Walter Cicchetti/iStock Editorial via Getty Images A Full Boom-Bust Cycle in Three Weeks In its first three sessions, SPCX surged 67%, touching $225.64 intraday, with no earnings, no ratings, and no change in fundamentals along the way. However, the stock then quickly fell back to around $150, completing a 67% surge and a roughly 34% give-back in under a month. For now, only the minority of retail...
Walter Cicchetti/iStock Editorial via Getty Images A Full Boom-Bust Cycle in Three Weeks In its first three sessions, SPCX surged 67%, touching $225.64 intraday, with no earnings, no ratings, and no change in fundamentals along the way. However, the stock then quickly fell back to around $150, completing a 67% surge and a roughly 34% give-back in under a month. For now, only the minority of retail investors who received $135 IPO allocations through Robinhood, Fidelity, or SoFi still hold about a 10% gain. Ordinary investors who rushed in on day one are flat at best, and anyone who chased the peak is down over 30%. On July 7, SpaceX ( SPCX ) officially joined the Nasdaq-100. The same day, the 25-day quiet period expired, and 19 analysts published near-unanimous buy ratings, with a median target of $250 and a high of $800 from Raymond James. Index inclusion plus a wall-to-wall chorus of buys, and the stock fell nearly 6%. A 90-Day Index-Inclusion Guardrail, Cut to 15 Under the old rule, a new listing had to go through a 90-day seasoning period , letting buyers and sellers fight it out and the price stabilize, before it qualified for index inclusion. On the eve of SpaceX's IPO, Nasdaq changed the rule in May 2026: new listings ranking among the top 40 by market cap can enter the Nasdaq-100 after just 15 trading days. SpaceX became the first beneficiary. This means money tracking QQQ and other Nasdaq-100 ETFs, including the index funds inside millions of American 401(k)s, was forced to buy a company that lost $4.9 billion in 2025, trades above 115 times trailing sales, and has been public for under a month, without holders' knowledge or consent. JPMorgan estimates the inclusion triggers about $4.3 billion in passive buying. That sounds bullish, but there are two problems. 1 - The buying is too small. With only 4% to 5% of SpaceX's shares publicly floated and index weights based on float rather than total market cap, SPCX is capped near 1.3%, around 21st in the index. A ...
Maksim Labkouski/iStock via Getty Images The pace of global economic growth edged higher in June, according to worldwide PMI survey data from S&P Global. Although still running below the pace seen earlier in the year, output rose globally at the fastest rate since the outbreak of war in the Middle East. However, the structure of growth showed signs of changing amid the improved newsflow out of the...
Maksim Labkouski/iStock via Getty Images The pace of global economic growth edged higher in June, according to worldwide PMI survey data from S&P Global. Although still running below the pace seen earlier in the year, output rose globally at the fastest rate since the outbreak of war in the Middle East. However, the structure of growth showed signs of changing amid the improved newsflow out of the Middle East: the recent strong manufacturing expansion slowing amid reduced precautionary stock building, while services growth revived – notably for consumer-facing industries – amid the recent drop in energy prices. Global PMI edges higher in June Survey data indicated that global economic growth picked up in June amid improved news out of the Middle East. The J.P. Morgan Global Composite PMI Output Index ticked higher for a third successive month, up from 51.9 in May to 52.0 in June, to reach its highest since February – just prior to the outbreak of the conflict. The data therefore add to signs that business activity growth bottomed out back in March and has since shown encouraging resilience. The PMI readings are broadly indicative of global GDP growth running at an annualised 2.5% rate over the second quarter, down from around 3% at the start of the year but only modestly below the long run average of 2.9% seen since 1998. June’s improved data were collected over a period in which oil prices fell sharply and tensions eased in the Middle East following a ceasefire and subsequent signing of an MOU between the US and Iran. Trade flows also picked up through the Strait of Hormuz, albeit continuing to run well below volumes seen prior to the conflict. Sector rotation Although the overall change in the headline global PMI output index was only marginal in June, shifting sectoral contributions to growth were more notable. At the broadest level, manufacturing – which has notched up its best performance for five years over the second quarter as a whole – lost some growth mome...
Wall Street banks were largely absent from a $5.8 billion fundraising spree by Chinese artificial intelligence stars in Hong Kong this week. AI model maker Zhipu led with a $4 billion share placement Thursday, the second-biggest equity offering in Hong Kong this year. Zhipu’s initial public offering was only six months ago, and it had rallied about 1,500% through Wednesday. The shares rose a furth...
Wall Street banks were largely absent from a $5.8 billion fundraising spree by Chinese artificial intelligence stars in Hong Kong this week. AI model maker Zhipu led with a $4 billion share placement Thursday, the second-biggest equity offering in Hong Kong this year. Zhipu’s initial public offering was only six months ago, and it had rallied about 1,500% through Wednesday. The shares rose a further 22% at one stage Thursday morning. International banks didn’t have a role in Zhipu’s share sale, which only had league-table topper China International Capital Corp. on board. Meanwhile, CICC and Citic Securities Co. were the only banks involved in Shanghai Biren Technology Co. ’s $901 million share placement launched Friday. Wall Street banks face a challenge working on these transactions as AI is at the heart of the rivalry between Washington and Beijing. Deals related to the sector are driving activity in Hong Kong, where share sale proceeds have hit a five-year high on eagerness for homegrown champions in a priority area for China. “China AI-related names are rushing to the market to raise money to take advantage of the AI investment theme,” said Marvin Chen , an analyst for Bloomberg Intelligence in Hong Kong. “For investors, the new IPOs provide opportunities for more pure play AI exposure without the baggage of e-commerce platform exposure that many of the China tech giants carry.” CICC is comfortably ahead in the Hong Kong equity offerings league table, with a lead of almost $5 billion over Morgan Stanley in deal volume, helped by the Zhipu placement . Goldman Sachs Group Inc., Citic and Huatai Securities Co. round out the top five. Morgan Stanley has tended to be No. 1 in recent years. “Foreign bank participation appears relatively lighter in lead or sponsor positions for certain high-profile mainland AI deals,” said Andy Wong, IPO leader at advisory firm SW Hong Kong. Even though international interest exists, a chunk of demand comes from a trading channel for ...
