Latest news with #NYCollege
Yahoo
16-06-2025
- Business
- Yahoo
US IPO Shares Doubling on Their First Day at Fastest Pace Since 2021
(Bloomberg) -- Stocks of newly-public companies are surging in their first sessions at the fastest pace in three and a half years, enthralling traders and heating up the market for US first-time share sales. Shuttered NY College Has Alumni Fighting Over Its Future As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space As American Architects Gather in Boston, Retrofits Are All the Rage Drone maker Airo Group Holdings Inc. ended Friday with a gain of 140%, a day after raising $60 million in its initial public offering, and coming barely a week after stablecoin issuer Circle Internet Group Inc. surged 168.5% immediately following its $1.2 billion IPO. With conservative cable channel Newsmax Inc.'s wild 735% opening gain in March, following its $75 million offering, three companies raising at least $50 million on US exchanges this year have more than doubled on their first trading day, according to data compiled by Bloomberg. That's the most since nine US-listed debutantes managed the feat in 2021's IPO boom. These spectacles may be thrilling to watch, but history shows extreme day-one pops rarely reward investors in the long run. Professional traders and retail investors often drive a first-day rally, snapping up the stock as early as they can and riding the momentum. Most of these buyers weren't able to get their hands on the shares during the IPO itself, however. That's because companies prefer to allocate shares sold in IPOs to mutual funds that base their investment strategies on a fundamental view of a company's prospects, and that, notionally at least, have committed to remain long-term backers. Not surprisingly, outsized first-day performances fueled by momentum and retail buying offer a poor guide to a company's long-term prospects. Between 1980 and 2023, there were 316 companies listing on US exchanges whose shares doubled in their first day of trading, excluding those with offer prices below $5 per share, units and American depositary receipts, according to data compiled by Jay Ritter, professor of finance at the University of Florida. Nearly 90% of these IPOs had negative three-year buy-and-hold returns versus the price at which they closed their opening session, and the average loss was a painful 46%, Ritter's data showed. A cluster of first-day doubles usually coincides with market peaks like the Internet bubble of 1999 and 2000, when more than 100 companies that doubled in price, though most faded into obscurity, Ritter said. Firms likely to pop include fast-growing companies with retail-investor enthusiasm, Ritter said, citing Newsmax as a recent example. 'What's true about most of these companies is that they are not mature and they are hard to value.' Early Optimism Numerous companies that rewarded investors richly on debut ran into financial difficulties that made a mockery of investors' early optimism. Online used car retailer Vroom Inc., which returned 118% in its first day of trading post-IPO in June of 2020, is a representative example. The company filed for Chapter 11 last year, and emerged in January after completing a recapitalization that included an arrangement similar to a one-for-five reverse stock split. Living up to the promise implied by stunning day-one pops can prove hard even for corporate titans. Airbnb Inc. and Snowflake Inc. were the highest profile of the nine 2021 IPOs that doubled in their first session, but their shares now trade a little below that day-one closing price. A few companies with day-one doubles do become lasting winners. Chipotle Mexican Grill Inc. did so well in the years since its debut in 2006 that it announced a 50-for-one split last year. In Airo's case, some of it was good timing. The IPO came just days after President Donald Trump issued executive orders to promote the domestic drone business, and as an escalating conflict in the Middle East underscored the value of cutting-edge drone technology. 'I don't think we expected it to go up that much,' Chirinjeev Kathuria, Airo's executive chairman and co-founder, said in an interview with Bloomberg News on Friday. The company also allocated 70% of the 6 million shares to just five investors, people familiar with the offering have said. 