Episode 97: Football Season Starts and Markets Stay Steady
Market News
Entering September with the entire football season ahead, it’s starting to feel a little bit more like fall. That means the markets could be in for a correction soon. There hasn’t been a major pullback greater than 5% in almost a year, and many investors are anticipating some pain on the way. Market bull Ed Yardeni said it’s a buying opportunity for investors – just don’t try to time it perfectly.
From my Mailchimp to yours: Bloomberg reported that Intuit is in talks to buy Mailchimp for more than $10 billion, we noted how the email marketing company hadn't taken any outside funding since its 2001 founding. There have been a few multi-billion dollar sales of bootstrapped companies, like Minecraft-maker Mojang for $2.5 billion, or Assurance IQ selling to Prudential Financial for $2.4 billion. But nothing close to what Mailchimp may fetch.
Salesforce told thousands of employees in a Slack message on Friday that if they and their families are concerned about the ability to access reproductive care in the wake of Texas’ aggressive anti-abortion law, the company will help them relocate.
Apple’s lucrative App Store business received a major blow Friday thanks to a federal judge’s decision in the company’s legal battle with Epic Games. Judge Yvonne Gonzalez Rogers handed down the decision in the closely watched trial and issued an injunction that said Apple will no longer be allowed to prohibit developers from providing links or other communications that direct users away from Apple in-app purchasing. Apple typically takes a 15% to 30% cut of gross sales.
Friday Market Close
Dow 30 34,607.72 -271.66 (-0.78%)
S&P 500 4,458.58 -34.70 (-0.77%)
Nasdaq 15,115.49 -132.76 (-0.87%)
Filed IPO/SPACs
Warby Parker, which sells low-cost prescription glasses online and in over 145 stores, is expected to begin trading on the NYSE on Wednesday, September 29. In its latest filing, the company also disclosed the number of Class A shares to be sold by existing shareholders.
LATAM
Flat.mx, a Mexican proptech, raised a $20M Series A funding round co-led by Anthemis and 500 Startups. The round also included ALLVP, Expa, and various angel investors.
Founders Bernardo Cordero and Victor Noguera are working to fix Mexico’s broken real estate market with their fast and convenient platform that transforms the lengthy process of re-ownership into just days.