Business News


DoorDash had a stellar debut on the public markets yesterday, with shares closing at $189, nearly 86% higher than its IPO price and giving the food delivery service a market value of near $60B. The performance is an indication that investors haven't lost their appetite for fast-growing tech stocks, and is a good sign for Airbnb,  which debuts today on the Nasdaq. The home rental business priced its IPO at $68 per share, above its marketed range of $56-$60, valuing the company at $47B on a fully diluted basis. It comes after Airbnb turned a surprise $219M profit last quarter as people resumed traveling - but to different destinations (rentals surged in rural areas as cities faced lockdowns and extensive coronavirus restrictions).  

 

Facebook got nailed with two lawsuits yesterday, one from the Federal Trade Commission and another from a group of 46 U.S. states, which both accused the company of abusing its monopoly power in social networking. The FTC suit focused on Facebook's acquisition of Instagram in 2012 and WhatsApp two years later, describing the deals as a way to stifle competition, while state attorneys general said its actions were a "buy or bury" approach toward its rivals. Is a divestment in the cards? Facebook denied the anti-competive practices, calling it "revisionist history" of two major acquisitions the government had approved several years ago.


This time they're serious about a deadline, or so they say... Meeting after meeting, extension after extension, the U.K. has announced that Sunday will be a "point of finality" for Brexit trade talks if the EU does not "move substantially" in negotiations. It follows a three-hour dinner in Brussels, where British Prime Minister Boris Johnson met with European Commission President Ursula von der Leyen in the hope of breaking months of deadlock.


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

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