'We went with a smaller offering size to bring in long-only investors that believe in the story,' Kathuria said. Relative Calm After April's extreme volatility that brought the market for first-time share sales to a halt, a few weeks of relative calm helped revive enthusiasm for IPOs. Companies were looking to take advantage of an open market window that could close quickly, according to Greg Martin, the managing director of private markets trading platform Rainmaker Securities. The current crop of IPOs were generally coming at attractive discounts relative to peers, Martin said. Still, it remains to be seen how long the US IPO market can keep delivering big early wins, particularly with ongoing trade tensions and the conflict between Iran and Israel. Some companies that produced big initial gains in the past month have already pulled back substantially from their day-one close. Newsmax is only 24.2% above its IPO price as of Friday. Shares of digital health firm Omada Health Inc. finished last week down 10% from its IPO price despite debuting up 21.1% on June 6. Adtech firm MNTN Inc. rose 64.8% in its first session but ended last week up just 15.7%. 'There's still a question mark as to whether we return to a more chaotic environment,' Rainmaker's Martin said. American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants New Grads Join Worst Entry-Level Job Market in Years As Companies Abandon Climate Pledges, Is There a Silver Lining? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-06-2025
- Business
- Yahoo
Trump Media deepens crypto push with Bitcoin–Ether ETF filing
(Bloomberg) — Donald Trump's media company has filed to launch an exchange-traded fund that would invest directly in both Bitcoin and Ether, the latest in a wider push into digital assets tied to the president's personal brand. Shuttered NY College Has Alumni Fighting Over Its Future As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space As American Architects Gather in Boston, Retrofits Are All the Rage The proposed fund, dubbed the Truth Social Bitcoin and Ethereum ETF, was disclosed in a regulatory filing Monday. It aims to give investors an easy way to gain exposure to the two largest digital assets and serves as a 'simple and cost-effective' alternative to using peer-to-peer networks or digital platforms. Yorkville America Digital is listed as the sponsor of the latest product. Trump Media & Technology Group Corp. — the company behind Truth Social and majority-owned by the president — has been accelerating its digital-asset push. The firm recently announced plans to borrow money to buy Bitcoin, and previously said it would invest in the very ETFs it aims to issue. Earlier in June, Trump Media applied for a separate ETF focused solely on Bitcoin — a category already crowded with similar offerings. The latest filing comes amid a fresh flurry of activity across Trump's sprawling business interests. On Monday, his sons Eric Trump and Donald Trump Jr. unveiled a Trump-branded mobile phone service, relying on networks and hardware marketed as 'made in America.' The president's deepening crypto ties have drawn criticism from ethics experts, who point to the potential for financial gain in areas where Trump also sets policy. The White House has said the president is walled off from his namesake businesses. He has transferred roughly $4 billion worth of Trump Media shares to a trust controlled by Trump Jr. Crypto ETFs have been popular with investors this year. The iShares Bitcoin Trust has drawn $12.5 billion of inflows in 2025, bringing its assets to $70 billion, while Ether-focused products have also seen traction. Having taken in more than $2 billion collectively, two Ether funds — the iShares Ethereum Trust ETF and the 2x Ether ETF — are the second- and third-biggest haulers of cash so far this year among all crypto ETFs in the US, data compiled by Bloomberg show. American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants New Grads Join Worst Entry-Level Job Market in Years As Companies Abandon Climate Pledges, Is There a Silver Lining? ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
16-06-2025
- Politics
- Yahoo
Israel's Air Shield Is Tested Like Never Before as Iran Fires Ballistic Missiles
(Bloomberg) -- As Iran fires masses of ballistic missiles, Israel's vaunted air defenses are being tested like never before. Shuttered NY College Has Alumni Fighting Over Its Future Do World's Fairs Still Matter? As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space As American Architects Gather in Boston, Retrofits Are All the Rage Iran launched around 200 such missiles at Israel on Friday night — in retaliation for a wave of Israeli strikes that day — and 70 or so on Saturday evening, according to the Israel Defense Forces. More came on Sunday and Monday. In total, Tehran's sent 370 ballistic missiles toward Israel, with around 30 hitting targets in the country, the Israeli government says. They have killed 24 people and injured almost 600. Towns such as Rishon LeZion and Bat Yam near Tel Aviv have suffered extensive damage to homes. Haifa, a port city in the north, has been heavily targeted, as has central Tel Aviv. Iran has also launched hundreds of drones, which have been more easily intercepted. 