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Robinhood and Didi to Kick Off a Hot IPO Summer [WSJ]
From June through August, U.S.-listed IPOs could raise upward of $40 billion, some bankers estimate. That would eclipse the previous record of $32 billion over those three months, set last year…. Some bankers said they are working with more than two dozen companies that have confidentially filed for IPOs and are considering starting roadshows to pitch investors in coming weeks…. A swath of companies are on tap in the coming weeks, including Krispy Kreme and cybersecurity firm SentinelOne.

U.S. consumer prices soar again and push CPI inflation rate to 13-year high [MarketWatch]
The Federal Reserve, the nation’s inflation watchdog, insists price pressures will wane soon once the U.S. and global economies regain a more normal footing. The upsurge in inflation is mostly tied to temporary shortages that will fade away as supply catches up to demand, senior Fed officials say….
The worry among some inflation watchers is that part of the increase will get embedded in wages and prices and become harder to eradicate. The Fed would have to raise interest rates sooner than it wants and risk short-circuiting the economy in a worst-case scenario…. For now, Wall Street isn’t worrying all that much.

GameStop Doesn’t Have a Blank Check After All [WSJ]
The company said Wednesday it intends to file papers to sell up to five million shares, after selling 3.5 million shares in April…. GameStop’s stock price slid as much as 12% after hours Wednesday following the company’s results and a truncated conference call that again took no questions. AMC’s stock has fallen 21% since it announced its latest stock sale last week….
[Chairman Ryan] Cohen told shareholders Wednesday that GameStop’s turnaround will take time. He also said the company was trying to do something in retail that no one else has done before. GameStop investors seem inclined to give the company time—but not at any price.

Next-Generation GPS Firm NextNav Reaches SPAC Deal to Go Public [WSJ]
NextNav is expected to generate roughly $410 million in cash through the deal from the money held by the SPAC and a private investment in public equity, or PIPE, associated with the merger…. The deal will accelerate NextNav’s expansion of its network and capabilities, giving investors and potential customers more certainty that the company will be around for years, [Chairman Gary] Parsons said.

James Biden abandons UK energy venture after White House review [FT]
James Biden established an investment vehicle in May, with a UK corporate lawyer and two Argentine businessmen. But he ditched the plan just weeks later following a White House assessment under stringent new rules introduced by Joe Biden’s administration. The company now lies dormant…. In January, Joe Biden told the news channel CNN that his family would “not be involved in any business, any enterprise that is in conflict with or appears to be in conflict, where there’s appropriate distance from, the presidency and government”.

Following $33 Million NYC Buy, Hedge-Funder Spends $39.5 Million on North Palm Beach Mansion [WSJ]
[Igor] Tulchinsky’s agent, Ryan Serhant of Serhant, said his client is “excited to spend a significant amount of time in Florida as WorldQuant expands its global presence to include West Palm Beach and Miami….”
The resulting home, which first came on the market in 2019 asking $42 million, is a nearly 19,000-square-foot mansion in the upscale Seminole Landing area. The nine-bedroom property has elaborate coffered ceilings, dramatic entertaining spaces and murals.

