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Silicon Valley Wins as SEC Allows Direct IPOs to Raise Cash [Bloomberg]
The Securities and Exchange Commission announced Tuesday that it had approved an NYSE Group Inc. plan for so-called primary direct listings. The change marks a major departure from traditional IPOs, in which companies rely on investment banks to guide their share sales and stock is allocated to institutional investors the night before it starts trading. Instead, companies will now be able to sell shares directly on the exchange to raise capital -- something that’s not been previously been allowed….
The SEC sign-off of NYSE’s plan follows months of wrangling, including a decision made earlier this year to halt consideration of the proposal at the request of the Council for Institutional Investors, a group that represents major pension funds and endowments. CII had argued that the plan eroded investor protections and might make if more difficult for shareholders to sue over material misstatements or omissions made during the IPO process.

Trump Threw the Stimulus a Curveball [DealBook]
He criticized the combining of the stimulus with a broader spending bill that would fund various government functions, and demanded that direct payments to Americans be more than doubled, to $2,000 from $600…. Mr. Trump suggested that unless the funding provisions were carved out and the direct payouts increased, he would reject the package (though he didn’t use the word veto).

Elon Musk Says He Once Approached Apple CEO About Buying Tesla [WSJ]
“During the darkest days of the Model 3 program, I reached out to Tim Cook to discuss the possibility of Apple acquiring Tesla (for 1/10 of our current value),” Mr. Musk said in a tweet Tuesday. But the Apple CEO, he said, “refused to take the meeting.”
Mr. Musk revealed the latest detail as he questioned the seriousness of Apple’s plans to bring out an electric car of its own, amid a new report the company is pushing for 2024 production.
On Twitter, Mr. Musk called the report “strange, if true.”

Englander’s Millennium Poised for Biggest Gain Since 2000 [Bloomberg]
The multi-strategy hedge fund gained 3.4% this month through Dec. 17. That brought performance for this year to 23.3%, the people said…. Hedge funds returned 5.8% through November, according to Bloomberg indexes….
In 2000, Millennium posted a 36% return on less than $2 billion of capital. Now, the hedge fund oversees $48.5 billion, the most ever. The firm is returning at least $8 billion to investors at year-end as part of its effort to create a more stable capital base.

China's Ant cuts credit limits for some young Huabei users [Reuters]
The credit limit reduction is intended to promote more “rational” spending habits among users…. Last month, regulators published a consultation paper on tightening rules for micro-lending that would require them to fund at least 30% of any loan they make jointly with banks. Only 2% of the loans Ant had facilitated as of end-June were on its own balance sheet, its IPO prospectus showed.

Nikola shares slide after deal ends for electric garbage trucks with Republic Services [CNBC]
Nikola said the decision was made after both companies “determined that the combination of the various new technologies and design concepts would result in longer than expected development time, and unexpected costs….”
“In a nutshell, this is a ‘gut punch’ for investors that were hoping this monster order was a potential paradigm changer for Nikola and reference customer going forward,” Wedbush analyst Dan Ives said in a note to investors Wednesday.

Greenwich police continue probe of deadly Riverside crash [Greenwich Time]
A comprehensive review of the death of Devon Dalio, 42, of New York City, remained ongoing, police spokesman Mark Zuccerella said in a statement Tuesday…. “Numerous witnesses have been identified, and the investigators are still in the process of completing some interviews. Evidence from the crash continues to be collected and analyzed with some results still pending,” the captain said Tuesday….
The wheels of the Audi looked to be still revolving at a high speed after the impact, making a loud noise outside the store, he said.
[Witness Reza] Asheghi speculated that something had incapacitated Dalio before the crash occurred.

We’ll be on a sporadic to non-existent schedule through Jan. 4, contemplating everything we’ve seen over the past year from under our Charlie Brown-ass Christmas tree. Have as enjoyable a set of holidays as is possible under the circumstances, and we’ll see you on the other side.


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Opening Bell: 9.26.18

Dot day!; Trump tantruming over his wall; JPM gets Lyft IPO; iPhone tombstones; and more!

(Kabir Bakie)

Holiday Bell: 7.1.22

SEC feels EPA’s pain; the “D” is for defamation; Apple’s top insider-trading cop also its top insider-trader; and more!

