MARKET RECAP → 📉 All three major US stock indexes closed lower on Tuesday, led by the Dow (DIA). The grocery-app Instacart’s public debut today, slowing housing starts, and the ongoing UAW labor strike all muddy the waters ahead of tomorrow’s Fed meeting where interest rates are largely expected to remain unchanged.
INSTACART’S NASDAQ DEBUT → 🛍️ Instacart’s Nasdaq splash: From a $39B peak to a $14B debut, proving even grocery giants can pivot for profit.
CHIP BREAKTHROUGH → 📱 Huawei’s tech leapfrog challenges U.S. sanctions, potentially reshuffling Apple’s deck in China.
CNN MAKES MOVES → Mark Thompson, ex-NYT honcho, pivots CNN towards digital dominance, targeting younger screens and reimagining sustainable growth.
Head of Investor Relations @ MoneyLion
📈 Instacart’s shares surged as much as 40% on its Nasdaq debut, opening at $42, elevating its valuation from a previous $10 billion to approximately $14 billion.
🛒 Once boasting a valuation of $39 billion during the pandemic’s peak, the grocery delivery giant’s IPO was eagerly anticipated. The company, founded in 2012, had previously raised funds at $125 a share from renowned venture firms and asset managers.
💼 Despite challenges, Instacart pivoted its strategy, prioritizing profitability over rapid growth. By Q2 2022, the company reported net income of $114 million, a significant leap from $8 million the previous year.
🔍 Huawei’s Surprise Move: Despite U.S. sanctions attempting to cut ties, Huawei introduced its Mate 60 Pro with a chip that seems 5G-ready, manufactured by China’s SMIC, challenging Washington’s tech containment strategy.
🤔 Technological Leapfrog: The chip, dubbed Kirin 9000S, uses a 7 nm process, showcasing China’s semiconductor progress even without the advanced EUV lithography tools, which SMIC had been barred from acquiring.
🍏 Apple’s China Dilemma: Amidst China-U.S. tensions and challenges in the Chinese market, a revitalized Huawei, now armed with competitive tech, may become Apple’s most formidable contender in one of its biggest markets.
🕴️ Mark Thompson, ex-New York Times CEO, took the helm at CNN on Oct. 9, tasked with revitalizing the network for sustainable business growth over the next half-decade.
💼 With a significant focus on the digital frontier, Thompson aims to amplify CNN’s digital subscription endeavors, taking cues from his impressive track record of scaling the Times’ digital subscriptions from under a million to a whopping 7 million.
📺 While navigating the challenges of linear programming, Thompson eyes opportunities with CNN Max, aiming to captivate a younger demographic, as CNN’s traditional audience skews older.
House Oversight Committee to hold first Biden impeachment inquiry hearing next week (CNBC)
FTX sues Sam Bankman-Fried’s parents for allegedly ‘siphoning’ millions of dollars for their ‘own personal benefit’ (Fortune)
Olive oil prices surge over 100% to record highs, sparking cooking oil thefts (CNBC)
These are the countries with the shortest and longest workweeks (CNBC)
Flight attendants are burned out and quitting (CNN)
The Pentagon Is Spending Millions On A Language For Drones (Forbes)
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. 👇
Source: Wolfram Alpha. Note: The table above includes rough estimates and the actual monthly payments may vary based on additional factors such as property taxes, homeowner’s insurance, and other fees.