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Wall Street titans still skeptical of cryptocurrency

Bitcoin is still viewed with a skeptical eye by business titans. Yahoo Fianance's Dion Rabouin, Rick Newman, Dan Roberts and Mark Yusko, CEO Morgan Creek Capital Managment discuss.

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    Wall Street is kicking off a crucial reporting season as U.S. companies provide quarterly results a year after the coronavirus pandemic crippled the economy and as investors look for reasons to support a stock market at record highs. Overall S&P 500 earnings are expected to have jumped 25% in the first quarter from a year ago, according to IBES data from Refinitiv. That would be the biggest quarterly gain since 2018, when tax cuts under former President Donald Trump drove a surge in profit growth.

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  • Goldman Channels Cathie Wood Playbook in Active Thematic ETF Bid

    (Bloomberg) -- One of Wall Street’s most storied names is joining the mania for actively managed thematic ETFs sparked by Cathie Wood.Goldman Sachs Group Inc. plans to create the Future Consumer Equity exchange-traded fund, the bank said in a filing Thursday. It will focus on technology companies and firms that embrace the “lifestyle and values” of younger consumers such as sustainable living, health and wellness.While this isn’t Goldman’s first foray into thematic investing, it does appear to be its first actively managed equity ETF. Theme-based products are a booming corner of the $6.1 trillion U.S. industry, with Wood’s Ark Investment Management inspiring copycat ETFs that eschew traditional sectors in favor of futuristic trends like space travel and robotics.“Given the success of Ark in the past year, many asset managers are seeking to tap into growing investor demand for actively managed equity ETFs using in-house expertise,” said Todd Rosenbluth, director of ETF research for CFRA Research.Even as retail traders look to be cooling toward the stock market, a recent survey shows that 80% of global ETF investors plan on increasing their exposure to thematic products this year.Goldman’s proposed fund, which doesn’t have an expense ratio yet, will invest in companies that cater to the “evolving priorities and spending habits of younger consumers,” according to the filing. The prospectus warns that the ETF may invest more of its cash in fewer companies than a traditional diversified fund might.The U.S. bank has struggled to hit on a winning thematic product in the past. In November, it combined five such ETFs that had failed to gain much traction into the Goldman Sachs Innovate Equity fund (ticker GINN), which has $457 million in assets.Meanwhile, the theme of next-generation consumers is fairly well-established. Global X’s Millennial Consumer fund (MILN) has gathered $177 million in assets since its 2016 launch, for example.Still, the New York-based bank has notched some ETF victories. The ActiveBeta U.S. Large Cap Equity fund (GSLC) -- a smart beta product that undercut the competition with its 9 basis point fee -- holds $12.6 billion.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Chinese Web Firm Meitu Buys $10M More in Bitcoin

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  • Stocks Notch Longest Weekly Rally Since October: Markets Wrap

    (Bloomberg) -- Stocks climbed to another record as investors shrugged off concern over inflation and focused on prospects for an economic rebound. Treasuries fell, while the dollar advanced.The S&P 500 closed above 4,100 and posted its third-straight weekly rally -- the longest winning streak since October. Volume on U.S. exchanges hit a new low for this year. Honeywell International Inc. led gains in the Dow Jones Industrial Average on an analyst upgrade. Boeing Co. retreated after grounding dozens of 737 Max jets to repair an electrical flaw that emerged in recently delivered models.Equities extended a surge from their March 2020 lows to about 85% as Federal Reserve officials reassured markets that policy will remain supportive. Vice Chairman Richard Clarida said the Fed is looking for evidence on whether it’s reaching the goals on price stability and employment before adjusting rates. Still, a report showing the rise in producer prices added fuel to the debate about the path of inflation.“It’s noisy data,” said Giorgio Caputo, senior fund manager at J O Hambro Capital Management. “It’s important to remember the positive elements of what is actually happening -- prices are going up because we’re getting demand back together.”These are some of the main moves in markets:StocksThe S&P 500 climbed 0.8% at 4 p.m. New York time.The Stoxx Europe 600 Index gained 0.1%.The MSCI Asia Pacific Index decreased 0.5%.CurrenciesThe Bloomberg Dollar Spot Index gained 0.1%.The euro fell 0.1% to $1.1904.The Japanese yen weakened 0.4% to 109.65 per dollar.BondsThe yield on two-year Treasuries rose one basis point to 0.16%.The yield on 10-year Treasuries rose four basis points to 1.66%.The yield on 30-year Treasuries rose two basis points to 2.33%.CommoditiesWest Texas Intermediate crude fell 0.5% to $59.32 a barrel.Gold slid 0.7% to $1,742.83 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Fourth stimulus check: Lawmakers press Biden to say yes to more payments

