Recent IPOs are facing fresh scrutiny from investors concerned about the collapse of SVB Financial Group, which was a leading bank for startups. “They’re all scrambling to find a new lender,” said Erik Gordon, professor at the University of Michigan’s Ross School of Business. “For a lot of the companies that are smaller and unknown, they are going to have to get a new bank comfortable with them as a client — a client that may have negative cash flow is not usually the most desirable.”
Traders have been contacting sell-side analysts with questions about the situation’s impact on 2021 IPOs in particular, Wells Fargo’s Michael Turrin wrote in a note on Monday. While 2021 is the latest year of meaningful IPO activity, all recent listings are subject to the same scrutiny, Gordon said.
It’s just the latest blow to a group of stocks that’s trading 42% below their offering prices on average, according to data compiled by Bloomberg. This poor performance spills over into their ability to raise capital because corporate boards are less inclined to sell shares at such depressed valuations.
SVB grew so quickly in part by catering to the types of startups that were too small or unprofitable to work with larger banks, Gordon added. For that reason, the uncertainty surrounding companies that recently went public is poised to linger even as regulators backstop deposits, Turrin wrote. “While we aren’t seeing evidence of any meaningful balance sheet/liquidity risk tied to SVB exposure, we do note some of these companies are potentially more vulnerable given smaller scale, lesser cash balances and challenged share performance since going public,” he wrote. The most notable examples from Wells Fargo’s coverage universe are platform makers Blend Labs Inc. and WalkMe Ltd, the note adds.
However, Blend spokesperson Bryan Michaleski questioned the accuracy of that call. “Blend does not have any affiliation with or direct exposure to SVB,” he said in an interview. “Blend works with a diversified network of banking partners to ensure that our business remains resilient.” Blend has lost 5.4% since SVB’s announcement on Wednesday evening, underperforming the Nasdaq Composite Index. Its shares are down more than 90% from the July 2021 IPO price. President Tim Mayopoulos was named as chief of the bridge bank that will serve SVB depositors, regulators announced on Monday. In a statement on Saturday, WalkMe said a small portion of its cash is held with Silicon Valley Bank but that exposure is not material. WalkMe is down about 70% from its June 2021 IPO price, including a 13% selloff since Wednesday night. The company didn’t respond to a request for additional comment on Monday.
Weakness among 2021 IPOs was a main driver behind a historic slowdown in new listings last year. New stocks underperformed the broader market during its selloff as higher interest rates weighed on growth stories. Its failure is a result of something much bigger and could signal the start of a broader cycle of delinquency, default and bankruptcy.
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I did not expect Angela Bassett to win an Oscar for her role in Black Panther: Wakanda Forever. Her career is full of performances that have touched me personally, and the range of roles, from Tina Turner in What’s Love Got to Do With It to Queen Ramonda in Black Panther, has been extraordinary. But I have always been aware that the Academy rarely rewards Black actors for their work.
When Jamie Lee Curtis was announced as Best Supporting Actress for her role in Everything Everywhere All at Once last night, Bassett’s reaction to losing was not particularly noticeable. She did not clap, nor did she weep. Instead a small sad smile flickered briefly across her face. An awards season so soon after the loss of dear friends, including her co-star Chadwick Boseman, must have felt deeply bittersweet, and after months on the awards circuit, she knew going in that the deck was stacked against her. Still, like any of us, she likely dared to hope, dared to dream of being recognized and rewarded for her talent, for her work, for the sheer cultural impact she has had.
For many of us watching at home, her reaction was simply human. You see her absorb in real time what was perhaps almost a foregone conclusion for a Black actress, even one at her level. An Academy voter data analysis in 2014 that led in part to the viral hashtag #OscarsSoWhite by April Reign in 2015 laid bare just how much the voting was influenced by race and gender. Oscar winners were overwhelmingly white and male because the voters for the awards were overwhelmingly white and male.
Even now, after attempts to expand Academy membership, 81% of voters identify as white and 67% as male, and they tend to take an interest in people like them. You see this reflected in the anonymous ballots that circulate before the awards as Academy voters glibly acknowledge that they didn’t bother to watch the performances of Black actors.
The history of public racism at the Oscars dates back to Hattie McDaniel, the first Black person to win an Oscar, being seated at a segregated table the year that she won for Best Supporting Actress. Progress has removed segregation in seating but not much else. After all, since awards were first handed out in 1929, only 22 Black actors have won, though many more including Bassett have been nominated over the decades.
