Today's Scoop:

Hey friends. Welcome to this week's new subscribers.

Here's what you need to know today...

1. A big part of the US economy rebounded in January.

2. Policymakers aren't as worried about inflation.

3. Used car prices jumped again last month.

S&P 500: 4,164.001Mo: +7% | 1Yr: -8% | 5Yr: +59%

The market drifted higher today after reassuring comments from policymakers. In a speech, the Federal Reserve Chairman said he still thinks inflation is cooling and didn't warn of harsher economic policy to come.

More data today pointed to an economic rebound in January. The Institute for Supply Management reported a surprisingly-big jump in activity across the services industry after contracting in December. The services sector accounts for more than two-thirds of US economic activity.

A surprise surge in car shoppers led to a spike in used vehicle prices last month. The Manheim Used Vehicle Value Index fell 15% last year after pandemic-related production delays for new cars cleared up.

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• Bed Bath & Beyond raises cash amidst meme-stock speculation [🤓]

• Google unveils its AI warrior to compete with ChatGPT

• BP walks back decarbonization goals after record oil profits

• Pinterest hits 450M users and aims for video

• CVS Health expands its healthcare empire

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Corporate Fundraising

Companies sometimes need extra money. When sales aren't covering their expenses or plans for expansion, companies can take out regular loans from banks, open revolving credit facilities like a corporate credit card, or borrow from investors with bonds.

If they don't want debt, companies can also sell an ownership stake in their business for cash, aka stock or equity. The first time they sell shares to public investors is called an Initial Public Offering (IPO), where they raise money from public investors like us. Anytime they sell new shares after that is called a secondary offering or issuance.

Companies only get money from selling new portions of their company for the first time. Once the stock is out there, we're all just buying and selling from each other.

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