Wednesday’s Headlines: Palantir Finally Goes Public

Wednesday’s Headlines: Palantir Finally Goes Public

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Trupanion (TRUP) +8.5%

Shopify (SHOP) +6.1%

Fitbit (FIT) +5.8%

Paycom (PAYC) +4.5%

Evolent Health (EVH) +4.5%

Moving Down ⬇️

Baozun (BZUN) -6.2%

Duluth Trading (DLTH) -4.6%

Zoom Communications (ZM) -4.5%

Retail Opportunity Investments Corp (ROIC) -4.0%

Planet Fitness (PLNT) -3.9%

1. We have one of the most divisive companies in the world directly listing on the New York Stock Exchange today in Palantir (PLTR). Palantir provides software and data analytics services to help government agencies and large companies make sense of vast amounts of information. Based on a fully-diluted share count of 2.17 billion shares outstanding, which includes unvested options and stock, its reference price of $7.25 per share would indicate a valuation of $15.7 billion, below Palantir’s private valuation of $20.4 billion in 2015. Get the full report here.

2. Like millions of American’s both at home and abroad, the markets were also glued to the first televised presidential debate of the 2020 election campaign. Futures reacted poorly to the first sparring match between Biden and Trump, with the Dow Jones (DIA), S&P 500 (VOO), and Nasdaq (QQQ) each falling into negative territory overnight. Many market strategists have cited uncertainty around the election as a key headwind for the market before year-end with each outcome bringing its own risks and benefits, so it looks like we’ll have to wait until after November 3 to understand the true impact this election will have on the market. Read the full story here.

3. Moving on to less dramatic news, Google (GOOG) is expected to win EU approval for its $2.1 billion Fitbit (FIT) deal after it addressed competition and data concerns. According to sources, Google promised regulators that it would not personalize adverts based on user data for 10 years, up from a previous promise of five years. The European Commission is scheduled to consult with Google rivals and customers, and decide on a ruling by December 23, but the latest concessions will be enough for it to approve the deal, which will be a welcome sight for beleaguered Fitbit which has seen its stock fall 83% in the last 5 years. Get the complete story here.

JamieJamie

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