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  • Credit Suisse Plans Hedge Fund Unit Overhaul After Archegos Hit

    (Bloomberg) -- Credit Suisse Group AG is planning a sweeping overhaul of the hedge fund business at the center of the Archegos Capital blow up, as the drama forces Wall Street banks to reconsider how they finance some of their most lucrative clients.The Swiss bank is weighing significant cuts to its prime brokerage arm in coming months, people familiar with the plan said. The lender has already moved to tighten financing terms with some funds, and hopes changes to the unit can allow it to forgo major cuts to other parts of the investment bank, which just had a banner quarter, the people said, asking not to be identified as the matter is private.The implosion of Bill Hwang’s family office --which has caused one of the costliest blows to Credit Suisse in its 165-year history -- is the latest reckoning for banks chasing the lucrative business of catering to hedge funds, which present the potential for both outsized gains and huge losses, magnified by large borrowing. Deutsche Bank AG sold its prime brokerage business to BNP Paribas SA in 2019 as part of a retreat from equities during the German bank’s overhaul.Credit Suisse declined to comment.Prime-brokerage divisions cater specifically to hedge funds, lending them cash and securities and executing their trades, and the relationships can be vital for investment banks as well as being a significant source of revenue. Credit Suisse is the biggest prime broker among European banks, in an industry that accounted for about $15 billion of revenue in 2020. Prime brokerage generally accounts for about a third of equities revenue across the industry most years.Since the drama, Credit Suisse has been calling clients to change margin requirements in swap agreements so they match the more restrictive terms of other prime-brokerage contracts, people with direct knowledge of the matter said. Specifically, the bank is shifting from static margining to dynamic margining, which may force clients to post more collateral and could reduce the profitability of some trades.Swaps are the derivatives Hwang used to make highly leveraged bets on stocks at Archegos and which lie at the heart of the losses.Credit Suisse is also concerned the woes at the prime brokerage business will impact morale at other parts of the securities business and that it may spark departures, the people said. The investment bank is keen to take care of top performers, the people said.Deutsche Bank sold its prime business to BNP as part of the German bank’s huge 2019 overhaul that intended to cut its investment banking business, especially in equities. The lender, which became a force on Wall Street after the financial crisis, had struggled to keep hedge funds clients in recent years after a string of missteps, and client balances declined in the run up to Chief Executive Officer Christian Sewing’s decision to sell the business.Now, at Credit Suisse, CEO Thomas Gottstein -- who signaled the bank planned to reduce risk in prime brokerage in a Swiss newspaper article -- is facing questions from his own star traders, dealmakers and private bankers on why the bank’s $4.7 billion hit from Archegos was so much bigger than any of its rivals.The bank announced a raft of changes within the investment bank because of the loss, including the departure of Brian Chin, who led the business. The head of equities sales and trading Paul Galietto, is stepping down immediately, though will stay through April to assist in the transition, according to a staff memo earlier this week reviewed by Bloomberg.The lender also announced three additional exits. Ryan Atkinson, head of credit risk for the investment bank; Ilana Ash, head of counterparty credit risk management for that unit and Manish Mehta, head of counterparty hedge fund risk, according to the memo.The bank has seen a run of missteps under the final months of Urs Rohner’s tenure as chairman. Antonio Horta-Osario is set to take over after the bank’s annual general meeting later this month. Known for disciplined cost-cutting during his time at Lloyds Banking Group Plc, he may also make further changes.Gottstein, who pledged a “clean slate” after scandals under his predecessor, is wedged between disgruntled staff and his own bosses who are increasingly taking charge. The board is pushing for a review of the bank’s wider strategy, not just the units that have run into trouble, the people said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Real Estate Data Firm CoreLogic to Sell $4 Billion Buyout Loan

