Grindr stocks surged over 400% intraday on the first day after merging with the SPAC Tiga Acquisition.
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2022-11-21 | Sign Up | View Online
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Business & Stocks 🏢
LGBTQ dating app Grindr shares soar in post-SPAC debut (6 min read)

Grindr stocks surged over 400% intraday on the first day after merging with the SPAC Tiga Acquisition. It began trading at $16.90 and reached as high as $71.51 before closing at $36.50 on Friday. Grindr is a dating app for the LGBTQ community and the first of its kind to be a publicly traded company. Their business model was shown to be strong in the past year with a 42% increase in revenue and a high brand awareness where they only spend 1% of the revenue on marketing.
Carvana lays off 1,500 employees following stock free fall (3 min read)

Carvana will cut 8% of its workforce which is about 1,500 employees. Their stocks fell roughly 3.1% after the news but have plummeted about 97% so far this year. The company is facing slow demand amid high interest rates and inflation, while holding a record number of used cars purchased during the surging demand from the pandemic. Morgan Stanley had previously warned about the weakening used car market and downgraded this company to a $1 stock.
Markets & Economy 📈
Home sales continues to drop in October (3 min read)

US existing home sales dropped another 5.9% in October, making it a decline for nine straight months and at the slowest pace since December 2011. High mortgage rates and surging inflations have kept buyers from making purchases. The average home price is still relatively high but has also started shrinking in recent months. Although sales have fallen across all price points, it is the weakest in the lower and higher end price range.
Oil posts second weekly decline as supply fears recede (2 min read)

Oil fell another 2% on Friday and it was the second weekly decline. At one point it reached below $80 per barrel before climbing back up slightly. The fear of over supply is spreading as sources say China might slow oil imports amid rising Covid cases and possibly more aggressive US rate hikes based on the hawkish comments from some Fed officials. The strong dollar also made oil more expensive for non-American buyers which further pushed the price down.
Funds & ETFs 📊
BlackRock sees these ETFs potentially outperforming in 2023 (4 min read)

BlackRock believes certain ETF themes that are tied to fiscal policy will likely outperform next year. For example, if the Fed begins to slow down rate hikes, tech staples such as cybersecurity and robotics could bounce back higher than other tech themes as they are more essential to businesses. Semiconductor sector is also another theme that might stand out because of the CHIP and Science Act. More details on the recommendations are available in this article.
Russell Expands Fixed Income Index Offerings (2 min read)

FTSE Russell who is known for their equity indexes just added three new fixed income indexes. The new indexes will track the corporate bonds, including high yield and investment grade bonds, in the Russell 1000, Russell 2000, and the Russell 3000 equity indexes. The new products came at a time when investors are looking for greater fixed income exposure in the current rising rate environment. Currently there are 83 ETFs that follow FTSE Russell indexes.
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