To be Black in America is to be told early and often that you must work twice as hard to get half as far. For a Black American woman in the arts, that metric is closer to four times as it’s hard to simply stay afloat, never mind to succeed. This makes Ruth Carter’s history-making second win for costume design all the more noteworthy. It must have taken a Herculean effort for Bassett to carve out this space, to hold it and try to expand the road that McDaniel opened all those years ago. And to not be enough for reasons that are out of her control? It must be maddening.
Today, I can’t help but wonder if people asking why she didn’t seem more enthusiastic for Curtis know that, in expecting her to clap through her pain rather than feel it, they are relying on social expectations set during Jim Crow that Black people be agreeable and non-challenging in public.
As we have seen with everyone from Michelle Obama to Supreme Court Justice Ketanji Brown Jackson to Viola Davis, successful Black women are expected to be warm and cheerfully gracious, no matter the offense. They are expected to “understand” instead of feel. It is dehumanization dressed up as civility. The real problem is not that Bassett did not cheer wildly. It’s that she and so many others are expected to pretend that the Academy is voting based on merit and not race and gender.
When Michael B. Jordan and Jonathan Majors presented an award not long after Bassett’s loss, they acknowledged her from the stage. “Hey auntie,” they said. “We love you.” It was a lovely moment, a nod to what she means to so many of us, and especially young Black actors who have watched her career as they built theirs. But still, she deserves an Oscar.
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HSBC Holdings Plc, the new owner of Silicon Valley Bank’s UK unit, is planning to inject £2 billion ($2.4 billion) of liquidity into the division. Chief Executive Officer Noel Quinn and Ian Stuart, the head of HSBC UK, told London tech investors on a call Monday that the bank would commit billions of pounds to ensure that business-as-usual continued at SVB UK. A spokesperson for the bank confirmed the amount.
HSBC’s UK-based ring-fenced subsidiary bought the unit for £1 on Monday, according to a statement. It said the deal will be funded from existing resources. Quinn described the acquisition as making “strategic sense” and would improve the bank’s standing in the technology and life-sciences sectors.
Quinn and Stuart indicated on the call that there wouldn’t be major changes to how SVB UK is run, according to Suzanne Ashman, general partner at LocalGlobe, a London-based venture investment firm. “We were hugely reassured,” she said. “They don’t want to lose the DNA of what they bought.” The bank didn’t clarify whether it would run its new acquisition as a standalone division or keep the SVB brand. The unit had loans of around £5.5 billion ($6.7 billion) and deposits of around £6.7 billion as of March 10, according to HSBC’s statement.
Drake is going on a North American tour for the first time in five years, and he's taking 21 Savage along for the ride.
The duo behind chart-topping single "Rich Flex," which debuted in the top slot of Billboard's Global 200 chart, will perform a 29-date arena tour this summer. The It's All A Blur Tour includes stops across the U.S. and Canada kicking off on June 16 in New Orleans and wrapping up in Glendale, Arizona, on Sept. 5.
The last time Drake, 36, went on tour was half a decade ago for the Aubrey & the Three Migos Tour in 2018.
During his break from the road, the rapper put out a number of studio albums including "Her Loss" with 21 Savage, along with a smattering of other releases. The tour's name is a nod to Drake's work over the last five years, according to a Monday release.
The announcement delivers on a tease from Drake made during his January performance at the Apollo Theater in Harlem while thanking fans. "I'll be out and about on the road this year, so I hope to see a lot of the same faces," he said at the time.
The Canadian rapper took to Instagram to announce the tour Monday with a montage-style video on Instagram. "IT’S ALL A BLUR TOUR with @21savage," he wrote. "Dates now live on DrakeRelated.com click the link in bio for more information and details for your location."
Tickets will go on presale Wednesday with a general sale opening Friday.
On Thursday, Sprite, which is sponsoring the tour, will offer some pre-sale tickets starting Thursday at noon local time and ending at 10 p.m. local time. Ticket-seekers can sign up for emails and watch for updates on Sprite.com to gain presale access.
Additional shows, including a Toronto show, will be announced at a later date, according to the release.