'We have some good defense systems, but they're not hermetically sealing the skies,' Israel's ambassador to the US, Yechiel Leiter, told ABC on Sunday. 'About 10% to 15% of these ballistic missiles get through.' That's in line with the Israeli military's expected 'leakage rate.' The US, while not joining Israel in striking Iran, is helping its ally intercept Tehran's missiles, with each wave costing millions of dollars to defend against. The attacks by Iran since Friday have been far deadlier and more damaging than when the Islamic Republic fired missiles and drones at Israel in April and October last year. Back then, Iran concentrated mostly on military and intelligence targets. This time around, its firing larger numbers of projectiles and more are heading toward civilian areas. Israel has faced barrages of missiles and drones before from Iran-backed groups such as Hamas in Gaza and Hezbollah in Lebanon. But neither possesses the sophisticated ballistic projectiles fired by Iran, which travel at much faster speeds, carry heavier explosives, can maneuver mid-air and spend much of their flying time outside the Earth's atmosphere, making them difficult to intercept. The Houthis in Yemen have fired such missiles at Israel, but usually no more than one at a time. On Sunday, Prime Minister Benjamin Netanyahu warned Israelis there would be further attacks in the coming days from Iran and urged them to rush to bomb shelters when air-raid sirens sound or they get phone alerts. Stopping Iran from firing missiles is a top priority for the IDF. It has tried to target launch sites since Friday and officials have said that roughly a third — or 120 — of them have been taken out. Netanyahu says Israel is in 'an existential campaign' that aims to set back Iran's nuclear program by years, if not forever. Iran's Supreme Leader Ayatollah Ali Khamenei has said Israel will 'pay a very heavy price' for its strikes, which have killed 224 people, including top generals and atomic scientists, according to the Iranian government. Iran still has thousands of missiles left that can reach Israel, National Security Adviser Tzachi Hanegbi told Israel's Army Radio on Monday. That's more than the figure of 2,000 suggested by comments from many Israeli officials in recent weeks. Yet, even if the lower number is accurate, Iran can still launch salvos for several days, if not weeks. One major advantage for Israel is that it has blunted the firepower of Hezbollah and Hamas in its wars with them since October 2023. Around 2011, former Prime Minister Ehud Barak said 500 people could be killed in Israel by retaliatory attacks if his government hit Iranian nuclear sites. But he included rockets from Hezbollah and Hamas in his assessment. Even a 90% rate of interception doesn't mean life continues as normal for Israelis. Schools have closed at least through this week, and more than 100,000 people are stranded abroad after the country's airspace was closed on Friday. There's also the steep expense of the interceptions, even if the government says the damage from failing to stop missiles would be much costlier. Each of Israel's Arrow interceptor missiles, the ones typically needed to shoot down ballistic projectiles, costs around $2 million to $3 million. Often, more than one is launched toward each ballistic missile to increase the chances of it being hit. In April last year, Bloomberg reported that it probably cost Israel — as well as the American, British, French and Jordanian air forces — around $1.1 billion to foil Iran's attack. That was for a few hours' work. This conflict has already lasted much longer. And there's no sign of a let up yet. Read The Big Take: Iran's Leaders Face a Reckoning as Israeli Strikes Intensify --With assistance from Dan Williams and Marissa Newman. American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software New Grads Join Worst Entry-Level Job Market in Years As Companies Abandon Climate Pledges, Is There a Silver Lining? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-06-2025
- Business
- Yahoo
US Stocks Risk 20% Drop in High Inflation Scenario, RBC Says