    (Bloomberg) -- Real estate data firm CoreLogic Inc. is set to sell the largest acquisition-related loan in over a year as borrowers continue to take advantage of insatiable demand from yield-starved investors.CoreLogic, known in the real estate industry for its home-price indexes, plans to sell a $4 billion offering to help finance its buyout by Stone Point Capital and Insight Capital. It’s the largest acquisition-related loan since Zayo Group Holdings Inc. issued a $4.75 billion deal in February 2020. CoreLogic’s loan commitment deadline is among about a dozen due next week while two lender meetings are on deck.Acquisition financing is booming and expected to gather steam as the economic outlook brightens. Apollo Global Management sold $4.1 billion in bonds and loans to help finance its acquisition of arts and crafts retailer Michaels Cos. this week.SCIH Salt Holdings Inc. will be marketing $1.8 billion in senior secured junk bonds to help finance its Morton Salt acquisition and to complete others. Nineteen junk-rated companies have raked in nearly $15 billion just this week, according to data compiled by Bloomberg.Barclays predicts total junk bond and leveraged loan supply will reachabout $860 billion this year -- far exceeding the 2013 record of roughly $700 billion -- as firms look to refinance obligations in the face of rising Treasury yields that could push borrowing costs higher in the months ahead.Bank EarningsBlue-chip companies may price as much as $25 billion of new bonds next week, according to an informal survey of underwriters. One company elected to stand down Thursday and is expected to wait until next week before reemerging.The biggest Wall Street banks will kick off quarterly earnings, which can be a harbinger for investment-grade issuance. JPMorgan Chase & Co., Goldman Sachs Group Inc., and Wells Fargo & Co. report on Wednesday, while Citigroup Inc. and Bank of America Corp. on Thursday. Morgan Stanley will announce results on Friday.While U.S. banks’ balance sheets remain flush with deposits, loan growth is likely to remain soft in first half of 2021, according to CreditSights analysts Jesse Rosenthal and Peter Simon. They expect banks to be asked for details on the Archegos Capital Management fund blowup and risk management for the prime brokerage business generally.The implosion of Bill Hwang’s hedge fund highlighted how strong most of the financial companies’ balance sheets are, according to Anders Persson, chief investment officer of global fixed income at Nuveen.Non-bank borrowers free to sell bonds after reporting earnings next week include PepsiCo Inc., Delta Air Lines Inc. and Alcoa Corp.In the distressed debt world, a number of expiration and forbearance deadlines are set for the week, starting with Voyager Aviation Holdings LLC, which faces an early tender deadline for its proposed debt exchange on Monday. Two days later, Washington Prime Group Inc.’s forbearance expires after the mall operator missed payments on its notes.GTT Communications Inc.’s forbearance deadline with lenders, which has been pushed off for weeks, is currently set to expire on Thursday. Transocean Inc. has a coupon payment on its 2031 unsecured notes due that same day. KKR & Co.’s Envision Healthcare Corp. also has a coupon due for its notes due 2026.Event NotePlease click here to register for the first ever Bloomberg News private credit event where we’ll be tackling what’s next for the $890 billion asset class post-pandemic with guests from Ares Management, Neuberger Berman, Tikehau Capital and CDPQ at 11 am ET on April 13.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Stocks Climb on Powell’s Reassurance; Dollar Falls: Markets Wrap

