Your Daily Dose of Financial News

Robins Kaplan LLP

You’ll remember Snap’s highly anticipated March IPO as a splashy affair, with a valuation in the $30+ billion range and a relatively consistent stock price. Well, reality hit hard yesterday, as Snap announced a $2.2 billion Q1 loss, sending its stock price just above IPO levels – NYTimes and WSJ and Bloomberg

More concern over manipulated bond valuations—this time focused on hedge funds suspected of “inflating the value of debt securities in their portfolios to juice the fees they collect” – Bloomberg

Jes Staley, in a move that cynics might say was all about self-preservation, has publicly apologized to shareholders for seeking to uncover the identity of a whistle-blower who called out Staley for one of his hires – NYTimes

No Bittman, alas, but Whole Foods has dramatically overhauled its board in an effort to fend off the call for change at the top from activist investor Jana Partners – WSJ

Industry insiders acknowledge that Tesla’s new solar roof pricing is in a range that could make it the next big thing – Bloomberg

LVMH’s going digital in a big way.  We’ll see if its customers go with them (or, more to the point, if they find new ones there) – NYTimes

Monaco’s already synonymous with private wealth.  So why not Private Equity, too? – WSJ

Embattled retailer (and former end-all, be-all of fashion in my teen years) Abercrombie & Fitch is reportedly considering putting itself up for sale – NYTimes and WSJ

Verizon’s beat out rival AT&T to acquire Straight Path Communications for $3.1 billion in a deal that’s all about Straight Path’s work in high-frequency radio waves that could be the key to next-gen networks – WSJ

We know them as the Prop Bros in our house.  And viewers in more than 150 countries around the world know them, too.  Jonathan and Drew aren’t messing around – NYTimes

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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