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Paytm’s Mega IPO Is Priced for Perfection [WSJ]
One97 Communications, which owns Paytm—one of India’s leading mobile payment companies—is set to go public on Thursday in the country’s largest-ever IPO…. Paytm’s offer price values the company at nearly $20 billion…. At the IPO price, Paytm is trading at 50 times last fiscal year’s revenue. PayPal is trading at 10 times.

Pandemic Stocks Have Become Passé [DealBook]
Peloton, the maker of connected exercise bikes, said yesterday that it would raise $1 billion in cash from selling stock, just weeks after it said it didn’t need more capital. The company’s stock is down more than 60 percent this year. Disappointing sales and profits as lockdowns ease have also hit pandemic-market darlings like Zoom, which is down nearly 25 percent this year. Meanwhile, the shares of companies like the gym operator Planet Fitness and the concert organizer Live Nation have risen steadily in recent months…. “The markets clearly sense the pandemic is over,” said Ben Emons of Medley Global Advisors.

Citadel’s Pablo Salame to Become Co-CIO as Yeh Departs [Bloomberg]
Salame, 55, will start in the new role on Jan. 1 and share the title with founder Ken Griffin, according to a statement from the firm Tuesday. Salame joined Citadel to lead its credit business in 2019, the same year [James] Yeh was tapped as co-CIO.
Salame was a powerhouse hire for Citadel, having been one of Wall Street’s most prominent trading executives after spending about a decade helping to run Goldman Sachs Group Inc.’s trading division….
Yeh, 55, left the company once before, in 2013, but returned four years later. When he first joined in 1993, he was one of Citadel’s first employees….

Fenway Sports Group Nearing Deal to Buy NHL’s Pittsburgh Penguins [Sportico]
The group, backed by billionaire John Henry, is acquiring the team from current owners Mario Lemieux and Ron Burkle…. The Penguins would join a Fenway portfolio that includes the Boston Red Sox, Fenway Park, English soccer club Liverpool FC and racing team Roush Fenway Racing. The entire entity was valued at more than $7 billion earlier this year, when RedBird Capital acquired a 10% minority stake.

Crypto.com buys naming rights to Lakers’ Staples Center in a $700 million deal [CNBC]
Terms of the agreement were not disclosed, but a person familiar with the deal told CNBC it was a 20-year contract worth $700 million.
That makes the deal one of the richest naming rights agreements in sports…. The Crypto.com name change will take effect on Christmas Day, as the Lakers host the Brooklyn Nets in the National Basketball Association’s annual Christmas Day games.

Miramax Sues Quentin Tarantino Over ‘Pulp Fiction’ NFT Plans [WSJ]
Miramax said Mr. Tarantino is seeking to “capitalize, unilaterally, on Miramax’s rights to ‘Pulp Fiction.’” The suit follows a cease-and-desist letter sent by Miramax last week to Mr. Tarantino that said his Pulp Fiction NFT plans were a material breach of his rights agreement with the company…. “Tarantino’s limited ‘Reserved Rights’ under the operative agreements are far too narrow for him to unilaterally produce, market, and sell the ‘Pulp Fiction’ NFTs,” the suit said.