    (Bloomberg) -- Stocks climbed as Federal Reserve Chairman Jerome Powell said the central bank has the tools to curb any inflation pressures, which are expected to be temporary as the economy reopens.The S&P 500 notched a fresh record amid slow trading. Volume on U.S. exchanges remained under 10 billion shares, hitting another low for the year. The Nasdaq 100 outperformed major equity benchmarks as giants such as Apple Inc. and Tesla Inc. rallied. Energy producers and banks retreated. Treasuries rose, while the dollar fell.One day after the Fed’s March minutes struck a dovish tone for the path of monetary policy, Powell said the central bank would react if inflation expectations started “moving persistently and materially” above levels officials are comfortable with. He also noted that disparate efforts to vaccinate people globally is a risk to progress for the economic rebound, which remains “uneven and incomplete.”“The doves are in control, and today’s cautious comments from Fed Chair Powell delivered another reiteration of their ultra-accommodative stance,” said Edward Moya, senior market analyst at Oanda in New York.Meanwhile, Fed Bank of St. Louis President James Bullard said it’s too soon for central bankers to discuss tapering asset purchases as long as the pandemic continues. Data Thursday showed applications for U.S. state unemployment insurance unexpectedly rose for a second week, underscoring the choppy nature of the labor-market recovery.Some key events to watch this week:China’s consumer and producer prices data are due Friday.These are some of the main moves in markets:StocksThe S&P 500 rose 0.4% at 4 p.m. New York time.The Stoxx Europe 600 Index climbed 0.6%.The MSCI Asia Pacific Index gained 0.3%.CurrenciesThe Bloomberg Dollar Spot Index slid 0.3%.The euro advanced 0.4% to $1.1917.The Japanese yen appreciated 0.5% to 109.27 per dollar.BondsThe yield on two-year Treasuries fell one basis point to 0.15%.The yield on 10-year Treasuries slid five basis points to 1.62%.The yield on 30-year Treasuries fell five basis points to 2.31%.CommoditiesWest Texas Intermediate crude settled at $59.60 a barrel.Gold strengthened 1.1% to $1,756.68 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Bitcoin Price Shoots Past $60K, Ether Hits New All-Time High in Early Saturday Trading

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  • JPMorgan Says These 2 Stocks Could Surge Over 80%