(Bloomberg) -- The S&P 500 Index risks sinking 20% if inflation spikes on the back of higher oil prices, according to a report by RBC Capital Markets LLC strategists that laid out three possible pullbacks. Shuttered NY College Has Alumni Fighting Over Its Future Do World's Fairs Still Matter? As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space NYC Renters Brace for Price Hikes After Broker-Fee Ban As American Architects Gather in Boston, Retrofits Are All the Rage The strategists, led by Lori Calvasina, said US equities are vulnerable given the recent rally and valuations look stretched. The broader the Middle East conflict becomes and the longer it lasts, the more negative it will be for US stocks, they said. In a worst-case scenario, they see the S&P 500 returning to its April lows if the attacks drive up energy prices. And in a less-severe case, the index may fall about 13%, the strategists said. 'The conflict has the potential to generate some additional angst about the health of the consumer, the broader economy, and the path of the Fed, a narrative shift that seems likely to be problematic for stock prices,' the strategists wrote in the note. For now, markets have been relatively calm despite the intensifying clash between Israel and Iran. Oil prices dipped on Monday after a 7% rally on Friday, with investors saying that the conflict so far has avoided major energy facilities and seems limited between the two countries. Still, with the attacks entering a fourth day, there's the fear that it may escalate to a wider regional war. The RBC analysis shows the benchmark could drop to as low as 4,800 points — nearly 20% below current levels — by the year end in the case of a 'severe' inflation spike to 4%, zero earnings growth from 2024, only two interest-rate cuts by the Federal Reserve and 10-year Treasury yields remaining at current levels. In the milder situation, they see earning growth this year at 7% and the S&P 500 ending the year around 5,200. The bank's year-end target for the index is 5,730, about 4% below current levels. Other strategists remain optimistic about the outlook for corporate earnings and the US stock market. Morgan Stanley's Michael Wilson said in a note Monday that some metrics suggested earnings would come in stronger-than-expected over the next year. American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software New Grads Join Worst Entry-Level Job Market in Years As Companies Abandon Climate Pledges, Is There a Silver Lining? The $7 Billion Nicotine-Pouch Market's Next Target? Women ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-06-2025
- Politics
- Yahoo
Iran Fires Hundreds of Missiles at Israel as Conflict Escalates
(Bloomberg) -- Iran fired hundreds of ballistic missiles at Israel in response to an unprecedented attack on its nuclear facilities, escalating a conflict between sworn enemies that threatens to engulf the oil-rich Middle East. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban Do World's Fairs Still Matter? As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space The Islamic Republic targeted Israel with 200 missiles and about 200 drones in four waves of strikes starting Friday evening, according to Israel's military, some of which breached the country's air defenses. US forces helped shoot down the projectiles. Israel maintained its own airstrikes into Saturday, and Defense Minister Israel Katz warned in a statement that 'Tehran will burn' if Iran's assault continues. The intensity of the fighting represents a turning point for both Israel and Iran, testing new limits in terms of their aggression and willingness to escalate. When the pair targeted each other on two occasions last year, there was a greater time lag and a sense that after an exchange of fire, there would be a détente. Israel has indicated this operation — aimed at derailing Iran's nuclear ambitions — could last for weeks, while Tehran has signaled no letup in its retaliation. Three people were killed in the Tel Aviv area and at least 40 were injured in multiple strikes, according to police and emergency services. There was video footage of at least one large explosion in Tel Aviv and reports of blasts over Jerusalem. The full extent of the damage is still being assessed. Israel's air defense systems, including the Iron Dome and David's Sling, boast an interception rate upward of 90%. If combined at varying altitudes, the chance of a successful shoot-down increases exponentially. Israel, which killed top Iranian generals and badly damaged key military infrastructure with its first strikes overnight Thursday, targeted Iran's defense systems on Friday and early Saturday. Four sites in the East Azerbaijan province were struck on Saturday, while several residential buildings in Tehran's suburbs have been hit, according to Iranian media. Tehran's Mehrabad International Airport, where Iran's air force has a base and Iran Air, the national carrier, is headquartered, also came under attack, the state-run Islamic Republic News Agency reported. Amir Saeid Iravani, Iran's ambassador to the United Nations, said 78 people have been killed and more than 320 wounded so far across the country. More than 200 aircraft participated in Israel's initial operation that hit around 100 locations, and another 50 have been struck since then. Markets have taken another hit from the surge in tensions: The S&P 500 lost more than 1% on Friday, wiping out this week's advance. West Texas Intermediate crude futures surged more than 7%, the most since March 2022. Gold and the dollar rose. The fighting casts doubt on the future of US negotiations with Iran on a diplomatic solution to the standoff over Tehran's atomic activities. The two sides have held five rounds of talks on a deal to impose restrictions in exchange for sanctions relief, but an agreement hasn't been reached. 