Poshmark’s Stock Price More Than Doubles in Market Debut

Poshmark Inc.’s stock more than doubled in its trading debut Thursday, reflecting a soaring market for public offerings and expectations that demand for secondhand goods sold online will grow after the economy returns to more normal conditions. Shares of the online marketplace focused on used merchandise opened at $97.50, according to FactSet, above the company’s initial public offering price of $42. That better-than-targeted IPO price valued the company at more than $3 billion, up from a $1.25 billion valuation in 2019. Private companies have been looking to cash in on robust demand from investors for new listings. Companies raised more than […]

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China Holdup Proves Costly for Cisco

China’s waiting game proved a profitable one for Acacia Communications . For Cisco , less so. The companies announced an amended merger agreement on Thursday. Cisco will now pay $115 per share to acquire Acacia—a 64% boost to the original price of $70 per share agreed to in July of 2019 when the two first struck the deal. That gives the transaction a value of about $4.5 billion net of cash, making it Cisco’s fifth-largest acquisition ever. It will also be by far the longest the company has had to wait to close a deal; Cisco’s previous acquisitions valued at $1 […]

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Banks Can’t Blacklist Entire Industries Under New OCC Rule

WASHINGTON—Banks would be prohibited from refusing to lend or provide other services to entire categories of lawful businesses under a rule a top bank regulator completed Thursday, his last day before stepping down. The regulator, Brian Brooks, was responding in part to complaints from the oil-and-gas industry that it had been unfairly denied financing by large lenders. Completed just 10 days after its formal comment period ended—unusually quickly in the slow world of federal rule writing—the measure from the Office of the Comptroller of the Currency may be challenged by banks, which say it micromanages credit decisions. Mr. Brooks, who is […]

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The Electric-Vehicle Company That Charged Too Early

In the U.S., Tesla has sold more electric vehicles than any other car maker. In the much larger European EV market, that prize still goes to the Renault-Nissan-Mitsubishi alliance, but Volkswagen outsold it last year and Tesla is closing in. The failure of Renault and Nissan (Mitsubishi joined the team later) to parlay their early lead in plug-in cars like the Nissan Leaf into strong growth prospects looks like one of the great missed opportunities of automotive history. On Thursday, Renault followed Nissan in laying out a “new beginning” after a rocky few years. The company has some lingering advantages in […]

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WSJ News Exclusive | James Simons Steps Down as Chairman of Renaissance Technologies

Investing pioneer James Simons is stepping back from his quant hedge fund, Renaissance Technologies LLC. Several weeks ago, Mr. Simons—a former math professor and codebreaker who built Renaissance into one of the most successful investment firms in history—told clients he was stepping down as chairman of the firm’s board of directors as of Jan. 1. Mr. Simons, who will turn 83 in April, resigned as Renaissance’s chief executive in 2010, but continued to lead the board. In a letter to clients, Mr. Simons, who will remain a board member, said “I believe it is time: this transition has been many years in […]

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Oil Demand Recovery Set to Fall Short of Pre-Pandemic Levels This Year

Global appetite for oil will remain subdued in the first quarter of 2021 due to coronavirus lockdown measures and rising infection rates, the Organization of the Petroleum Exporting Countries said Thursday. In its monthly report, OPEC maintained its forecast that world oil demand in 2021 won’t recover to the levels seen before the pandemic. Global demand took a 10% hit last year and the cartel expects it to rebound to 95.9 million barrels a day this year, but remain 4% below 2019 levels. Despite the beginning of vaccination programs in recent weeks, rising infection rates in wealthy Western nations are continuing […]

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Tesla, Intel, Deere: What to Watch When the Stock Market Opens Today

Here’s what we’re watching ahead of Thursday’s opening bell. —S&P 500 futures gained 0.2%, potentially extending Wednesday’s advance, which lifted the index to its second-highest level in history. Futures linked to the Dow Jones Industrial Average added 0.3%. Read our full market wrap here. What’s Coming Up —President-elect Joe Biden is due to give a speech later outlining the scale of his proposed spending package to support households and businesses through the pandemic. —Earnings are due before the market open from Delta Air Lines . Progress Software will give an update after the close. —Weekly new jobless claims out this morning […]

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TSMC Sailed Through 2020 in Ship Shape

It’s good to be king, particularly when other kingdoms are struggling. Taiwan Semiconductor Manufacturing Co. , the world’s largest contract chip maker, is benefiting from a combination of surging demand, struggling competitors and top-notch technology. And it’s betting big on the future to keep that edge. TSMC just logged another bumper quarter: Net profit for the three months ending in December rose 23% from a year earlier. That brought full-year profit to a record $17.6 billion, a 50% increase from 2019. Strong demand has helped TSMC, which makes chips for companies like Apple and Nvidia. Stay-at-home demand has led to a […]

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BlackRock’s Fourth-Quarter Profit Rises on ETF, Bond Fund Inflows

BlackRock Inc.’s quarterly profit rose 19% as investors turned to the money-management giant’s funds through November’s election uncertainty, vaccine breakthroughs and a year-end rally. The investment company posted fourth-quarter profit of $1.5 billion, or $10.02 a share, up from $1.3 billion, or $8.29 a share, a year earlier. BlackRock’s revenue rose 13% to about $4.5 billion from roughly $4 billion in the year earlier period. The firm beat Wall Street analysts’ profit and revenue estimates. The world’s largest money manager scaled a new milestone in assets under management, breaching the $8 trillion mark to $8.68 trillion in assets. The company brought […]

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