Hello friends and Coins2Day readers.
Wall Street stock futures are higher this morning, shaking off concerns about the global economy. Crude oil futures are sharply lower after a surge in U.S. Stockpiles, while the dollar is flat against the euro.
Today’s must-read story is by Coins2Day’s Stephen Gandel on the end of the IPO boom. Investors have turned on the IPO market after a couple of years of high returns. That doesn’t bode well for private companies looking to head to the public market, especially the so-called unicorns. Read more here.
Here’s what else you need to know today.
1. Credit Suisse’s new broom, Tidjane Thiam, sweeps clean
Credit Suisse AG (CS)0.78% has set out plans to raise 6.05 billion Swiss francs ($6.3 billion) in fresh capital, as new chief executive Tidjane Thiam boosts the Swiss bank’s financial strength to underpin its biggest overhaul in almost a decade. The new boss will shrink the investment bank (although not by as much as some expected) and put an increased emphasis on growth in Asia. He’s also shaking up the management board.
2. General Motors updates investors.
GM (GM), the top U.S. Automaker and No. 6 in the most recent Coins2Day 500 rankings, reports its third-quarter earnings today as it as looks to reassure investors that its problems are in the past. China’s struggling economy has likely dampened sales in that country, though the automaker is expected to show improving sales in Europe and North America. Yearly earnings are anticipated to come in between $5 and $5.50 per share for the year, excluding one-time charges, GM said earlier this month.
3. Coca-Cola reports.
Beverage giant Coca-Cola (KO) reports its quarterly earnings on the heels of rival PepsiCo, which surpassed analysts’ expectations for sales and profits. Coke has been trying to unload its low-margin assets, including selling nine production facilities, while edging up prices in North America. Much of its sales increases are a credit to higher prices and its distribution of Monster energy drinks. Investors will also be interested in any comments on the performance of Keurig’s new Kold drink making machine.
Also reporting today: American Express (AXP), Boeing (BA), Abbott Laboratories (ABT), Biogen (BIIB) and EMC (EMC).
4. Twitter’s annual developer conference.
Twitter’s newly permanent CEO Jack Dorsey will give the keynote address at the company’s second annual mobile developer conference, Flight, today in San Francisco. Twitter (TWTR) debuted a collection of software products called Fabric last year, which made it easier for app developers to add more services into their products. This year, it looks like Twitter is going to be pushing to extend tweets beyond its own platform, especially given slowing new user growth.
5. Ferrari debuts on Wall Street.
Ferrari goes public today as it debuts on the New York Stock Exchange under the ticker RACE. The initial public offering was officially priced at $52 a share, maxing out the proposed range of $48 to $52 a share. At that IPO price, Ferrari has a market capitalization of about $9.8 billion. Fiat Chrysler (FCAU), the parent company of Ferrari, will make about 10% of its shares available to the public, raising about $900 million. Fiat Chrysler owned 90% of the company with the Ferrari family owning the other 10%.