Stock Market Live May 14: S&P 500 (VOO) Rises as IPOs Return to Popularity
Investing
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IPO market activity picks up on Wednesday.
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New IPOs are primarily in the fintech sphere, while analysts are growing bullish on defense stocks.
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Israeli cryptocurrency and stocks trading platform eToro priced its US IPO at $52 per share this morning, above its expected introduction in a range from $46 to $50. The new IPO will trade on the Nasdaq under ticker symbol “ETOR.” The company is selling 6 million shares for and raising $310 million, valuing it at $4.2 billion in market capitalization. Insiders will sell another 6 million shares and cash out in the IPO.
In related news, San Francisco-based fintech Chime has filed to IPO, also on the Nasdaq, under symbol “CHYM”. No IPO price has yet been set for that one.
BMO Capital Markets comments that “demand for US stocks is and should be robust,” and calls US stocks “the best assets” to own today with “the best reward” for investors. And it seems investors agree. The Vanguard S&P 500 ETF (NYSEMKT: VOO) opened up a modest 0.3% today.
Earnings
Among stocks that are already public, meanwhile, earnings news is muted today. Tower Semiconductor (Nasdaq: TSEM) missed earnings by a penny, reporting $0.45 per share this morning. McDonald’s franchisee Arcos Dorados (NYSE: ARCO) likewise missed. It’s $0.07 per share reported today was less than half of what analysts expected.
Analyst Calls
Upgrades and downgrades news is a bit more active. Benchmark upgraded defense contractor and S&P 500 component RTX Corp (NYSE: RTX) to buy with a $140 price target citing strong “engine / lease rates” and the potential to grow military sales under President Trump’s “Peace Through Strength global campaign.”
Fellow contractor and S&P component KKR (NYSE: KKR) got a bump to overweight from Morgan Stanley, which cited mostly macroeconomic factors encouraging it: “greater than expected tariff de-escalation with China,” “better than feared macro path ahead with lower recession probability,” and “less upward inflation pressure and reduced tail risk.”
On the other hand, Jefferies downgraded Rivian Automotive (Nasdaq: RIVN) to hold, citing a “downbeat demand outlook this year.”
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