2.8% to $10.63/share on Thursday after emerging as the surprise winner at the Paris Air Show. Its International joint venture with Safran tallied a total of $55B in orders, including more than 1,150 LEAP engines. (WSJ)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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