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Drake has just announced his upcoming North American tour, which will feature 21 Savage as a special guest. The tour, called “It’s All a Blur,” will include 29 arena shows across the United States and Canada this summer, with stops in major cities such as New York, Los Angeles, and Chicago.
The tour is in support of Drake and 21 Savage’s highly anticipated 2022 album, “Her Loss.” It will kick off in New Orleans in June and wrap up in Toronto in September.
The tour will include two Canadian stops, in Montreal on July 14 and Vancouver on August 28. Live Nation has announced that additional dates, including another stop in Drake’s hometown of Toronto, will be announced at a later date.
Notably, this is Drake’s first tour in five years, since the “Aubrey and the Three Migos” tour in 2018.
Ticket presales for the “It’s All a Blur” tour will start on March 15, with the general sale beginning on March 17. Drake has been known to sell out quickly, so fans are encouraged to act fast to secure their tickets.
The “It’s All a Blur” tour promises to be one of the biggest and most highly anticipated tours of the summer, with two of the biggest names in hip-hop coming together for an unforgettable live experience.
Drake and 21 Savage have been making waves in the music industry for years, and their collaboration on “Her Loss” has been highly praised by fans and critics alike.
If you’re a fan of Drake and 21 Savage, don’t miss your chance to see them live on the “It’s All a Blur” tour. With a mix of old favorites and new hits, this is sure to be a show you won’t forget.
Dow Jones futures were higher ahead of Tuesday's open, as the banking crisis continues to escalate, with two large bank failures in recent days — SVB Financial (SIVB) and Signature Bank (SBNY). Meanwhile, Schwab stock plunged 11% Monday on growing liquidity fears, while Tesla shares climbed after the company ramped up hiring at its Gigafactory in Texas. And GitLab crumbled 36% late on earnings.
The SPDR S&P Regional Banking ETF (KRE) dived more than 12% Monday, even after cutting some losses. That's on top of the 16% loss it had last week.
Regional bank First Republic (FRC) crashed nearly 62%. KeyCorp (KEY) dived 27.3%. And Western Alliance (WAL) crumbled 47%.
Charles Schwab (SCHW) plunged on fears that the largest U.S. brokerage will need to sell some of its bond holdings to cover deposit withdrawals. Schwab stock's drop at its worst point on the day would be the largest percentage decrease on record (based on data that goes back to Sept. 23, 1987), according to Dow Jones.
Major U.S. banks weren't spared from the selling either, with Bank of America (BAC), JPMorgan Chase (JPM) and Wells Fargo (WFC) falling 5.8%, 1.8% and 7.1%, respectively.
On the economic front, eyes will be on the consumer price index on Tuesday. The CPI is expected to rise 0.4%, both overall and excluding food and energy. That would bring the headline CPI inflation rate down to 6% from 6.1% in January, with the core inflation rate easing to 5.5% from 5.6%.
Wall Street suddenly sees a solid chance that the Federal Reserve will pause its rate-hiking campaign at next week's meeting as the failure of three banks stokes concern about broader financial-sector stress.
Half-point moves are now off the table — just a week after Fed chair Jerome Powell signaled that policymakers were ready to reaccelerate rate hikes at next week's meeting from February's quarter-point pace.
Now a sharp dive in Treasury yields is signaling sudden doubts about the strength of the economy. Even if the Fed doesn't pause next week, markets are betting that rate cuts are around the corner.
On the earnings front, GitLab (GTLB) toppled 36% in extended trade after the company's weaker-than-expected revenue guidance.
Earnings continue trickling out at the tail end of the season this week. Among them are Academy Sports & Outdoors (ASO), Adobe (ADBE), Dollar General (DG), FedEx (FDX), Five Below (FIVE) and Lennar (LEN).
On Monday, the Dow Jones Industrial Average fell 0.3%, and the S&P 500 lost 0.15%. The tech-heavy Nasdaq composite climbed 0.45% in a day of volatile trading.
Electric-vehicle giant Tesla (TSLA) traded up 0.6% Monday. Among Dow Jones stocks, Apple (AAPL) rose 1.3% and Microsoft (MSFT) climbed 2.1% in today's stock market action.
Social media giant Meta Platforms (META), IBD Leaderboard watchlist stock Palo Alto Networks (PANW) and New Relic (NEWR) — as well as Dow Jones stocks Nike (NKE) and Salesforce (CRM) — are among the top stocks to watch in the new stock market correction.