Holiday Bell: 12.27.12

Debt Ceiling Nears As Talks Stymied (WSJ) The Treasury Department said Wednesday the government would hit its legal borrowing limit by Monday, setting in motion emergency measures to keep the government operating for several more weeks and serving as a reminder that the nation's budget wrangling could continue well into 2013. The Treasury's financial maneuvering is designed to put off until February or March the prospect of a full-blown debt crisis. Treasury Secretary Timothy Geithner's two-paragraph letter to Congress didn't specify when the emergency measures might be exhausted, blaming the "significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013." The White House and congressional leaders have shown no signs of progress toward crafting an agreement to avoid the year-end tax increases and spending cuts known as the fiscal cliff. Rajaratnam Pays $1.45 Million Over Gupta Insider Tips (WSJ) As part of a consent agreement signed by Mr. Rajaratnam earlier this month and approved by a federal judge on Monday, he agreed to disgorge more than $1.29 million, representing his profits or losses avoided as a result of his alleged trading on Mr. Gupta's tips, and to pay prejudgment interest of $147,738. SeaWorld Files For IPO (WSJ) Though the number of shares and the price range for offering haven't been determined, the filing pegged it at up to $100 million. IBM Insider Net Expands (Reuters) Federal prosecutors charged Trent Martin, a research analyst at a Connecticut brokerage firm, with trading and tipping others before computer giant IBM’s $1.2 billion acquisition of SPSS in 2009, expanding a related insider-trading case filed last month. Martin was also charged with passing the information to others, including two stockbrokers and his roommate. The group allegedly netted more than $1 million. Shark Tank Explodes In Shanghai Mall (NYDN) Security video inside a Shanghai shopping mall captured the terrifying moment an aquarium with live sharks burst open, injuring at least 15 people and leading to the death of dozens of animals. The chaotic scene on Dec. 18 inside the Shanghai Oriental Shopping Center left many of the victims with cuts from the broken glass, while one of them suffered a broken ankle, according to the China Daily. Many of those hurt were mall employees. In addition, three lemon sharks and dozens of smaller fish and turtles were killed when the 33-ton tank exploded, sending water and glass cascading through part of the shopping center, the BBC reported. At least four people were standing right in front of the display at the time. “It was horrible, like a bomb explosion,” one mall vendor told the China Daily. “Some pedestrians were pushed (6-1/2 feet) away by the force of the water.” Officials were investigating whether low temperatures in Shanghai combined with shoddy building materials to make the shark tank — built just two years ago — suddenly rupture. This isn't the first time the display has been damaged: A broken water pipe in June led to the death of three sharks, according to reports. Mall officials have apparently had enough and told local media they don't plan to rebuild. Jobless Claims Drop as U.S. States Tally Data After Break (Bloomberg) Applications for jobless benefits decreased 12,000 to 350,000 in the week ended Dec. 22, Labor Department figures showed today. Economists forecast 360,000, according to the median estimate in a Bloomberg survey. Claims in 19 states and territories were estimated because government office closures on Dec. 24 prevented a complete count, a Labor Department spokesman said as the figures were released. France, Italy See Economic Bright Spots (WSJ) So that's nice. Gross Doubles New York Bet as California Loses Lead (Bloomberg) The $285 billion Total Return Fund, which Gross runs at Pacific Investment Management Co., boosted its New York state allocation to about a $3 billion market value in the quarter ending Sept. 30, from $1.4 billion as of June 30, according to a semiannual filing the firm released this month. It was the largest increase by amount among U.S. states. Zuckerberg's Sister Can't Keep Privacy Rules Straight (NYP) Facebook chief Mark Zuckerberg’s older sister, Randi, complained yesterday when one of her Twitter followers publicly posted a photo of the family, including her famous brother, standing in the kitchen reacting to the company’s new Poke app. “Not sure where you got this photo,” Randi tweeted in response @cschweitz. “I posted it only to friends on FB. You reposting it on Twitter is way uncool.” It turns out that not even Randi — Facebook’s former marketing director — is up to speed on the site’s often-confusing privacy settings. Her gaffe provided fodder for critics of the site, which in the past has changed its policies with little warning and to the dismay of users. “We’ve all been dealing with loss of privacy in Facebook, now she feels what we all do everyday,” one Twitter user responded. Apple CEO Cook Gets $4.17 Million Compensation, No Stock (Bloomberg) The total includes $1.36 million salary and $2.8 million in incentive plan compensation, Cupertino, California-based Apple said today in a regulatory filing. Cook’s 2011 compensation of $378 million, one of the biggest pay packages on record, was boosted by $376.2 million in stock awards that he’ll get over a decade. McDonald’s trips cost high school secretary $9,000 in fines (NYDN) Kappry Vera of the Urban Assembly School for Construction and Design in Hell’s Kitchen made more than $3,000 in personal purchases on the school credit card from August 2009 through May 2011, investigators charge. The administrator, who lives in Williamsburg, spent most of the money on fast food — including $765 on dozens of visits to McDonald’s between October 2009 and May 2011, charging the city for purchases there up to four times each day. Vera, 33, also dropped $342 at Subway and spent another $190 on Burger King in illegal uses of her city-funded credit card that was only meant for official school purchases, investigators said. Vera only halted her runaway junk-food spending after her principal noticed “questionable purchases” in the school budget and confronted her about it, investigators said. Under questioning, Vera admitted that she bought food for herself on the school card on five occasions, but she wouldn’t give investigators receipts to explain the bulk of her purchases. Programming Note: We’re on an abbreviated, vacation-esque schedule this week (opening news roundups and limited updates whenever the urge to reach out and touch you moves us). We still want to hear from you, though, so if anything happens that you think might tickle our fancy, do not hesitate to let us know.

By Gage Skidmore from Peoria, AZ, United States of America (Mike Pompeo) [CC BY-SA 2.0 ], via Wikimedia Commons

Holiday Bell: 10.8.18

Pompeo treated like a bull in a China; Tesla looking to hire Elon a daddy; Somebody is long GE; Banksy trolls the art world; and more!

Holiday Bell: 2.16.15

Greece; Apple self-driving car; HSBC sorry about tax evasion; bank hackings; "Man and woman have afternoon sex in front of shoppers after first meeting"; AND MORE.

By Gage Skidmore from Peoria, AZ, United States of America (Make America Great Again hat) [CC BY-SA 2.0], via Wikimedia Commons

Holiday Bell: 9.1.17

Introducing the MAGA ETF; subprime is back, baby; Steve Cohen is once again raising eyebrows; floating masses of fire ants are stalking the waters around Houston; millennials are killing language as we know it; and more.


Opening Bell: 8.19.20

Market immunity; Mooch loves Robinhood; Mnuchin doesn’t know; Citi’s snit; garbage company is literally garbage; and more!

By D J Shin (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

Holiday Bell: 12.30.20

Humans power piddling hedge fund returns; Dan Loeb keeps busy right ‘til the ball drops; Congress set to shatter SEC’s Supreme shackles; and more!