US stock futures already told the story of a day of big upward movement once the consumer price index (CPI) came in this morning much lower than expected with just a +0.2% increase. The cost of goods also decreased while housing and energy prices saw their smallest increase in nearly two years.
All in all this is great news for consumer and retail companies, breaking from some increasing signs that they might have a soft holiday sales season.
Sustainable consumer packaging maker PureCycle (NASDAQ:PCT), which went public with Roch CH I in 2021, is up about +25% as of this writing, and consumer fintechs have gained a boost as well.
Foley Trasimene II‘s target Paysafe (NYSE:PSFE) is up +12% and Pagaya (NASDAQ:PGY) is up +10.9% about 16 months out from the close of its deal with EJF.
These are of course one-day gains and many of these companies continue to trade well-below $10, particularly when adjusted for stock splits. Paysafe, for instance, last closed at $10.70, but that would have equated to a price at $0.89 due to past splits.
Nonetheless, the good inflation news has provided solid one-day gains for other growth companies.
Among those celebrating today is real estate platform Opendoor (NASDAQ:OPEN) up +12.4%, while eVTOL makers Archer (NYSE:ACHR) and Joby (NYSE:JOBY) are up 10% and +8.7% on the day. Even space tourism venture Virgin Galactic (NYSE:SPCE) is flying high at +9.3%.
Most of these companies are well past close with Social Capital II, Atlas Crest, Reinvent, and Social Capital I, respectively, but it could mark an encouraging turn in market conditions for a crop of companies that the macro climate has been hostile toward for many quarters running.
DT Cloud (NASDAQ:DYCQ) has entered into a definitive agreement to combine with Maius Pharmaceutical at an equity value of $250 million. Shanghai-based Maius is a drug developer and researcher focused on small-molecule chemical treatments for different forms of cancer. The combined company is expected to trade on the Nasdaq once the deal is completed in...
Charlton Aria Acquisition Corporation announced the pricing of its $75 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHARU”, Thursday, October 24, 2024. The new SPAC plans to focus on industries that complement the management team’s and board of director’s background and network. The sponsor team for...
At the SPAC of Dawn As the market goes through a cooling period this week, new readouts for jobless claims and new home sales are set to hit later today. Jobless claims are of course something of a proxy indicator for SPACs as to when the Fed might continue to its rate-cutting process, while home...
Bold Eagle Acquisition Corp. announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BEAGU”, Thursday, October 24, 2024. The new SPAC plans to search for a combination target valued at $3 billion or more that would benefit from the relationships and experience...
Oaktree Acquisition Corp. III Life Sciences announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OACCU”, Thursday, October 24, 2024. The new SPAC plans to combine with a healthcare target or one in a healthcare-related industry in North America or Europe. The...