getquin Daily Summary 26.08.2022
Hello getquin,
today we are on the sporty side and cover among other things the two car manufacturers Porsche and Audi, which will both enter Formula 1. In addition, we have rumors about a purchase of EA by Amazon and the speech of Powell in the Marketnews. Enjoy reading!
Europe🌍:
1st Porsche IPO valuation
Porsche's initial public offering is just around the corner. Bloomberg reported Friday that Porsche has secured investor interest in a deal. Any IPO involves the process of creating a book of buyers of shares. Porsche is a publicly traded company that owns 53.3% of Volkswagen's common stock. The company has long been a supporter of Volkswagen.
The estimate for the IPO, scheduled for September, could be between $60 billion and $85 billion. By comparison, Volkswagen's market value is about $85 billion, so the high end of Porsche's valuation range is equal to VW's entire value.
Read more: https://bit.ly/3wxgIgl
🟩 $PAH3 €67.35 (🔼 +0,39%)
America🌏:
2nd Powell speaks about market situation
On Friday, Powell reiterated his commitment to curbing inflation, while indicating that he expects the Fed to continue raising interest rates in a way that will "somewhat" hurt the U.S. economy. He said the bank will "use its tools decisively" to fight inflation, which is currently stuck at its highest level in 40 years.
Many pundits expected the Fed chairman to strike a tough tone and emphasize the Fed's determination to push inflation back toward its target, although some investors reacted optimistically to remarks that hinted at a possible accommodative stance.
Read more: https://cnb.cx/3wyqizy
3. EA to be acquired by Amazon - or not?
Amazon, among other things, is a big player in the gaming and digital industry and is reportedly planning to make a big statement with the purchase of Electronic Arts, often known as EA. The information comes from GLHF, which says that Amazon will make a public offer to buy the game publisher and developer on August 26, 2022, today.
After initial rumors that Amazon was drafting a bid to buy Electronic Arts, the idea was quickly dismissed, according to CNBC Now's David Faber, who claims that: "It's not going to happen," and confirmed that Amazon will not make a bid for Electronic Arts.
Read more: https://reut.rs/3Tmb768
🟩 $EA (-1,01 %) €135.61 (🔼 +5,35%)
Special🎤:
4. Audi will be part of Formula 1 from 2026 onwards
Audi CEO Markus Duesmann said Friday that the German automaker has officially registered as a Formula One power unit manufacturer.
"If you think about Le Mans, the DTM and Formula E, we have always been very active and very successful. We want to continue this success story in Formula 1," he said.
Audi did not comment on whether it would manage its own team or just provide engines. More information is expected to be released before the end of the year. The Swiss-based Sauber team, now called Alfa Romeo, is expected to be acquired by Audi. Another VW brand, Porsche, is expected to enter Formula 1 as Red Bull's engine partner in 2026.
Read more: https://bit.ly/3clsa7O
🟥 $VOW3 €141,91 (🔽 -0,03%)
Stocks of the day:
🟩 Farfetch $FTCH €12,10 (🔼 +17,13%)
👍 Luxury goods manufacturer Richemont (Cartier, Montblanc, A. Lange & Söhne) has long been looking for partners for its online fashion retailer Yoox-Net-a-Porter and has finally found Farfetch and the investment firm Alabbar. The latter took over the majority of Yoox-Net-a-Porter.
🟥 Dell $DELL (+2,56 %) €43,25 (🔽 -10,32%)
👎 Dell reported July quarter earnings that beat Wall Street estimates, but also noted that there are growing signs that customers are becoming more cautious in a difficult economic environment. Dell lowered its outlook for the full year and the stock fell sharply in after-hours trading.
🟥 Most searched: Tesla $TSLA (-4,58 %) €292,70 (🔽 -1,35%)
🟥 Most searched: Tesla $TSLA (-4,58 %) €292,70 (🔽 -1,35%)
🟥 S&P500, 4.129,05 (🔽 -1,67%)
🟥 DAX, 13.026,46 (🔽 -1,85%)
🟥 Bitcoin ₿, €21.125,03 (🔽 -2,44%)
Time: 17:30 CEST
Fun Fact:
One of the smallest economies with its own U.S.-listed ETF is Israel. The ETF is traded under the ticker symbol $ECILC.E traded.
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