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Slack will make its public debut on the NYSE: Morning Brief

Thursday, June 20, 2019

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WHAT TO WATCH

Slack will finally make its public debut today on the New York Stock Exchange (NYSE) under the ticker “WORK.” On Wednesday evening, the NYSE set a reference price of $26 per share.

Slack’s direct listing is the first since Spotify’s successful debut last year. According to the New York Stock Exchange, Spotify (SPOT) was the fifth largest opening trade on record in the U.S. Thus, investors will be paying close attention to how Slack’s debut fares.

Meanwhile, on the corporate earnings front, Darden Restaurants (DRI) and Kroger (KR) will report ahead of the opening bell, while Canopy Growth (CGC) and Red Hat (RHT) will report after the market close

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TOP NEWS

May 21, 2013 - Two Northrop Grumman MQ-4C Triton unmanned aerial vehicles on the tarmac at a Northrop Grumman test facility in Palmdale, California. Triton is undergoing flight testing as an unmanned maritime surveillance vehicle.

Oil prices jump after Iran shoots down US drone: The price of oil spiked on Thursday after Iranian military forces shot down a US drone. Iran’s Islamic Revolution Guards Corps (IRGC) said it had shot down the drone near Iranian airspace, the BBC reported. US officials have confirmed that it was a US drone, according to the same report. [Yahoo Finance UK]

Fed remains unchanged on rates, pledges to 'sustain the expansion': The Federal Reserve did not move on rates at the conclusion of its policy-setting meeting June 19, but committed itself to acting “as appropriate to sustain the expansion.” The Fed elected to keep the benchmark interest rate within its target range of 2.25% to 2.5%, but new economic projections show more Fed officials seeing the case for a rate cut — or two — by the end of 2020. [Yahoo Finance]

Also: The next rate cut is unlikely to be caused by weak growth, economist explains [Yahoo Finance]

Facebook discussed their plans for Libra with the Fed: Tech giant Facebook (FB) consulted the Federal Reserve ahead of the launch of its cryptocurrency Libra, according to Fed Chairman Jerome Powell. “Facebook has made quite broad rounds around the world, with regulators, supervisors, and lots of people to discuss their plans. That certainly includes us, and it’s something that we’re looking at,” Powell said Wednesday at a press conference. [Yahoo Finance]

Global wealth grew by slowest rate in 5 years in 2018, says study: Last year’s steep drop in markets was a substantial drag on global wealth, which grew at its slowest rate in five years, according to a new report. The Boston Consulting Group’s annual global wealth report found that the world’s wealth rose by a slim 1.6% to $205.9 trillion in 2018, far below the 7.5% rate seen in 2017. [Yahoo Finance]

Bank of America CEO: 'We want a cashless society': Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has “more to gain than anybody” from the booming trend of non-cash transactions. [Yahoo Finance]

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