    After a volatile first quarter, Q2 has kicked off in style, and the major indexes sit at – or hover near – all-time highs. The government bond market has also been steadying as yields have pulled back after rising higher earlier in the year, soothing investor fears that inflation could get out of hand. Moreover, the economic recovery seems to be gathering steam at a faster pace than anticipated. “We had been expecting the data to improve about this time, and early signals are that the recovery is absolutely on track,” said Hugh Gimber, J.P. Morgan’s global market strategist. “This is the period where the forecast of a strong recovery in growth is starting to look more like the fact of a strong recovery in growth.” Against this backdrop, the analysts at J.P. Morgan have pinpointed 2 names which they believe are set for strong growth in the year ahead; both are expected to handsomely reward investors with at least 80% of gains over the coming months. We ran them through TipRanks database to see what other Wall Street's analysts have to say about them. Tencent Music Entertainment (TME) We’ll start in China, where Tencent Music Entertainment is the offspring of China’s giant online venture company, Tencent, and Spotify, the Swedish streaming company that makes music and playlists easy. Tencent Music has seen consistently strong sales and earnings for the past year, with the top line growing year-over-year in each quarter of 2020. The Q4 report showed $1.26 billion in the top line, the highest in the last two years, along with 12 cents per share in earnings, up 33% year-over-year. Strong streaming revenue, which showed 29% growth, helped drive the results. And, Tencent Music, through its variety of apps, is the top music streaming service in the Chinese online market – as shown by the 40.4% yoy increase in paid subscribers during Q4. In its quarterly results, the company reported 4.3 million net new users in Q4, to reach 56 million active premium accounts across its apps. That said, the stock has pulled back sharply recently, as like many other high-flying growth names, worries regarding an overheated valuation have come to the fore. But pullbacks often spell opportunity, and covering the stock for JPM, Alex Yao notes the strong subscription growth, as well as the potential in the company’s other businesses, online ads and long-form audio, for monetization. “We believe TME is entering a healthy development cycle with successive growth engines: 1) music subscription remains the core revenue driver with consistent paying ratio improvement, 2) ads revenue ramps up quickly, and 3) active investments in long-form audio initiative, which could become a new growth driver in 2022 and afterwards," Yao noted. To this end, Yao puts a $36 price target on TME, suggesting a one-year upside of 84%, to back his Overweight (i.e. Buy) rating on the stock. (To watch Yao’s track record, click here) Overall, TME has a thumbs up from Wall Street. Of the 11 reviews on record, 7 are to Buy, 3 are to Hold, and 1 says Sell, making the analyst consensus a Moderate Buy. The shares are priced at $19.50, and their $30.19 average price target implies an upside of 55% for the months ahead. (See TME stock analysis on TipRanks) Y-mAbs Therapeutics (YMAB) The next JPM pick we’re looking at is Y-mAbs, a late-stage clinical biopharma company with a focus on pediatric oncology. The company is working on the development and commercialization of new antibody-based cancer therapeutics. Y-mAbs has one medication – Danyelza – approved for use to treat neuroblastoma in children age 1 and over, and a ‘broad and advanced’ pipeline of drug candidates in various stages of the clinical process, as well as five additional products in pre-clinical research stages. Having an approved drug is a ‘holy grail’ for clinical biopharmaceutical companies, and in 4Q20 Y-mAbs saw considerable income from Danyelza. The company announced at the end of December that it had agreed to sell the Priority Review Voucher for the drug to United Therapeutics for $105 million. Y-mAbs will retain the rights to 60% of the net proceeds from the sale, under an agreement with Memorial Sloan Kettering. Also in December, the company announced a license agreement with SciClone. The partnership gives Y-mAbs and Danyelza an opening for treating pediatric patients in China. The agreement includes Mainland China, Taiwan, Hong Kong, and Macau, and is worth up to $120 million for Y-mAbs. The company has entered other agreements making Danyelza available in Eastern Europe and Russia. Danyelza is Y-mAbs flagship product, but the company also has omburtamab in advanced stages of the pipeline. This drug candidate saw a setback in October last year, when the FDA refused to file the company's Biologics License Application, proposed for the treatment of pediatric patients with CNS/leptomeningeal metastasis. Y-mAbs has been in steady communication with the FDA since then, with a new target date for the BLA at the end of 2Q21 or early in 3Q21. These two drugs – one approved and one not yet – form the basis of the JPM outlook on this stock. Analyst Tessa Romero writes, “Our thesis revolves around the de-risked nature of the pediatric oncology pipeline. Our recent KOL feedback is enthusiastic about use of lead asset Danyelza in patients with high-risk neuroblastoma (NB). For second lead asset omburtamab in NB metastatic to the central nervous system (CNS/LM from NB), while the ‘Refuse to File’ last year and subsequent regulatory delays were certainly disappointing, we still see a high probability of approval for the product in the 2Q/3Q22 timeframe…” Looking ahead, Romero sees an upbeat outlook for the company: “Coupling our anticipation of a healthy launch for Danyelza, with regulatory/clinical momentum expected in the near- to mid-term, we see shares poised to rebound and see an attractive buying opportunity at current levels.” The analyst puts a $52 price target on YMAB shares, implying an upside of 86% for the year ahead, and supporting an Overweight (i.e. Buy) rating. (To watch Romero’s track record, click here) Overall, the Wall Street reviews break down 3 to 1 in favor of Buys versus Holds on Y-mAbs, giving the stock a Strong Buy consensus rating. The shares have an average price target of $61.25, suggestive of a 121% upside potential this year. (See YMAB stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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  • Arm Battle With China CEO Escalates, Complicating SoftBank Sale

