AnalytixInsight

Even though Friday was brutal for tech stocks, major indices ended up last week. The Dow Jones rose 2%, S&P 500 was up 1.5%, and the Nasdaq eked out a 0.7% gain despite falling 3.8% on Friday. Twitter and Elon Musk will not be seeing each other in court—yet. The parties, who were scheduled to go to trial in Delaware on October 17, have until October 28 to close Musk’s acquisition of Twitter for US$54.20 per share. Meanwhile, Carl Icahn scored an estimated US$250 million gain on Twitter stock. South Korea’s internet giant Naver is buying ecommerce firm Poshmark for US$1.2 billion, taking advantage of the big drop in Poshmark’s stock price. Amazon freezes corporate hiring in retail and operations businesses. Peloton cuts 500 more jobs; CEO Barry McCarthy, said he is giving the company about another six months to significantly turn itself around. DraftKings stock jumps on report of partnership with ESPN. Rivian stock price jumps after EV maker backs 2022 production guidance even as the company recalled nearly almost all of its vehicles. TSMC sales top estimates as clout helps chip giant during slowdown. TikTok parent ByteDance Ltd. saw its operating losses more than triple last year to above US$7 billion as it spent heavily to continue its torrid growth. Fast-fashion retailer Shein has shed up to one-third of its value in private markets in recent months after reaching a valuation of more than US$100 billion earlier this year. Horizon Worlds metaverse app so bad that Meta has to force employees to use it. The US Supreme Court agrees to hear case on tech companies’ legal immunity. Around US$100 million of Binance Coin was stolen Friday. Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market. Sophic Client UGE International (UGE-TSXV) acquired 3.5MW community solar project and closed a US$15 million credit facility.

Markets fell yet again last week, ending a terrible September, and Q3 — the longest stretch of down quarters since 2008. The Dow Jones was down 2.9%, S&P 500 fell 2.9%, and the Nasdaq composite was down 2.7%. The Vision Fund, a venture capital arm of SoftBank, has launched a sweeping layoff process, cutting at least 30% of its workforce globally, or approximately 150 of the 500 employees. Mark Zuckerberg says Meta will freeze hiring and cut costs. DocuSign to cut workforce by 9% as part of restructuring plan. Peloton added Dicks Sporting Goods to the retail outlets that will sell its exercise bike. Shares of Peloton dived 15% on the news to just below US$7, its lowest point yet. Intel’s self-driving unit Mobileye on Friday unveiled its IPO filing. The tech IPO market globally is in the middle of its worst drought in nearly two decades. U.S. listings have raised a little over US$7 billion so far this year, according to data from Dealogic. Last year traditional IPOs, excluding special purpose acquisition companies, had raised a record US$154 billion. Mobileye’s IPO, coming on the heels of Porsche’s blockbuster debut in Europe, could, however, be an early sign of improving investor sentiment. TripActions reportedly files to go public at US$12 billion valuation. Stripe revenue rises 66% to US$2.255 billion. Uniswap Labs eyes over US$100 million in new funding, as the parent firm of the world’s largest decentralized exchange gears up to broaden its offerings. In Canada, Sophic Client, Clear Blue Technologies (CBLU-TSXV) received $5 million grant funding from SDTC. This grant combined with a June $4 million non dilutive funding from the Government of Canada, supports the $10 million market cap company’s 2023 growth. BuildDirect announced the upsizing of a private placement. Kitchener-Waterloo startup Avidbots secured US$70 million in a Series C funding round to expand its fleet of floor scrubbing robots.

Last week, the Dow Jones fell 4%, the S&P 500 fell 4.6%, and the Nasdaq fell 5.1%, as a hawkish Federal Reserve sent US Treasury yields soaring. Instacart plans to focus its IPO on selling employee shares. Chinese EV maker Leapmotor aims to raise US$1 billion in a Hong Kong IPO. Tencent considers more stake sales to fund share buybacks, future growth. FTX is in talks to raise up to US$1 billion at valuation of about US$32 billion, in-line with its prior round. Meta, and Google to cut costs and staff. Home-flipper Opendoor hit with losses in echo of Zillow collapse. Accenture stock fell after profit and revenue beat expectations but outlook was downbeat. Take-Two stock fell as company says leaked ‘Grand Theft Auto’ footage the result of ‘network intrusion’. Amazon said it had ‘biggest three hours of signups’ for Prime during first exclusive NFL stream. 25% of Netflix subscribers planning to leave service. In 2021, investors poured more than US$12 billion into a new breed of start-ups focused on buying Amazon marketplace sellers. This year, the funding has mostly dried up. Nasdaq moves into crypto with custodying services. Affirm stock heads higher as company notches BNPL deal with Amazon in Canada. Coinsquare to acquire CoinSmart as consolidation of Canadian crypto traders continues. Sophic Client, Swarmio Media (SWRM-CSE, SWMIF-OTC) and Globe Telecom Partner with PUBG MOBILE to Promote the Globe Gamer Grounds Platform in the Philippines. PUBG MOBILE is one of the most popular mobile games in the Philippines, with over one million monthly active users. Sophic Client Reklaim (MYID-TSXV, MYIDF-OTC): This report demonstrates how shifts in regulation and company compliance relates to Reklaim, which allows consumers to confirm their identity and unveil data that businesses have collected and sold without the consumer’s explicit consent for years.