Palo Alto is an IBD Leaderboard watchlist stock. New Relic was recently an IBD Stock Of The Day. And Nike was featured in this week's Stocks Near A Buy Zone column.
Ahead of Tuesday's opening bell, Dow Jones futures rose 0.3%, and S&P 500 futures moved up 0.2%. Nasdaq 100 futures were up 0.2% vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
The 10-year U.S. Treasury yield dived to 3.51% Monday, as safe haven trade drove bonds sharply higher following the SVB collapse. Oil prices sold off Monday after Friday's brief bounce. West Texas Intermediate futures slid nearly 3%, trading below $75 a barrel.
IBD's latest newsletter, MarketDiem, gives you actionable ideas for stocks, options and crypto right in your inbox.
Now is an important time to read IBD's The Big Picture column with the stock market trend back in a "market in correction" after sharp losses in recent sessions.
Friday's Big Picture column commented, "IBD changed its market outlook to 'uptrend under pressure' Thursday. And after Friday's sell-off we've cut our outlook further, to 'market in correction.' This requires investors to avoid any stock purchases and pivot to defensive trading, such as taking profits and cutting losses short."
Since bottoming on Oct. 3, Nike shares have rallied as much as 59% to their recent high at 131.31. Now the stock is consolidating within a flat base that offers a 131.41 buy point, according to IBD MarketSmith pattern recognition.
Amid recent weakness, the stock is below its 50-day moving average, a key benchmark. A decisive retake would be bullish for the base-building prospects, carving the right side of the pattern. The relative strength line is also holding up well during the rapidly-developing stock market correction.
In recent weeks, Dow Jones leader Salesforce showed big upside strength after strong fourth-quarter results. But those gains have mostly disappeared amid the recent market weakness, and now the stock is back below a 178.94 cup-with-handle entry. Still, the stock's recent strength is a reason to monitor the software leader in the coming sessions.
Facebook-parent Meta Platforms is quietly building a flat base with a 197.26 buy point following an earnings-fueled price surge in February. Shares are about 8% away from the latest buy point, as they rose 0.8% Monday.
Back story: Like social media rivals, Meta is struggling due to a sharp reduction in advertising revenue as clients squirm over macroeconomic concerns, recession fears and higher interest rates. This is happening as it spends billions on a risky bet to build the "metaverse," a virtual reality world that has yet to take hold.
Mescal walked the champagne carpet with movie-star magnetism. It was his first Oscars, though surely not his last. He didn't know if he was going to win (he likely had his doubts), but he showed up and turned one out for the books. Wearing a custom Gucci tuxedo, Mescal was worlds away from the County Kildare guy wearing five-inch seamers.
The look comprised an ivory tuxedo jacket, which fell slightly longer at the hips and had fanged-out satin lapels, and a pair of über kick-flared trousers with massive rolled-up hems. A proper dickie bow tie. It was Old Hollywood glamour on heat. It was an expert-level fit. The styling team even told us prior to the awards that they were slightly nervous about the reaction the outfit would get. Please! No place for nerves here. Mescal won.
“Paul’s suit is inspired by his love of old Hollywood with the white double-breasted satin lapel Gucci jacket and red silk corsage,” stylist Felicity Kay tells GQ. “The silk shirt is so fine it’s translucent, and beautifully contrasts with the structure of the wool trousers.”
Within the wider watch-spot loving circle, Brynn Wallner (aka Dimepiece) is a big fan of Mescal’s Oscars magic, and isn’t surprised he’s won the red/champagne carpet. “He has made a name for himself as a bonafide #CartierBoy, working officially with the maison for this year's awards season,” Wallner tells GQ. “For each appearance, he's worn his fair share of Tanks in varying shades and references, sticking mostly to the Louis and Must collections; but for the Academy Awards, he went with something decidedly more elevated. Choosing from the pedigreed "Cartier Privé" collection, Paul put himself in the Tank Chinoise for Hollywood's Biggest Night. His Chinoise is not steel, not gold – but platinum, adding a little extra weight to his wrist,” continues Wallner.
Signature Bank, one of the two significant banks for the crypto industry, has also been shut down by the New York regulators -- the third US bank failure within a week. US Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome Powell and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg said in a joint statement that all depositors of Signature Bank will be made whole.