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Opening Bell: 7.20.21

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Opening Bell: 7.29.21

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Opening Bell: 8.4.21

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Opening Bell: 7.30.21

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Opening Bell: 01.14.13

Goldman May Delay UK Bonuses Until Top Tax Rate Falls (Reuters) Goldman Sachs is considering delaying bonus payments in the U.K. until after April 6, when the top rate of income tax in the country will drop to 45 percent, from 50 percent, a person familiar with the bank's operations said on Sunday. The strategy relates to bonuses that were deferred from 2009, 2010 and 2011, the person said. The Financial Times reported the news earlier today. JPMorgan Said to Weigh Disclosing Whale Report Faulting Dimon (Bloomberg) JPMorgan's board will consider releasing an internal report this week that faults Chief Executive Officer Jamie Dimon’s oversight of a division that lost more than $6.2 billion on botched trades, said two people with direct knowledge of the matter. The final report, which builds on a preliminary analysis released in July, is critical of senior managers including Dimon, 56, former Chief Financial Officer Doug Braunstein, 51, and ex-Chief Investment Officer Ina Drew, 56, for inadequately supervising traders in a U.K. unit that amassed an illiquid position in credit derivatives last year, the people said. The report, which isn’t complete, will be presented to the board when it meets tomorrow. The directors will then vote on whether to disclose it when the bank announces fourth-quarter results the following day, said the people, who asked not to be named because the report isn’t yet public. Morgan Stanley to trim Dubai staff amid global cuts (Reuters) "The Dubai cuts are part of the bank's global plan. Obviously, the bank is trying to focus on growth opportunities in the region and there has been little growth on the equities side barring Saudi," one of the sources said, speaking on condition of anonymity as the matter has not been made public. Morgan Stanley's equities business will now focus on Saudi Arabia, the source said, adding that planned cuts at other divisions in the Middle East were minimal. Hedge-Fund Leverage Rises to Most Since 2004 in New Year (Bloomberg) The rising use of borrowed money shows that everyone from the biggest firms to individuals is willing to take more risks after missing the rewards of the bull market that began in 2009. While leverage means bigger losses should stocks decline, investors are betting that record earnings and valuations 9.8 percent below the six-decade average will help push the Standard & Poor’s 500 Index toward the record it set in October 2007. “The first step of increasing risk is just going long, the second part of that is levering up in order to go longer,” James Dunigan, who helps oversee $112 billion as chief investment officer in Philadelphia for PNC Wealth Management, said in a Jan. 8 telephone interview. “Leverage increasing in the hedge-fund area suggests they’re now getting on board.” Goldman: Insurer Knew Paulson Was 'Shorting' (WSJ) Goldman Sachs on Friday fired back at a bond insurer suing it over a soured mortgage-linked deal, arguing in a court filing that ACA Financial Guaranty Corp. "cherry-picked" evidence to bolster its case. ACA in 2011 filed suit against Goldman in New York State Court, alleging Goldman misled it about a 2007 mortgage deal. ACA alleges that Goldman told it that one of Goldman's hedge-fund clients, Paulson & Co., was betting on the deal, when in fact Paulson was betting against it, according to an amended complaint the insurer is seeking to file. Had ACA known Paulson's true position, it never would have insured the deal, according to the amended complaint. Goldman countered in the Friday filing that ACA insured the deal knowing Paulson was betting against residential mortgage-backed securities at the time. ACA analyzed and chose the investments in the deal and should have been alerted by various "red flags" that Paulson wasn't betting on the investment, according to the filing. Primate found to be addicted to porn (NYDN) Gina, a resident of the Seville Zoo in Spain, chose to solely watch adult entertainment channels when a television and remote control was placed in her enclosure. Primatologist Pablo Herreros, writing in Spanish newspaper El Mundo, claimed he made the discovery some years ago on a tour of the nation's chimpanzee enclosures. During his research trip he conducted surveys on the behavior of the animals. Herreros wrote, “What I could never imagine were the surprises prepared for me by a female of this species called Gina who inhabited Seville Zoo.” To enliven Gina's nights, officials apparently decided to install a television, protected behind glass, and gave her a remote control so she could change the channels herself. And enliven herself she did. “The surprise was when they found that within a few days, Gina was not only using the remote control perfectly well, but that she also used to choose the porn channel for entertainment, as many of us would have done, ” Herreros wrote. “Although a small study estimated that porn films are only watched for about 12 minutes on average, the truth is that human and non-human primates possess an intense sexual life.” AIG Sues New York Fed... To Secure Right To Sue Bank Of America (Reuters) American International Group Inc has filed a lawsuit against a vehicle created by the Federal Reserve Bank of New York to help bail out the insurer, in a bid to preserve its right to sue Bank of America Corp and other issuers of mortgage debt that went sour. The complaint filed in the New York State Supreme Court in Manhattan seeks a declaration that AIG has not transferred billions of dollars of "litigation claims" to Maiden Lane II, including many related to the insurer's $10 billion lawsuit against Bank of America. UK court approves ex-Credit Suisse trader's extradition to U.S. (Reuters) A British court on Monday approved the extradition of a former Credit Suisse trader to the United States, where he is wanted over a $540-million fraud dating back to the subprime mortgage crisis. The case of Kareem Serageldin will now be sent to Home Secretary Theresa May, the interior minister, who under British law has the final say over extraditions to the United States. She is expected to give the green light for the transfer to take place. Serageldin, 39, the Swiss bank's former global head of structured credit, is accused of artificially inflating the prices of mortgage-backed bonds between August 2007 and February 2008, when their real value was plummeting. Equities Bear Brunt of Wall Street Job Cuts on Volume (Bloomberg) Employees on stocks desks fell by 8.5 percent globally in the first nine months of last year, according to a survey by Coalition Ltd., an industry analytics firm. That compares with a 6.6 percent drop in fixed-income workers and a 5.8 percent decrease for origination and advisory functions, the data show. Banks Find Promise Unfulfilled in China Forays (WSJ) Global firms sold about US$44 billion worth of shares in Asian financial institutions in 2012 to institutional investors or other strategic buyers, up from US$32.7 billion in 2011, according to data provider Dealogic. The retreat is gathering pace as a host of new regulations, including the so-called Basel III capital rules, make holding minority stakes in financial institutions more expensive. Thousands Participate In Annual No Pants Subway Ride (CBS) Organizers arranged that starting at 3 p.m., people got on trains at six different stops across the city, took off their pants and put them into their backpack. Participants then acted as if everything was completely normal as they rode on to Union Square. Participants are asked to don typical winter wear such as coats, hats and gloves and act as if they don’t know other pantsless riders, according to organizers. The group said it was just all in good fun. “People are willing to give basically their Sunday afternoon to take off their pants; to do something silly and fun, and you know, a good time,” one participant said. “It makes you feel invincible; superior, because nobody else has any idea what’s going on,” another said. There were no-pants subway rides in dozens of cities in 17 countries Sunday. In New York City, participants were happy it was rather warm. In prior years, the cold has bummed them out.

frontier airlines

Opening Bell: 4.1.21

SPAC-up; lamentable listings; Trump cards; and more!