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.
At the SPAC of Dawn Today is the busiest day for SPACs in at least a month as three SPACs will hold extension votes and three more are seeking deal approval. Those completion votes will each bear watching and they include two of the most prominent deals of the past six months. Screaming Eagle (NASDAQ:SCRM)...
Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela...
Metals Acquisition (NYSE:MTAL) has begun an exchange of all outstanding warrants, offering holders up to 0.361 shares per warrant on a cashless basis or $0.10 per warrant if they so choose. The cashless option provides significantly more value as Metals last closed at $12.85, meaning warrants converted under that ratio would be worth about $4.63...
At the SPAC of Dawn Autonomous driving has seen some of the highest peaks and deepest valleys in share performance as the market has adjusted its appetites on tech companies. But, although it has shown many pitfalls, it continues to attract significant investment and is a focus for both startups and established automakers. Hyundai (KS:005380)...
Terms Tracker for the Week Ending May 3, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The big news this week was that SPACs finally had a new IPO price with Churchill Capital Corp. IX’s $250 million offering on Thursday. SPACs...