Financial Daily Dose 11.2.2021 | Top Story: Electric-Truck Maker Rivian to Seek $60B Market Value in Coming IPO

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E-truck maker Rivian Automotive, the Amazon- and Ford-backed startup that’s “received roughly $10.5 billion since the start of 2019” as a private company, is seeking a valuation of “just above $60 billion in its initial public offering next week, one of the biggest and most-anticipated deals yet in a blockbuster year for new issues” - WSJ and Bloomberg and NYTimes

A Treasury Department report released yesterday called for congressional action to “properly regulate stablecoins, a fast-growing type of cryptocurrency” that regulators warn could, if left without guardrails, “result in bank runs, consumer abuse and payment snafus” - NYTimes and WSJ and Law360 and Bloomberg

The Dow topped 36,000 for the first time to start the week, and all markets saw gains despite a “wall of worry” facing investors - Bloomberg

With big strike following big strike these days, the Times helps us understand how the economic disruption of the pandemic helped fuel a resurgence of union activity and a willingness to pull out all the stops and actually walk off the job - NYTimes

Weeks after the news that it was halting its 3-year buy-and-flip efforts, Zillow is reportedly “looking to sell about 7,000 homes as it seeks to recover from a fumble in its high-tech home-flipping business.” Zillow is seeking just shy of $3 billion for the portfolio and is targeting institutional investors as potential buyers - Bloomberg and MarketWatch

Covid has also forced CEOs to very publicly shift decades of globalization-focused cost shedding strategies that centered on cheaper labor and manufacturing abroad in favor of the reliability of local workers and supply chains despite higher costs - WSJ

Amazon has unveiled plans to launch its first to prototype satellites by late next year, a move that “will formally kick off its competition with SpaceX, the space company owned by Elon Musk, and OneWeb, among other rivals, for beaming high-speed internet connections to customers from low Earth orbit” - NYTimes and Bloomberg and TechCrunch

Troubled California utility PG&E noted in an SEC filing this week that it is the subject of a federal inquiry of the highly destructive Dixie Fire, which ravaged a million acres starting this summer and that it is facing a probable $1.15 billion loss associated with related liability - NYTimes

The new week didn’t bring relief to American Airlines, which canceled yet more flights yesterday as it struggled “to meet growing travel demand with a staff reduced in size because of the Covid-19 pandemic” - WSJ and Marketplace and Bloomberg

It would seem that there are subway stops, and then there are Soviet-era metro stops. Let Frank Herfort’s 6-year effort to document some 770 of them help you understand the difference - NYTimes

Stay safe, get vaxxed, and go vote,
MDR

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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