Grills Are the Latest Fad in a Scorching IPO Market [WSJ]
Two leading sellers of outdoor grills and grilling accessories, Weber and Traeger, both filed paperwork for initial public offerings earlier this month, while online grilling-and-outdoor-products retailer BBQGuys on Tuesday agreed to go public by combining with a special-purpose acquisition company…. All three of the companies have been around for a long time but are seeking to cash in on sudden excitement fueled by the coronavirus pandemic. Weber, Traeger and BBQGuys each reported a recent sales surge as more consumers refurbished their backyards and became barbecue enthusiasts, tapping into one of the stay-at-home themes that have dictated much of the stock market’s performance in the past 15 months.
‘Don’t want to get vaccinated, leave’ — hedge fund founder mandates Covid shots in his office [CNBC]
“We’re a private company. If somebody wants to fight me over the vaccine mandate, that’s fine. Let’s take it to the court,” [Anthony] Scaramucci said on “Squawk Box,” while imploring other firms to follow suit…. “I don’t like the totalitarian nonsense. It’s not about that. This is about once in a while we have to team up as a society to protect each other,” Scaramucci said. “If we all get vaccinated, we’re going to be out into society faster and the economy is going to grow faster, and there will be more jobs and more income.”
AMC Stock Cult Tries to Raise Capital in Decidedly Apish Fashion [Yahoo! Finance via Bloomberg]
Airborne messages pumping shares of AMC Entertainment Holdings Inc. -- similar to the banner planes that alert parched Jersey Shore tourists to where they can find a $2 Corona Light -- have become a top tool of choice for the retail army that is marching in formation for this cult stock. Pilots don’t come cheap, so the self-described “apes” of the AMC message boards are looking for handouts to help the effort: $4,250 for a flight over Canada; $550 to hoist “AMC TO THE MOON HODL” above North Carolina; $3,000 to fly a similar message above Wall Street; 5,000 pounds so that the British Parliament gets the word. And so on.
Hedge funds back away from Binance after regulatory assault [FT]
Crypto specialist Tyr Capital said it had “significantly decreased its exposure” to the group, one of the world’s biggest crypto companies, while fellow hedge fund ARK36 said it was also reducing its activity on the venue after “what feels like an orchestrated regulatory attack”.
The pullback indicates that while regulators often struggle to stop crypto exchanges from conducting unauthorised business in their jurisdictions, they can still have a chilling effect.
Lucid Motors and Churchill Capital Corp IV Close Business Combination [press release]
Lucid's common stock will begin trading on Nasdaq on July 26, 2021 under the ticker symbol "LCID…." The transaction includes approximately $4.4 billion in growth capital as Lucid brings the groundbreaking Lucid Air luxury electric sedan to market and expands….
The Great Deflation: Wells Fargo Grounds Its Stagecoach Balloon [WSJ]
The red-and-yellow tangle of fabric—weighing in at 1,445 pounds—was slow to lift off and land, but it always turned heads at the Albuquerque International Balloon Fiesta…. But the floating stagecoach will be missing from this year’s festival in October for the first time since its maiden voyage roughly 20 years ago. Instead, portions of it are in a warehouse in town, waiting to be recycled into parts for other hot air balloons….
But Wells Fargo is now five years into an effort to move past its bruising fake-accounts scandal and it is rebranding for modern times. The stagecoach has been a-rolling into town less often. And the Wells Fargo balloon has floated for the last time.