As we thought, stocks rallied on Monday thanks to Moderna’s news of promising results for its Covid-19 vaccine, with the Dow and S&P 500 hitting new record highs - NYTimes and WSJ and Bloomberg and MarketWatch
Airbnb pulled back the financial curtain yesterday in a filing associated with its plans for a forthcoming IPO. The data shows that “the home-sharing giant turned a profit in the third quarter after the coronavirus pandemic forced it to overhaul its business and shed costs.” The company is aiming for a valuation of nearly $30 billion through its offering - WSJ and Bloomberg and MarketWatch and NYTimes
Goldman Sachs’ co-head of investment-banking, the “almost impossibly well-liked” Gregg Lemkau, is decamping after nearly 30 years at the firm to assume the CEO position at MSD partners, “the investment firm started by technology tycoon Michael Dell” - WSJ and NYTimes
News Corp, the media conglomerate run by the Murdoch family, is in the running to add venerable publisher Simon & Schuster to its stable of outlets. ViacomCBS announced earlier this year that it was putting S&S up for sale. Penguin Random House is also in the mix, and at least one offer has already exceeded $1.7 billion—“far above the minimum ViacomCBS had set” - NYTimes
After 4 years of tariffs, bluster, and ultimately, a preliminary agreement on a path forward, the incoming Biden administration will have a lot to sort out (including all kinds of “unfinished business”) as it charts a strategic approach to China - NYTimes
In an effort to “beef up its ability to distribute industrial products amid the pandemic,” Home Depot announced on Monday that it will pay roughly $8.7 billion to bring HD Supply Holdings Inc.—a former subsidiary—back into the fold after spinning it off to a PE firm in 2007 - WSJ and PRNewswire
Joy of joys, the Zuck and Jack show is back - NYTimes and Bloomberg
C.D. Cal. Federal Judge Otis Wright has, for now, dismissed a putative class action “alleging Wells Fargo, JPMorgan Chase, Bank of America and other big banks owe agents filing fees for helping businesses secure loans under the federal Paycheck Protection Program.” The dismissal, however, was without prejudice, and the agents have 21 days in which to amend – Law360
Chinese tech biggie Baidu Inc—once the “runaway leader in desktop search”—has agreed to buy “Joyy Inc.’s livestreaming business for China, a deal that will mark the search engine giant’s biggest foray into the fastest-growing arena of digital video” - Bloomberg
How about this for a stamp of old-school approval: Tesla’s joining the S&P 500 index starting in late December and following “five consecutive quarters of net profit” - WSJ and Bloomberg
Southwest airlines—long a predator looking to take “advantage of the carnage” around it—is adding new cities to its network and announcing plans for 6 more in the coming year in an effort to put Saul Alinsky’s adage “never let a crisis go to waste” into practice and emerge from the wreckage of the Covid-downed airline industry stronger than ever - WSJ
Despite months of pushback, controversial nominee Judy Shelton is still in the mix for a position on the Federal Reserve Board. Several key GOP defections, however, including Monday’s from Tennessee Senator Lamar Alexander, may throw a final wrench in the confirmation vote scheduled for this week after a delay of more than a year - Bloomberg and NYTimes
Parents of little chippers likely recognize Mo Willems’ name, his characters (including the Pigeon and Elephant & Piggie), and his sanity-saving “Lunch Doodles” series that emerged during the spring lockdown. And he recognizes us, too, even if he’s decidedly not on our side - NYTimes
Stay safe,
MDR
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