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  • 🦢Black Swan Street Weekly Stock Market Summary (March. 11th - March. 15th 2024)

🦢Black Swan Street Weekly Stock Market Summary (March. 11th - March. 15th 2024)

Reddit IPO details are here, Liquid Death raises at $1.4 billion valuation, tech bubble popping, and Biden unveils 2025 budget...

Black Swan Street stock market newsletter stock market summary

Welcome to Black Swan Street!

asset class performance o this week

First off, I owe you an apology. I missed a week ☹️ 

As you probably noticed, there was no Black Swan Street last week. I had some personal things come up that I had to give my full attention to and I wasn’t able to write a newsletter.

But no need to fear, WE’RE BACK!!!

So that being said, welcome back!! It’s @JohnWetter here with another edition of Black Swan Street…

It was an action-packed week, so let’s just dive in:

  • Reddit Releases The Details🗣️

  • The Swan’s Selections🦢

  • In Other News🗞

  • Next Week In The Stock Market🔮

Read time: 5 minutes

Reddit Releases The Details🗣️

What’s the deal? There’s been plenty of talk regarding the platforms IPO status. Well, the details are out. According to a filing released Monday, Reddit aims to raise ~$750 million at a ~$6.5 billion valuation.

This comes through the sale of about 22 million shares at a range of $31 to $34 per share. The company will trade under the ticker symbol ‘RDDT’.

Also to note. Reddit has set aside ~1.76 million shares for certain users of the platform, known as Redditors, who want to participate in the IPO. The Redditors will be able to purchase those shares and then sell them on the open market as they won’t be subject to a lock up period.

In 2023, Reddit reported annual sales of $804 million (a 20% YoY increase) and a net loss of $90.8 million.

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The Swan’s Selections🦢

🫧Tech Bubble Popping? Last week, technology stock saw the biggest weekly outflow ever. Tech stocks saw $4.4 billion of outflows in the latest week, aka their “largest outflow ever”, and the first outflow in nine weeks.

💰Biden Unveils 2025 Budget. Biden’s 2025 presidential budget includes $7.3 trillion in spending proposals, up from $6.9 trillion in 2024. Read more here.

💧Canned Water Company Raises At $1.4 Billion Valuation. Healthy beverage platform, ‘Liquid Death’, closes $67 million in strategic financing including top distributors at $1.4 billion valuation. Liquid Death is one of the fastest growing alcoholic brands.

In Other News🗞

  • Sam Altman will return to OpenAI’s board with three new directors - RT

  • BlackRock will acquire SpiderRock Advisors, an asset-management and technology firm that manages ~$4.8 billion of assets - BBG

  • Audi will acquire a 100% stake in Sauber’s F1 Team to accelerate entry into F1 - BBG

  • Prominent Boeing whistleblower ‘John Barnett’ found dead - YF

  • Thomas Reuters has $8 bilion war chest for AI-focused acquisition - FT

  • U.S. Consumer Price Index (CPI) YoY: 3.2%, from previous 3.1%, and above the 3.1% forecast

  • Goldman Sachs seeks to expand private credit portfolio to $300 billion by 2029 - RT

  • Hedge Fund leverage is near record levels - RT

  • Toyota agrees to biggest wage hike in 25 years - RT

  • Global art sales fell 4% to a three-year low of $65 billion - FT

  • Cigarette maker ‘Altria’ is seeking to sell a portion of its 10% stake in beer maker ‘Anheuser-Busch’ for as much as $2.2 billion to fund share repurchases - BBG

  • Corporate defaults at highest rate since 2008 crisis - FT

  • Cisco Systems won unconditional EU approval for its $28 billion acquisition of cybersecurity firm ‘Splunk’ - RT

Next Week in the Stock Market🔮

Earnings To Watch Next Week:

Earnings calendar March 18th

What the Swan is watching:

Monday: Science Applications International

Tuesday: Xpeng, Tencent Music Entertainment

Wednesday: General Mills, PDD Holdings, JinkoSolar, BioNTech, Signet Jewelers, Micron, Chewy, KB Home, Five Below

Thursday: Accenture, Academy Sports and Outdoors, Darden Restaurants, Nike, Lululemon, FedEx

Economic Calendar Next Week:

Economic Calendar Next Week

The Wrap-Up🔄

🎊🎉 That’s it for this week 🎉🎊

Once again, sorry for no Black Swan Street last week ☹️ 

I hope this week made it up. Let us know what you thought ⬇

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