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German court seen okaying EU bailout fund, strings attached (Reuters) Germany's Constitutional Court is expected to give its approval on Wednesday to the euro zone's new bailout fund while insisting on guarantees to safeguard German parliamentary sovereignty and limit Berlin's financial exposure. Exchanges Plot Fixes For Their Glitches (WSJ) One proposal under discussion involves implementing so-called "kill switches" between brokers and exchanges, according to people involved in the discussions. Kill switches, which are common in futures trading but not in the U.S. stock market, allow exchanges to automatically shut off customers from trading once they hit a preset limit, such as one based on the total dollar amount of the firm's trades in a set time frame. Moody's Warns On US Rating (WSJ) Moody's Investors Service, in the latest reminder of the tense fiscal negotiations looming for Congress and the White House, said it could downgrade the U.S. government's credit rating next year if steps aren't taken to tackle the rising debt. Specifically, it said if Congress repeals looming spending cuts and tax increases set to begin next year and doesn't replace them with large-scale deficit-reduction measures, the government would lose its top-notch rating. Deutsche Bank Overhaul Leaves Firm Trailing Peers on Capital (Bloomberg) Deutsche Bank plans to boost core tier 1 capital to at least 8 percent of assets weighted by risk under Basel III rules by the end of March 2013, and to more than 10 percent two years later, co-CEOs Anshu Jain and Juergen Fitschen said in Frankfurt yesterday. Its biggest competitors will reach similar levels months or years sooner, based on forecasts from the banks. Deutsche Bank is winding down assets deemed among its riskiest under rules devised to prevent a repeat of the bank rescues that followed the 2008 collapse of Lehman Brothers Holdings Inc. Jain said yesterday that while capital concerns have had an effect on the stock, tapping shareholders would be “irresponsible” without pursuing other options first. Pittsburgh professor who invented emoticons hates the little yellow icons they have become (Independent via BB) To some, an email isn't complete without the inclusion of :-) or :-(. To others, the very idea of using "emoticons" – communicative graphics – makes the blood boil and represents all that has gone wrong with the English language. Regardless of your view, as emoticons celebrate their 30th anniversary this month, it is accepted that they are here stay. Their birth can be traced to the precise minute: 11:44am on 19 September 1982. At that moment, Professor Scott Fahlman, of Carnegie Mellon University in Pittsburgh, sent an email on an online electronic bulletin board that included the first use of the sideways smiley face: "I propose the following character sequence for joke markers: :-) Read it sideways." This weekend, the professor, a computer science researcher who still works at the university, says he is amazed his smiley face took off: "This was a little bit of silliness that I tossed into a discussion about physics," he says. "It was ten minutes of my life. I expected my note might amuse a few of my friends, and that would be the end of it." But once his initial email had been sent, it wasn't long before it spread to other universities and research labs via the primitive computer networks of the day. Within months, it had gone global. Nowadays dozens of variations are available, mainly as little yellow, computer graphics. There are emoticons that wear sunglasses; some cry, while others don Santa hats. But Professor Fahlman isn't a fan. "I think they are ugly, and they ruin the challenge of trying to come up with a clever way to express emotions using standard keyboard characters. But perhaps that's just because I invented the other kind." Peregrine CEO Enters Plea Deal (WSJ) Under the agreement, Russell Wasendorf Sr. would plead guilty to charges of embezzlement and mail fraud alongside two counts of lying to government regulators, assistant U.S. attorneys said in a Cedar Rapids, Iowa, court Tuesday. The development comes more than two months after Mr. Wasendorf, founder of Peregrine and a business leader in his adopted hometown of Cedar Falls, attempted suicide outside his firm's headquarters, leaving behind what authorities called a confession detailing a yearslong scheme to defraud his investors. Facebook Taking Steps to Address Mistakes in Mobile Products (Bloomberg) “Now we are a mobile company,” Zuckerberg said in an on- stage interview at the TechCrunch Disrupt conference in San Francisco today. “Over the next three to five years I think the biggest question that is on everyone’s minds, that will determine our performance over that period, is really how well we do with mobile.” Zuckerberg, who appeared at ease while trading laughs with his interviewer, for the first time elaborated on technical struggles that have impeded Facebook from creating a user- and advertiser-friendly mobile application. The company spent too long trying to build mobile products using a programming language known as HTML5, Zuckerberg said. Navistar vs. Icahn gets ugly in Illinois (NYP) Embattled truck and diesel engine maker Navistar International yesterday poured gasoline on the fire ignited Sunday when billionaire investor Carl Icahn called the company’s board a “poster child for abysmal business decisions and poor corporate governance.” Less than a day after the billionaire investor blasted the Warrenville, Ill., company for not consulting shareholders on its new CEO hire, Navistar dismissed his complaints as “unproductive tactics of threats, attacks and disruption.” Legg Mason CEO To Step Down (WSJ) Facing pressure from activist investor Nelson Peltz's Trian Fund Management LP and battling investor outflows, Legg Mason Inc. said Chairman and Chief Executive Mark Fetting will step down Oct. 1. The Baltimore-based money manager faces a Nov. 30 deadline after which Trian, Legg Mason's largest shareholder, will be free to raise its 10.5% stake in the firm, potentially giving Mr. Peltz more influence. Man Shot Uncle To Death Over Pork Steaks (STLT) The shooting stemmed from an argument between Lowe and Cunningham over whether the cuts of meat they were planning to cook were pork steaks or pork chops, police say. Cunningham said they were pork steaks, police said. Lowe disagreed. After the argument became physical about 1 a.m. Monday, the two had to be separated by someone else in the home, police say. Cunningham went to another part of the home, grabbed a shotgun and shot Lowe, police said. Lowe died later at Barnes-Jewish Hospital. Cunningham, who was correct about the meat, was taken into custody.