Effects of ‘Brexit’ Vote to Span Markets, Politics (WSJ)
The ramifications of the U.K.’s referendum Thursday on European Union membership will spill through Britain’s politics, Europe’s brittle economy and the world’s restive financial markets. A frenzy of recent polls has ping-ponged a tiny lead between the Remain and Leave camps—two points here, three points there, a point here. The last volley of polls Wednesday gave a mixed verdict—some for Leave but one with an eight-point edge for Remain. Betting markets, bookies and traders still lean toward Remain...The Leave camp believes an exit would benefit Britain in the long term. But investors, economists and analysts say in the short term it would take the world’s stocks, bonds and currencies—especially the British pound—on a wild ride. They are braced for changes to the price of gold, to the Swiss franc, to Japanese monetary policy.
Some GOP Business Leaders Are Backing Clinton (WSJ)
More than 50 business executives, including several longtime Republicans, will endorse Hillary Clinton for president on Thursday as her campaign seeks to capitalize on discomfort with Republican Donald Trump.
They include Jim Cicconi, senior executive vice president at AT&T Inc., and Dan Akerson, who held top positions at General Motors Co. and Nextel Communications Inc...The list of business leaders backing her includes several who have supported Democrats in the past, including Eric Schmidt of Alphabet Inc., Sheryl Sandberg of Facebook Inc., and Warren Buffett of Berkshire-Hathaway, Inc. Others endorsing the former secretary of state include Hollywood-turned-internet executive Barry Diller of IAC/InterActiveCorp; Hollywood executive Peter Chernin, of The Chernin Group; Wendell Weeks of Corning Inc.; Reed Hastings of Netflix Inc.; and Rob Marcus of Time Warner Inc.
Twilio IPO Signals Optimism for Tech (WSJ)
Twilio Inc. raised more than it expected in its initial public offering, an optimistic sign for the dozens of other technology companies that have been valued at more than $1 billion in private fundraising. The San Francisco company’s IPO priced at $15 each, raising $150 million by selling 10 million shares, the company said in a release late Wednesday. The offering comes during a tough patch for younger, private technology companies as some of their valuations in private fundraising rounds have fallen in recent months. It also comes as U.S.-listed IPOs are on track for their worst year since the financial crisis.
Tesla Deal Worries Investors (WSJ)
Tesla shares plunged by more than 10% on Wednesday, a day after it proposed an all-stock deal valuing the solar-power company at up to $2.8 billion. Both firms are unprofitable, and SolarCity lost more than 60% of its value over the past 12 months. Its shares closed 3.3% higher. “We are not happy with the offer,” said Sam Korus, an analyst with ARK Investment Management LLC, which holds 75,000 shares of Tesla in three different funds and has often been bullish on the company. He said his firm would likely vote against the offer.
Chanos: ‘Brazen' SolarCity deal is ‘corporate governance at its worst’ (CNBC)
High-profile investment manager Jim Chanos blasted Tesla Motors' proposed acquisition of SolarCity on Wednesday, telling CNBC that the "brazen Tesla bailout of SolarCity" is a "shameful example of corporate governance at its worst." ... "And if you don't want to believe me, consider this: The combined market drop in the value of both companies is more than the equity value of the deal itself — which means that Tesla shareholders think SolarCity shares are essentially worthless," Chanos said. "Finally, it is hard for me to believe that this deal was not being contemplated when Tesla, and Mr. (Elon) Musk himself, sold shares just a few weeks ago."
NASA Engineer Builds World’s Largest Nerf Gun (HP)
Regular Nerf darts are too small for Rober’s ginormous Nerf gun so he makes his own using plungers and pool noodles. The gun is powered by a paintball canister capable of shooting 3,000-pounds-per-square-inch. That’s a little too powerful for Rober’s needs so he’s modified the gun so each blast of air pressure that fills the gun can shoot off five shots before it needs a refill. The darts shoot out of the gun at around 40 mph and can travel nearly 400 feet.
UBS Gives IRS Records on U.S. Citizen’s Account in Singapore (Bloomberg)
UBS Group AG has ended a legal fight with the Internal Revenue Service, agreeing to hand over records on an American client’s account in Singapore as U.S. authorities seek to move beyond Switzerland in their fight against offshore tax evasion. The case involves Ching-Ye Hsiaw, a U.S. citizen living in China who had an account in Singapore from 2001 to 2011. On Feb. 23, the IRS filed a petition asking a federal judge in Miami to force UBS, the largest Swiss bank, to produce account records on Hsiaw. The IRS said it needed the records to determine Hsiaw’s income tax liabilities from 2006 to 2011.
Burger King Jumps Into Snack-Brand Hybrids With Mac ’n Cheetos (Bloomberg)
Burger King, the restaurant chain backed by 3G Capital and Warren Buffett, will begin selling deep-fried sticks of macaroni and cheese encrusted in Cheetos-flavored breading, part of a trend toward blending fast food with well-known snack brands.
Saudi Prince Ends Silicon Valley Tour at Facebook Before UN Trip (Bloomberg)
In the second week of a U.S. trip aimed at improving ties with government officials and drumming up investment, Prince Mohammed Bin Salman met Zuckerberg for the first time. Photos released by the prince’s office showed him wearing jeans and a blazer while touring the Menlo Park, California, campus with Zuckerberg and trying on an Oculus Rift virtual-reality headset.
University administrator wears 'bee beard' to raise money for research center (UPI)
A Washington State University provost allowed thousands of bees to crawl on his face in the shape of a beard to raise awareness about honey bee health. Provost Dan Bernardo and the president of Fungi Perfecti, Paul Stamets, volunteered to wear a "beard" made of bees in hopes of raising funds for a new Honey Bee and Pollinator Research Center at the university. Bernardo remained calm throughout the stunt and told WSU News that he had complete confidence in the staff on hand. "Initially, there's this scratchiness, sort of moving sensation," he said. "It's very noisy, maybe a little nerve-wracking. But I wasn't nervous. We had paramedics and every bee expert within 1,000 miles here, so I figured I was in good hands."