In this article AZN-GB Follow your favorite stocks CREATE FREE ACCOUNT Shares of AstraZeneca fell as much as 9% after a late stage clinical trial for an experimental heart disease failed to meet its target. The medicine, Wainua, did not reach its main goal of reducing deaths and recurrent heart-related emergencies over 140 weeks compared to a placebo, the British drugmaker said in a press release ...
In this article AZN-GB Follow your favorite stocks CREATE FREE ACCOUNT Shares of AstraZeneca fell as much as 9% after a late stage clinical trial for an experimental heart disease failed to meet its target. The medicine, Wainua, did not reach its main goal of reducing deaths and recurrent heart-related emergencies over 140 weeks compared to a placebo, the British drugmaker said in a press release early Thursday. The treatment is for a rare, life-threatening heart condition called transthyretin-mediated amyloid cardiomyopathy (ATTR-CM). The stock was last seen down 8.9% in London, on track for its worst day since March 2020 at the start of the Covid-19 outbreak. This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Spencer Platt A federal judge has approved the Securities and Exchange Commission's settlement with Tesla ( TSLA ) CEO Elon Musk over his purchase of Twitter shares, even as she noted "significant misgivings" about the agreement. The SEC's civil lawsuit against Musk accused him of waiting too long to disclose his initial purchases of Twitter shares in 2022, which ultimately saved him $150M. Musk...
Spencer Platt A federal judge has approved the Securities and Exchange Commission's settlement with Tesla ( TSLA ) CEO Elon Musk over his purchase of Twitter shares, even as she noted "significant misgivings" about the agreement. The SEC's civil lawsuit against Musk accused him of waiting too long to disclose his initial purchases of Twitter shares in 2022, which ultimately saved him $150M. Musk said the delay was inadvertent. Under the settlement, a trust in Musk's name will pay a $1.5M fine to resolve the SEC's claims. "This court is limited to evaluating whether the proposed consent judgment meets minimum standards of fairness and reasonableness, or whether it instead 'make[s] a mockery of judicial power,' " District Judge Sparkle Sooknanan stated in her decision. "Although the court has significant misgivings about the settlement reached in this case, it cannot say that the settlement meets that high threshold." "Whether the Executive Branch (through the SEC) has done enough to hold Musk to account for his alleged violation is, like many other issues, for our citizenry to decide at the ballot box," she added. Sooknanan also questioned why the SEC proposed settling with Musk's trust instead of him, "other than allowing Musk to proclaim publicly that he has been cleared of wrongdoing." "The court is left to wonder whether the SEC will afford other alleged securities-law violators such solicitude," she said . Musk ultimately paid $44B to buy Twitter in 2022 and renamed it X, which is now part of SpaceX ( SPCX ). More on Tesla, SpaceX Tesla: Delivery Boom Is A Game-Changer (Rating Upgrade) SpaceX: Junk Bond Yield, But Stock Is A Surprising Buy Tesla's Delivery Results Support Continued Pessimism SpaceX closes below $150 ‘Genesis Line’ in two straight sessions SpaceXAI launches Grok 4.5 with focus on token efficiency
Morning, this is Moira Warburton from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. More bad news for UK housebuilders: the number of agents reporting a drop in buyer enquiries continues to outpace those seeing an increase, according to the latest survey from the Royal Institution of Chartered Surveyors. That follows two months of flat house prices an...
Morning, this is Moira Warburton from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. More bad news for UK housebuilders: the number of agents reporting a drop in buyer enquiries continues to outpace those seeing an increase, according to the latest survey from the Royal Institution of Chartered Surveyors. That follows two months of flat house prices and housebuilders reporting less-than-spectacular results. Analysts are inclined to blame the political situation, pointing out that uncertainty around the outlook for borrowing costs and inflation isn’t driving buyers to make big, long term commitments like buying a house. Those problems aren’t looking likely to fade away any time soon, either. Traders are now pricing in two Bank of England hikes this year, which may help keep inflation under control but won’t make houses any cheaper for the average buyer. What’s your take? Ping me on X , LinkedIn or drop me an email at mwarburton15@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching AstraZeneca’s gene silencer drug, Wainua, failed to help prevent heart problems in a late-stage trial. A successful trial could have led to billions of dollars more in sales, Jefferies had estimated ahead of the update. Shares in one the UK’s biggest companies by market value fell 9%. After a public drubbing earlier this week from cabinet minister Nick Thomas-Symonds, who called Capita “completely unprepared” for the administration of a civil service pension scheme, the company is warning of a £25 million to £40 million profit hit from that contract. Shares fell nearly 16%. Tech and services provider Computacenter expects full-year results to be “comfortably” ahead of expectations, thanks to hyperscale customers in North America and AI projects in the UK. Shares jumped 9%. The UK’s National Energy System Operator has issued a supply warning for Thursd...