Addentax Group was listed on the Nasdaq today under the symbol ATXG. The stock surged over 900% shortly after the IPO.
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September 1, 2022 | Sign Up | View Online​​​​
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Business & Markets 📈
Addentax Group (ATXG) Stock Surges Over 900% In Market Debut: Details (1 min read)

Addentax Group was listed on the Nasdaq today under the symbol ATXG. The stock surged over 900% shortly after the IPO. Addentax Group is a Chinese based logistic service provider that operates in the US and China. The company focuses on four segments - garment manufacturing, logistics service, property management and subleasing, and epidemic prevention supplies. They announced the underwritten public offering was 5 million shares of its common stocks for the price of $5 per share yesterday. ATXG opened at $27 today and was last traded at $656.54 as of market closed.
Bed Bath & Beyond announces store closures, layoffs and new financing to fix struggling business (4 min read)

To reduce business costs, Bed Bath & Beyond started closing 150 of their lower producing stores and will be cutting 20% of the corporate and supply chain workforce. They also raised $500 million in new financing to help keep the business steady. Their sales have been declining steeper and steeper every quarter as customers are increasingly straying to competitors. To win shoppers back, the company will work with product name brands that customers love to develop exclusive products and add more direct-to-consumer brands. Their share price dropped more than 20% on Wednesday morning and about 17% year to date.
Euro zone inflation hits another record of 9.1% as food and energy prices soar (3 min read)

Euro zone inflation just reached a record high of 9.1%. The expectation was anticipated to be 9%. The surge in inflation started back in November 2021 and has been increasing for nine consecutive months. The main drive is the increase in energy prices which had an annual inflation rate of 38.3%. Food, alcohol, and tobacco were 10.6% higher than the previous month. At the same time, the ECB is targeting another big rate hike next month. Experts believe that the Euro regions are definitely heading into a recession, the question is how deep it will be and how long it will last.
Funds & ETFs 💸
GameStop, AMC Targeted by Latest Single-Stock ETFs (2 min read)

REX Shares submitted a filing to launch ten separate single stock ETFs with each focusing on a MEME stock. The ETF will provide an inverse exposure to the underlying security. The MEME stocks they’re using are MicroStrategy, Coinbase, GameStop, AMC, Peloton, Tilray, Nikola, Robinhood, PENN, and Beyond Meat. The REX Shares filing shows that single stock ETFs are a growing trend in the ETF space. Multiple firms have recently launched single stock ETFs that implement leverage or inverse strategies. Innovator, one of the biggest buffered fund providers, launched a Tesla single stock ETF with a capped upside and downside buffer.
NBA Star Antetokounmpo to Help Launch ESG Fund (2 min read)

Giannis Antetokounmpo is working with an Illinois based asset management firm called Calamos Capital to launch a fund that holds a portfolio of sustainable companies. The selection criteria focuses on environmental, social and governance, and avoid companies with more than 5% of revenue in tobacco and weapons, alcohol, animal testing, and metals and mining. No reasoning was provided as to why Antetokounmpo is behind this venture but there is speculation that this is to promote his financial literacy.
Personal Finance 💰
Most popular personal finance advice contradicts economic theory (3 min read)

A new working paper highlighted surprising differences between advice from personal finance books and economic theory. This paper gathered 50 popular personal finance books and compared the most common takeaways with the principle of economic theory. The finding shows that the two deviates on most approaches to savings, debt repaying, retirement, and mortgages. The only area that both agree on is that beating the market with active mutual funds is difficult and index funds are the better choice. Although there is a clear disconnection between the two, advice from personal finance books has two advantages; they are easier for people to understand and approach matters with human constraints.
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