'The other side has done something that makes dialog meaningless,' Esmaeil Baghaei, a spokesman for Iran's foreign ministry, said, although he didn't specify whether renewed negotiations scheduled to take place in Oman on Sunday would be called off. 'The attack on Iran's nuclear facilities will undoubtedly influence the country's future nuclear strategy,' Seyed Hossein Mousavian, Iran's former nuclear negotiator, posted on X. 'In fact, NATO, Israel, and the International Atomic Energy Agency have all played a role in paving the way for this strategic shift.' Further escalation — particularly any targeting of American military or diplomatic facilities in the region — could rally domestic political support for Iran's rulers and dramatically intensify the conflict. It's unclear if Tehran is entertaining last-resort options — such as blocking the Strait of Hormuz, one of the world's vital oil arteries, a scenario that would ratchet up concern among investors. Iran's Supreme Leader Ayatollah Ali Khamenei vowed to 'act forcefully' in a pre-recorded video message carried by state TV. Israel 'should not think that it is over. We won't allow them to escape unscathed from this great crime they have committed,' he said in a statement released after Iran started its retaliation. The semi-official Fars news agency citied an unnamed military official as saying the conflict will soon 'expand' beyond Israel to US bases in the region. So far, Iran has chosen to keep the US out of the conflict — a decision that an analysis by Bloomberg Economics suggested was the most likely since Tehran can't afford to go to war with the world's biggest economy and most powerful military. The damage to Iran's military command structure is considerable. The head of the Islamic Revolutionary Guard Corps, Hossein Salami, and the military's chief of staff, Mohammad Bagheri, were both killed in Israeli strikes. At least two other senior IRGC members died and several nuclear facilities were targeted. Amir Ali Hajizadeh, commander of the Islamic Revolutionary Guard Corps' Aerospace division, was also slain, Iranian state TV reported. While Iranian Foreign Minister Abbas Araghchi said Friday's attacks have derailed diplomacy, officials in the region are still pushing for a deescalation. In a phone call with Araghchi, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan called for 'the highest degrees of self-restraint' to prevent the circle of the conflict from widening. And Oman said its foreign minister is in contact with relevant countries to contain the 'tensions and the dangerous military escalation in the region caused by Israel's direct attacks on Iran,' according to the state-run news agency. Meanwhile, with the Group of Seven leaders gathering in the Canadian Rockies, the attention will focus on US President Donald Trump's reaction. Going into the summit, there was a common desire to keep fraught geopolitical issues off the table, but that will be difficult given the knock-on effects of a spike in oil prices on inflation and energy exports. The region is a big crossroads for shipping of oil and consumer goods, and any all-out war will further strain a global trading system disrupted by the trade tensions. Trump gave brief phone interviews to a smattering of journalists, but otherwise didn't take to the cameras to make public remarks. He warned Iran on social media to make a deal 'before it is too late.' Israeli Prime Minister Benjamin Netanyahu and Trump spoke by phone Friday to discuss the conflict, according to a White House official. --With assistance from Eltaf Najafizada, Galit Altstein, Jonathan Tirone, Dan Williams and Ethan Bronner. (Updates with details on strikes starting in second paragraph, comment from Israeli defense minister in third.) American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software New Grads Join Worst Entry-Level Job Market in Years As Companies Abandon Climate Pledges, Is There a Silver Lining? US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