Signature Bank had $88.59 billion in deposits as of December 31, 2022 and the New York Department of Financial Services has taken possession of the bank, reports The Verge.
Leading crypto exchange Coinbase had $240 million in cash at Signature Bank. "As of close of business Friday March 10, Coinbase had an approximately $240m balance in corporate cash at Signature. As stated by the FDIC, we expect to fully recover these funds," the crypto exchange said in a tweet. Circle, the firm behind USDC stablecoin, is also affected by the Signature Bank closing. Its CEO Jeremy Allaire said in a tweet that with the closure of Signature Bank, "we will not be able to process minting and redemption through SigNet, we will be relying on settlements through BNY Mellon". "Additionally, we will be bringing on a new transaction banking partner with automated minting and redemption potentially as soon as tomorrow. We are committed to building robust and automated USDC settlement and reserve operations," he added.
AC Milan will hope to climb up the table in Serie A with wins in the bag as they take on Salernitana at the San Siro on Monday. After putting together three wins in a row, AC Milan were held by Fiorentina in the league. Their previous outing was a draw with Tottenham as they progressed to the quarter-final of the Champions League following a first-leg advantage.
Milan will be back in action against Salernitana who are struggling in Serie A in 16th position in the table. They have managed just one win in their last five outings and will hope to put up a fight at the San Siro.
GOAL brings you details on how to watch the game on TV in the UK as well as how to stream live online. BT Sport 1 will showcase the game in the United Kingdom (UK), with streaming available via BT app.
Salernitana will be without their centre-back William Troost-Ekong who suffered an injury last month and is still unavailable. On the other hand, Pasquale Mazzocchi is set to make his first appearance since his injury layoff from November 2022.
Zlatan Ibrahimovic is expected to be available for selection but he will not be starting the game for AC Milan against Salernitana. Junior Messias will be unavailable for selection due to an injury.
BT Sport 1 will broadcast the game live in the UK, and fans can also use the BT app for streaming. The game is set to kick off at 7:45 PM UK time.
With Milan hoping to close the gap on top spot in Serie A, a win against Salernitana would be a boost in their quest for the title. On the other hand, Salernitana could cause an upset and take points away from Milan. For fans in the UK, the BT Sport 1 broadcast and streaming options make it easy to cheer on their favourite team from the comfort of their own homes.
Actor James Martin who went back to working his part-time day job as a Starbucks barista after starring in An Irish Goodbye, has become the first person with Down syndrome to win an Oscar for his role in the live-action short film. Martin leads the 23-minute drama short as Lorcan, a young man whose mother’s passing reunites him with his estranged brother Turlough (Seamus O'Hara).
On Sunday (12 March), the 31-year-old, joined his co-star O’Hara and directors Tom Berkeley and Ross White on stage to accept the award for Best Live Action Short. At the end of Berkeley’s speech, he announced that it was Martin’s birthday and asked the audience to join him in singing “Happy Birthday”.
Of his barista role, Martin told the Daily Mail in an earlier interview that he’s “been doing that a long time”. “It’s nice,” he said, adding that he helps “out with all the customers”. In addition to his job as a Starbucks employee at the chain’s Belfast branch, Martin is also a chef at a nearby Italian restaurant, Scalini’s. “I can make garlic bread, meatballs, salads and mussels, chips and stuff like that,” he explained of his second job.
Elsewhere in the interview, he addressed being an actor with Down syndrome, saying: “Anybody can act, it doesn’t matter if you have Down’s syndrome. Take Stephen Hawking [who had motor neurone disease] in The Simpsons,” he said. “He was a fantastic actor, he knew what he was doing but you just have to treat him like an adult. “I always say to people never judge a book by its cover.”
Later that evening, Ireland’s president Michael D Higgins hailed the Oscars win as a “remarkable” year for the Irish film industry. “As a gesture to all that has been achieved, and the important contribution of the film and related industries to Irish life, [wife] Sabina and myself look forward to hosting a St Patrick’s Day reception celebrating the Irish Film, Audio-Visual and Performing Arts Communities at Aras an Uachtarain this Friday,” Higgins said.
This historic win for James Martin should serve as an inspiration and a reminder that everyone has the potential to accomplish great things, regardless of any perceived limitations. It is a testament to the power of diversity and inclusion in the entertainment industry and beyond.