De-SPACs Among Big Early Gainers on Better Inflation Numbers
by Nicholas Alan Clayton on 2023-11-14 at 10:22am

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.

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