Thursday, April 18, 2019
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WHAT TO WATCH
Pinterest and Zoom will make their public market debut Thursday.
Online pinboard and scrapbooking company Pinterest will list on the New York Stock Exchange under the ticker “PINS,” and video-conferencing software company Zoom will list on the Nasdaq and trade under the ticker “ZM.”
Both companies are diving into the hot IPO market and priced their shares Wednesday evening. Pinterest priced its shares at $19 , which would value the company at around $10 billion. Meanwhile, Zoom reportedly priced at $36 dollars per share , valuing the company at $9.2 billion.
On the corporate earnings front, American Express ( AXP ), BB&T Corp ( BBT ), Danaher ( DHR ), Honeywell ( HON ), Philip Morris ( PM ) and Schlumberger ( SLB ) are scheduled to report before market open.
Lyft investors sue over slump : Lyft Inc. ( LYFT ) was sued by investors who claim the ride-sharing company overstated its market position when it went public last month, leading to a dramatic plunge in its stock price. Two separate class-action complaints against Lyft, as well as its officers and directors and underwriters, were filed Wednesday in state court in the company’s hometown, San Francisco. [Bloomberg]
JPMorgan's exec shuffle might lead to the bank's first female CEO : JPMorgan Chase ( JPM ) has announced executive role changes for its two top women at the firm, resulting in speculation that the largest U.S. bank might be the first to see a female CEO at the helm. On Wednesday, CEO Jamie Dimon announced that 49-year-old CFO Marianne Lake, will move from her current role to CEO of consumer lending and report to co-president Gordon Smith. Meanwhile, Jenn Piepszak, who is also 49 and the current CEO of card services, will take over as CFO—reporting to Dimon. [Yahoo Finance]
Justice Department set to release redacted Robert Mueller report : The Justice Department on Thursday is expected to release the final report of special counsel Robert Mueller’s investigation into Russia’s suspected interference in the 2016 elections, a controversy that’s overshadowed Donald Trump’s presidency since its inception. [Yahoo Finance]
U.S., China aim for early-May trade deal : Senior U.S. and Chinese officials are scheduling more face-to-face trade talks in an effort to reach a deal by early-May that President Donald Trump and his Chinese counterpart Xi Jinping could sign later that month, two people familiar with the plans said. [Bloomberg]
Weed giant Canopy Growth closing in on deal to buy Acreage Holdings : Canadian cannabis giant Canopy Growth ( CGC ) is close to a deal to purchase Acreage Holdings, representing the latest in a string of deals in one of the globe's fastest-growing industries. [CNBC]
Amazon is preparing to close a Chinese e-commerce store : In a rare retreat for Amazon.com Inc. ( AMZN ), the e-commerce giant plans to shut down its Chinese marketplace business in July as it shifts its focus to offering mainland consumers overseas products rather than goods from local sellers. [Bloomberg]
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Editor's note: Morning Brief will be observing Good Friday on Friday, April 19, 2019. It will resume on Monday, April 22, 2019.
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