Wall Street Breakfast June 20: Slack Goes Public Via Direct Listing
Good morning today is June twentieth. You're listening to seeking out for the leader and market news and analysis, Irena sure Bill in for Steve Brown. This is Wall Street breakfast subscribe to this podcast on Google play apple podcasts, soundcloud, Stitcher, or Spotify. Our top stories today. The latest high profile company to go public in twenty nineteen is slack technologies the yield on the benchmark ten year treasury drop below two percent overnight. An Airbus sealed deals with big buyers. Leading today's news. The latest high profile company to go public in twenty nineteen is slapped technologies which will begin trading this morning on the new York Stock Exchange through so called direct listing. The method allows a firm to simply float its existing stock onto a public exchange without raising money using underwriters or utilizing a stabilizing, agent valued at about fifteen point seven billion the new York Stock Exchange has said a reference price for slap at twenty six share which will be used by market makers to build an order book to open trading. More firms, like, Airbnb may follow suit. If the direct scheme is successful with the workplace messaging app in only the second big tech company after Spotify to bypass the traditional IPO process. In other market news as the fed spreads its dovish wing the yield on the benchmark ten year treasury dropped below two percent overnight, for the first time since November twenty sixteen the FOMC left interest rates unchanged at its monetary policy meeting on Wednesday, drop the word patient from its statement and said it would quote act as appropriate to sustain the economy. The news is also boosting US stock futures pre market with the Dow indicating gains of two hundred and twenty eight points at the open, and the fed funds futures, pointing to a hundred percent chance of monetary policy easing in July. Reacting to the drowning of US drone over the strait of Hormuz oil prices spiked overnight with WTI crude soaring three percent to over fifty five dollars a barrel. The US maintains the art Q four Global Hawk was shot down by an Iranian surface to air missile in international airspace. Though. Iran's revolutionary guard said it was operating over its jurisdiction. It's the latest in a series of apparent Iranian-backed skirmishes in the Middle East that have stoked fears of a wider military conflict. Just a week after dodgy, new US tariffs on its exports, Mexico ratified, the US MCA trade deal, designed to succeed NAFTA, even though the US and Canada have yet to do the same the new deal is particularly important to auto industry since it lists, the proportion of components that have to be made in the region for vehicle to qualify for duty free access to seventy five percent from sixty two and a half percent. Some impacts must also be made in areas where the average wage is relatively high sixteen dollars an hour. While he's not planning to do. So right now, President Trump told confidence as recently as Wednesday that he believes he has the authority to replace Jerome Powell by demoting him to aboard. Governor will lemberg reported the fed chair has a difference of opinion he declared yesterday. The law is clear that I have a four year term, and I fully intend to serve it. Trump has repeatedly accused Powell of not doing enough to bolster the economy, calling for lower interest rates, as he seeks to offset the unfair trade practices and currency manipulation of China in Europe. Following Draghi's bombshell remarks on restarting the ECB's bond buying scheme. European leaders are gathering in Brussels today for the second round of talks on who should lead the European Commission after up Tober thirty first when the current term expires almost all of the final contenders are members of the governing council and are likely to follow the largely dovish strategies of Mario drive the except for perhaps jen's Wiedeman, current governor of the Bundesbank. Italy's prime minister Giuseppi Kante is making a plea to revamp. E U, budget rules, and economic governance in a bid to avoid disciplinary action over his country's huge debt complicating things, further Italy's economy, probably shrank again this quarter according to the country's statistics office, a contraction in the three months through June would be the third in a year. Highlighting, the perilous state of the euro-zone third largest economy, turning out of stocks. Airbus? Sealed deals with big buyers for its latest passenger jet. The eighty three to one XL are at the Paris air show on Wednesday battling back a day after a surprise two hundred plane order by for rival Boeing's grounded seven thirty seven max jet. It's hard to know the exact tally at this point, but the contract value, each planemaker has scored is likely around thirty five billion other happenings. Mitsubishi aircraft said it was in discussions with an unnamed US airline over the sale of its space, jet m one hundred aircraft while Israeli startup EV. Creation, launched its nine passenger all electric plane. Amazon ring may soon have a buddy in the sky called surveillance as a service, the company wants to use its network of delivery. Drones to keep watch over customers houses by forming a fly neighborhood watch game. According to a new patented system customers could request that Amazon's drone visit their property hourly daily or weekly while the drones would look for signs of break ins such a smashed windows, doors left open and intruders lurking on people's property up until now Waymo a subsidiary of Google's parent company, alphabet has been testing a small fleet of its own self driving cars, Chrysler Pacifica, minivans just outside Phoenix. The company is now branching out as technology and services provider in the industry in a new deal signed with Renault Nissan. Mitsubishi alliance Waymo in the automakers will study market opportunities related to a ton of transportation systems in France in Japan hoping to develop profitable driverless services for passengers and deliveries. Other market headlines to watch for on seeking alpha. See more on oracle strong earnings from the call transcript. Facebook discussed libra crypto launch with the fed Deutsche Bank faces US probe into money, laundry. Lapses FTC blesses United health, four point three billion purchase of davita GlaxoSmithKline offers e you concessions to address Pfizer deal break, performances Canada opened probe into two hundred fifty thousand GM pickups SUV's as dish network talks may, stall T mobile prepares for boost auction. As of six twenty AM today. Stock futures gold. Crude bitcoin are all up on the economic calendar today. Look for initial, jobless claims at eight thirty A M that concludes today's Wall Street breakfast. Thanks so much for listening for the best investment analysis news on the web, go to seeking alpha dot com to get Wall Street breakfast on your phone for your morning commute. Subscribe to our podcast on Google play apple podcasts, soundcloud, Spotify or Stitcher. You can sign up for other podcasts, the cannabis investing podcasts essay for as the marketplace roundtable podcast and behind the idea on those platforms as well this week's cannabis investing podcast talks about why extraction is the future of the cannabis industry behind the idea. Takes a look at cars dot com. Belaid est essay, for as advises retirement savers, and the marketplace roundtable, podcast talks marine, money shipping, sector turn with James Meyer have a wonderful day.