Hey Gotraders,
The U.S. Stock Market resumes trading today after the long Labor Day weekend. Let’s kick off the trading week with some good news.
Match Group, also listed as Tinder (MTCH) on Gotrade, will be added to the S&P 500 on 20th Sept 2021! Wowza! 👏
Match Group is based in Dallas and owns several dating companies such as Hinge, Tinder, OKCupid, and Match.
To make room for Match Group, Perrigo (PRGO) will be booted off the S&P 500. Perrigo will move to the S&P MidCap 400 and replace WW International Inc, who will then move to the S&P SmallCap 600. And the game of musical chairs goes on….
Is this a big deal? Yes! The S&P 500 Index, or the Standard & Poor's 500 Index, is widely regarded as the best gauge of large-cap U.S. equities. So, yeah - being added to it is definitely a big deal!
Match Group’s market cap currently stands at more than $40 billion!
Why is this important? Shares of Match Group are currently up over 13% in after-hours trading. Shares closed at $148.19 on Friday, but are up to $168 in extended trading, at the time of writing.
📈 Goldman Sachs plans to list its Petershill Partners unit in London 💰
Goldman Sachs (GS) is planning to list a new investment vehicle, Petershill Partners, on the London Stock Exchange in about a month’s time. Petershill holds minority stakes in 19 alternative assets managers including private equity, venture capital, and hedge funds with combined assets under management of $187bn. It will be a standalone company operated by the Goldman Sachs Asset Management team.
Petershill is expected to raise about £542 million ($750 million) through the IPO. Cha-ching! This move could give the unit a £3.6 billion ($5 billion) valuation after the IPO thanks to a boom in the private equity market.
“Through a London listing, Petershill Partners would make available to public market institutional investors a unique opportunity to access stakes in a number of leading privately owned alternative asset managers” - Naguib Kheraj, Chairman of Petershill Partners.
Shares of Goldman Sachs are up 55.21% year-to-date and closed at $411.31.
📈 Citibank wants to help “emerging” Chinese companies expand to Asia 🌏
Many Chinese companies want to expand overseas despite their home country providing plenty of growth opportunities. So, where are they looking at exactly? 👀
Asia, more specifically Singapore, has emerged as the destination of choice. Most of these companies are looking to set up holding companies in Singapore for their ASEAN units. Companies such as Tencent, ByteDance, and iQiyi (IQ) are some of the Chinese tech firms that have expanded into Singapore.
Citibank (C) wants to tap on this growing segment and has set up a China desk in Singapore dedicated to helping “emerging” Chinese companies expand into Singapore and Southeast Asia.
Shares of Citibank are up 18.34% year-to-date and closed at $71.17.
Top movers & shakers 🎢
What else is making headline news 📰
Dow falls after big jobs report miss, tech stock gains limit losses.
Apple’s (AAPL) strategy to fight off antitrust regulators: Fix the App Store one rule at a time.
Democrats consider new taxes aimed at CEO pay, stock buybacks for the $3.5 trillion budget plan.
Apple (AAPL) delays its criticized plan to scan iPhones for child exploitation images.
DoorDash (DASH) workers protest outside CEO Tony Xu’s home demanding better pay, tip transparency, and PPE.
Stocks trending on WallStreetBets - Alibaba (BABA), GameStop (GME), AMC (AMC), DocuSign (DOCU) and more.
Tech giants are rushing to develop their own chips – here’s why.
JD.com (JD) appoints a new president as the founder steps back from day-to-day operations.
Popular companies releasing earnings this week 💰
Tuesday: UiPath (PATH)
Wednesday: Lululemon (LULU), Copart (CPRT), GameStop (GME)
Thursday: Oracle (ORCL), Affirm (AFRM), National Beverage (FIZZ), FuelCell Energy (FCEL)
Friday: Kroger (KR)
A company’s market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a company’s stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
That’s all from us for now.
Signing out,
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The legal stuff 🤓
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