Market Savages Unity Software Merger with App-Monetization Platform Provider ironSource

Unity Software has agreed to an all-stock merger deal, valuing ironSource at roughly $4.4 bln, a 74% premium to the 30-day average exchange ratio, ironSource $IS was up 51% from the previous day close, though still trades around 75% below record highs set in September. Unity is trading at 8x forward sales, the company operates in priced-to-perfection territory given the current rising-rate environment. The market took harshly to the deal knocking $U down -17% to near the all-time lows seen … Continue reading “Market Savages Unity Software Merger with App-Monetization Platform Provider ironSource”

ISM Non-Manufacturing Activity Slows for Third Straight month in June

The ISM Non-Manufacturing Index for June fell to 55.3% (consensus 54.2%) from 55.9% in May, slowing for the third straight month as businesses continued to wrestle with pricing pressures, supply chain issues, and labor supply constraints. The 12-month average is 60.80 percent, which reflects consistently strong growth in the services sector. The June composite index indicated growth for the 25th consecutive month after a two-month contraction in April and May 2020. but it is the lowest reading since May 2020. … Continue reading “ISM Non-Manufacturing Activity Slows for Third Straight month in June”

ISM Non-Manufacturing Activity Continues to Decelerate in May

The ISM Non-Manufacturing Index for May fell to 55.9% (consensus 56.6%) from 57.1% in April, slowing for the second straight month as businesses continued to wrestle with pricing pressures, supply chain issues, and labor supply constraints. The 12-month average is 61.2 percent, which reflects consistently strong growth in the services sector. The May composite index indicated growth for the 24th consecutive month after a two-month contraction in April and May 2020. but it is the lowest reading since February 2021. … Continue reading “ISM Non-Manufacturing Activity Continues to Decelerate in May”

Who is Attending the Davos World Economic Forum and Who Is Not

The world’s elite, well sans Russians, are hobnobbing it in the Swiss Alps at the World Economic Forum’s annual meeting in Davos from Sunday (May 22) through Thursday. The gathering was nixed for last two years with the coronavirus pandemic. Not to say the elites haven’t been trying to shape, and profit from all and sundry in that time. About 2500 participants are registered, down from 3000 at the last gathering in January 2020. What is notable is who isn’t … Continue reading “Who is Attending the Davos World Economic Forum and Who Is Not”

US Justice Dept Seized $3.6 Billion in Bitcoin in Largest Financial Seizure Ever

The US Justice Department announced it has seized over $3.6 billion in cryptocurrency at today’s prices in what has been touted as the single largest financial seizure ever. They seized bout 94,000 of the 119,754 Bitcoin they alleged as stolen. It would be worth about $4.1B at today’s prices. The DoJ arrested Ilya Lichtenstein, 34, and his wife Heather Morgan. 31, with conspiring to launder cryptocurrency that was stolen during the 2016 hack of Bitfinex. The couple will make an … Continue reading “US Justice Dept Seized $3.6 Billion in Bitcoin in Largest Financial Seizure Ever”

ISM Non-Manufacturing Index Backs Off Record High in December

The ISM Non-Manufacturing Index for December pulled back to 62.0% (consensus 67.1%) from a record high 69.1% in November as the Omicron variant runs roughshod over the economy. The Prices Index increased to 82.5% from 82.3% in November. Earlier the ISM Manufacturing Prices Index fell to 68.2% from 82.4%. However, the services is 80% of the US economy, making it an inflation risk. The dividing line between expansion and contraction is 50.0%. The December reading marks the 19th straight month … Continue reading “ISM Non-Manufacturing Index Backs Off Record High in December”

Tencent’s Riot Games Pays $US100 million in Gender Discrimination Case

Game maker Riot Games, the video game maker said on Monday evening agreed to pay $US100 million to settle a gender discrimination suit with more than 2000 current and former female employees. The class-action lawsuit was filed in 2018 than in early 2020, two California employment agencies intervened to block the settlement, arguing that the women could be entitled to more than $US400 million. California had been investigating the company after claims of sexual harassment, discrimination, unequal pay and retaliation … Continue reading “Tencent’s Riot Games Pays $US100 million in Gender Discrimination Case”

Greed Outpacing Fear in Markets says Goldman’s Solomon

In what may appear as patently obvious to most Goldman Sachs CEO, David Solomon speaking at an event in Singapore said we are living in one of those “periods of time when greed has outpaced fear.” and the global economy is facing a ‘complicated time’. We are in times not too dissimilar to the 1980’s where the fictional Gordon Gekko ruled and the real Ivan Boesky would most likely be the norm in the moral hazard free 2021. Soloman says … Continue reading “Greed Outpacing Fear in Markets says Goldman’s Solomon”