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- Daily Scoop 11-4
Daily Scoop 11-4
👋 Your Thursday Scoops - J&J opioids & Allbirds goes public
Today's Scoop:Steamin'
Big Picture
Fewer people were laid off last week.
Corporate profits continue to exceed expectations
Policymakers think the economy's healthy enough to start cutting back emergency stimulus measures.
The Market
⬆️
+0.4%
S&P 500: 4,680.06
1Mo:
+8%
| 1Yr:
+33%
| 5Yr:
+116%
Markets continued surging higher to new records today on general economic optimism. Yesterday, the Federal Reserve announced a plan to cut back on their monthly monetary stimulus measures. The economy seems to be far enough into the recovery that we no longer need to be in pandemic emergency stimulus mode. Weekly initial jobless claims, aka weekly layoffs, continued their decline last week to 269,000, the lowest level of the recovery. We're most of the way through third-quarter corporate updates, and more than 80% of companies have reported higher profits than investors expected.
Also, on day four of the United Nations Climate Conference (COP26), we heard plans from various countries on steering their economies from fossil fuel reliance.
The US and more than twenty other countries signed a pledge to end fossil fuel infrastructure financing overseas
Twenty-eight countries pledged to phase out coal, boosting the number of countries and organizations in the Powering Past Coal Alliance to 165. The US, China, and India have not signed the alliance.
The International Energy Agency predicted that if the COP26 pledges are honored, global warming would be limited to 1.8°C. The threshold scientists warn us about is 1.5°C.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Johnson & Johnson
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Allbirds
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CVS
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Ford's
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Roku's
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
An Initial Public Offering (IPO), aka "going public," refers to the first time a company asks us regular people to invest. Before that, you had to know somebody or have a ton of money to get behind the red rope. They sell shares of their company to the open market in exchange for our cash. Companies can use that cash for all sorts of things, typically to build out their business further. It also makes it easy for any previous investor or early employee to sell their existing shares on the market.
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