Bumble hit markets on Thursday with considerable buzz, and markets validated that love, with company shares opening a mind-boggling $33 above its already-increased offering price. That surge helped value the dating app at $14 billion and mint a new self-made billionaire in the process - WSJ and Bloomberg and MarketWatch
A coming White House executive order will look to address the microchip shortage that is “hurting U.S. auto makers and other industries” through action aimed at freeing up “supply-chain choke points” - WSJ and Bloomberg
Another quarter, another set of gangbuster results for Disney+, which added 21.2 million subscribers in fiscal Q1 and helped the Big Mouse eke out a profit despite yet another disastrous stretch for its legacy businesses - WSJ and MarketWatch
Royal Dutch Shell made the bold proclamation this week that its “total oil production peaked in 2019” and was “now likely to gradually decline.” The acknowledgment—“part of the small print of a presentation about future clean-energy goals”—marks something of a “turning point for one of the world’s leading oil firms” as it considers its future in the energy production field - NYTimes
The CBO released new forecasts yesterday projecting a federal budget deficit of $2.3 trillion for FY 2021, an “amount slightly lower than the $3 trillion level it topped last year but still the second-highest deficit since World War II.” Still, the CBO’s updated figure shows “an improving fiscal picture for the government” than expected just months ago thanks to an economy “recovering faster than” once thought - NYTimes and Bloomberg
Credit Suisse will pay $600 million to fully resolve MBIA Insurance Corp.’s claims over “mortgage securities that collapsed in the 2008 financial crisis.” The agreement comes after a “post-trial court decision that ordered the Swiss bank to pay about $604 million in damages” and eliminates the expense and uncertainty of the appeals process - Bloomberg
In the latest sign of cryptos going mainstream, America’s oldest bank—BNY Mellon, complete with its Hamiltonian roots—has announced plans to “hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset-management clients” - WSJ and Bloomberg
Bloomberg News is laying off upwards of 100 employees globally as part of a newsroom restructuring that will eventually see the company hiring new staff “in priority areas like data journalism” - NYTimes
Federal authorities, including the DOJ’s fraud section, have opened probes into “whether market manipulation or other types of misconduct fueled the rapid rise last month in prices of stocks such as GameStop Cor. And AMC Entertainment Holdings Inc.” Prosecutors have reportedly already subpoenaed information from brokers like Robinhood as part of their inquiry - WSJ
Canadian aircraft manufacturer Bombardier will cease production of its Learjet line this year, marking the end of an era in “luxury private flight” - NYTimes
Your Hearts Day movie slate, for lovers and haters alike. Good luck - NYTimes
Stay safe, and have a good long weekend. We’ll see you back here Tuesday.
MDR
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