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JPMorgan eyes new research frontier with coverage of private firms, source says
JPMorgan Chase has begun publishing research notes on prominent private companies transforming industries, a person familiar with the matter told Reuters on Friday. With many industry-leading private companies delaying public listings, they are attracting a growing share of investor capital, prompting institutional investors to track them more closely at earlier stages. Companies such as ChatGPT-maker OpenAI, Elon Musk's SpaceX and TikTok-parent Bytedance now hold valuations that rival or surpass several major S&P 500 firms, blurring the distinction between public and private market influence. The largest U.S. lender released its first report on OpenAI, the company that spurred Wall Street's AI gold rush, according to an internal memo seen by Reuters. Unlike traditional research notes, these brokerage reports will not feature estimates, price targets or ratings, Hussein Malik, head of global research said in the memo, which highlighted AI and software as core areas for private company coverage. "Private companies are becoming increasingly relevant to various industries, especially in the new economy space," Malik said. "The goal of this offering is to support our investor clients by providing structured information and tracking, offering deeper insights into key disruptors and their impact on the sectors in which they operate." Institutional investors are increasingly focused on private company research and investment opportunities as these firms develop technologies that influence mature sectors, the source added. Nearly 1,500 private startups have achieved unicorn status, having raised funding at valuations above $1 billion, according to PitchBook's tracker. North America leads globally with over 1,000 unicorns, collectively valued at nearly $4 trillion. As private companies play a growing role in transforming legacy industries, Wall Street is adjusting to rising demand for insights into these influential firms, reflecting a shift in how market power is assessed.
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2 hours ago
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Corning staves off antitrust fine as EU regulators accept concessions to mobile phone makers
BRUSSELS :EU antitrust regulators on Friday accepted glass maker Corning's offer to waive exclusive deals with mobile phone makers and glass processing companies and scrap purchasing clauses to end an eight-month long investigation and stave off a possible fine. The U.S. company, which sells a break resistant glass used as a cover for mobile phones, tablets and smart watches under the Gorilla Glass brand, counts Samsung, Sony, Google, HP, Dell and Nokia as its customers. Apple is reportedly a customer too. Corning submitted concessions to the European Commission in November last year. Corning has now agreed "to waive all exclusive dealing clauses in all its current agreements with OEMs (original equipement makers) and finishers", the EU antitrust enforcer said in a statement. It will also not require OEMs to purchase, or cause their supply chain to purchase, more than 50 per cent of their demand from the company. The offer is valid for 9 years. EU antitrust violations can cause companies as much as 10 per cent of their turnover.
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Equities barely lower, US dollar dips with Treasury yields
NEW YORK/LONDON :U.S. equities edged lower on Friday, a day after the S&P 500 and the Nasdaq scored record closes, as investors looked ahead to corporate earnings and digested economic data, while the dollar weakened and U.S. Treasury yields fell. U.S. consumer sentiment improved in July and inflation expectations declined, but households still saw substantial risk of price pressures increasing in the future, the University of Michigan's Surveys of Consumers released on Friday showed. Another report showed U.S. single-family homebuilding dropped to an 11-month low in June as high mortgage rates and economic uncertainty hampered home purchases, suggesting residential investment contracted again in the second quarter. On Thursday, news of stronger-than-expected U.S. retail sales and jobless claims data suggested modest improvements in economic activity, helping to push equities higher. Still, many investors were focused on positive expectations for corporate earnings and making bets ahead of the expiration of July equity options, said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts. "Today's action is all about option expiration as investors make bets on the meat of earnings season, which comes in the next few weeks when all the growth and technology companies report," said Zaro, noting that beyond earnings, investors want to benefit from a strong performance trend in megacap names. "There's a fear of missing out." A solid start to the U.S. earnings season - with companies including streaming giant Netflix beating forecasts - is supporting investor confidence, said Eren Osman, managing director of wealth management at Arbuthnot Latham, noting he was "pretty constructive on the (U.S.) macro backdrop." Alphabet and Tesla are among the companies reporting half-year results next week, which will further test the market. On Wall Street as of 11:12 a.m. ET, the Dow Jones Industrial Average fell 173.00 points, or 0.39 per cent, to 44,310.88, the S&P 500 fell 3.55 points, or 0.05 per cent, to 6,293.90 and the Nasdaq Composite fell 8.68 points, or 0.03 per cent, to 20,878.31. MSCI's gauge of stocks across the globe rose 1.57 points, or 0.17 per cent, to 927.86 while the pan-European STOXX 600 index was flat. The U.S. dollar slipped on the day but was still angling for a weekly gain, as investors weighed signs that tariffs may be starting to fuel inflation pressures and monitored Federal Reserve policy as U.S. President Donald Trump increases pressure on Chair Jerome Powell. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.28 per cent to 98.23. The euro was up 0.51 per cent at $1.1654 while Sterling strengthened 0.23 per cent to $1.3446. Against the Japanese yen, the dollar weakened 0.15 per cent to 148.37 as polls showed Japanese Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in the upper house election on Sunday. In Treasuries, the benchmark U.S. 10-year note yield fell 3 basis points to 4.434 per cent, from 4.463 per cent late on Thursday. The 30-year bond yield fell 1 basis point. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 4.8 basis points to 3.869 per cent, from 3.917 per cent late on Thursday. Fed Governor Christopher Waller said on Thursday he continued to believe the U.S. central bank should cut interest rates at the end of this month, though most officials who have spoken publicly have signaled no desire to move. In commodities, crude oil futures rose on Friday as investors weighed new European Union sanctions against Russia. U.S. crude rose 0.53 per cent to $67.91 a barrel and Brent rose to $69.83 per barrel, up 0.45 per cent on the day. Gold prices rose on Friday as a weaker U.S. dollar and ongoing geopolitical and economic uncertainty boosted demand for the safe-haven metal, while platinum prices eased after reaching their highest level since 2014. Spot gold rose 0.5 per cent to $3,355.34 an ounce.