    (Bloomberg) -- The battle for control of Arm Ltd.’s China business is escalating with new lawsuits aimed at keeping the unit’s controversial chief executive in power, further complicating SoftBank Group Corp.’s efforts to sell the business to Nvidia Corp.The dispute erupted almost a year ago in June after the board voted to oust Arm China Chief Executive Officer Allen Wu for conflicts of interest, but he refused to leave. Now the Chinese unit, which remains under Wu’s control, has filed lawsuits against three senior executives the board designated to replace him, according to people familiar with the matter. The previously unreported suits could take years to resolve, suggesting Wu may remain entrenched.Wu fired the three men -- including co-CEO Phil Tang -- but they were subsequently reinstated by the board. In the new lawsuits, Arm China is suing the trio, demanding they return company property, according to the people.Arm China declined to comment on any ongoing legal cases or possible settlement talks. It did say the three executives had caused “material damages” to the company and they had been terminated for legitimate reasons.Tang didn’t return requests for comment. Arm Ltd. declined to elaborate, saying it won’t comment on pending legal matters.The complex tussle has thrown into question the future of Arm, whose semiconductor technology is the world’s most widely used for smartphones and is increasingly deployed in computers. SoftBank founder Masayoshi Son agreed to sell the British chip designer to Nvidia for $40 billion last year, but the path for completing that transaction is growing increasingly difficult.The China dispute also raises questions about Beijing’s willingness to protect foreign investment in the world’s second-largest economy. Arm Ltd. sold a majority stake in the China unit to a consortium of investors, including Beijing-backed institutions. That has complicated the British firm’s efforts to manage Arm China and Wu, who has support from local authorities in Shenzhen.Both sides appear to be at a stalemate. Wu, a Chinese-born U.S. citizen, pulled back from signing settlement agreements worth tens of millions of dollars if he would leave the company, the people said, asking not to be identified talking about legal matters. At the same time, two minority shareholders in Arm China linked to Wu have filed lawsuits to overturn his June 4 dismissal, they said.SoftBank opened negotiations with him last year and had hoped to reach some sort of resolution, they said. Instead the court battles are deepening and the Japanese company has soured over the increasingly complicated dispute, the people said. SoftBank is now resigned to letting the legal proceedings take their course and there are no current negotiations with Wu, according to one of the people.“We are going through a leadership change in China; it’s taking time to resolve,” said Arm Ltd.’s Chief Executive Officer Simon Segars in an interview with Bloomberg Television recently. “It’s hard. But we are confident that’s going to get resolved.”SoftBank and Nvidia declined to comment on the dispute in China.Arm China said in a statement that Wu’s position “is compliant with legal registration and confirmed by China law and regulations.”Read more: Arm Takes Aim at Intel Chips in Biggest Tech Overhaul in DecadeThe standoff accords a relatively unknown executive outsized influence over one of the industry’s most important pieces of technology, in the world’s biggest internet and semiconductor market. Chinese companies need unfettered access to Arm’s products to push forward with the country’s attempts to make itself more independent in chip technology, an area where it’s largely reliant on imports. Beyond resolving the stalemate, Nvidia and SoftBank also need Beijing’s signoff to seal their deal, and it’s unclear whether Wu’s presence would complicate that.Wu’s hold on Arm China is partially due to local laws which make it difficult to change control of a company unless you’re physically in control of the company stamp and registration documents. He’s refused to give them up and has used company funds to pay for legal fees incurred in his attempt to fight off his dismissal, the people said.Arm China said payment of legal fees “is made in compliance with company policies as well as China laws and regulations.”His ultimate goals appear to be a large cash payoff and immunity from subsequent legal action, according to people who’ve spoken with him. Inside Arm China, which is responsible for selling licenses to its chip designs and fundamental technology in the country, Wu has told local staff he’s not going anywhere. He recently gave employees Chinese New Year cash presents in a red envelope with his surname on it.Arm China said the money came from Wu personally to show his appreciation to colleagues, a tradition at Chinese New Year in the country.Hearings in the case against the three executives are expected to take place in late May, one of the people said. Separately, two minority shareholders in Arm China have sued the Chinese entity in Shenzhen to nullify the board’s decision to oust Wu. These two cases are now being merged and hearings are slated for late April, the people said.Son told investors as recently as February that he expects to close the Arm sale and “I don’t have any Plan B.”Arm, for its part is trying to make sure that its technology remains pervasive in China despite U.S. sanctions intended to curb the supply of American technology to major companies like Huawei Technologies Co. While Arm is a U.K.-based company part of its operations are in the U.S. making its products subject to controls.The Chinese government has not stated its position on the Arm China leadership struggle, but the unit has several government-backed shareholders including sovereign wealth fund China Investment Corp. and the Silk Road Fund.In his interview with Bloomberg Television, Arm Ltd. CEO Segars said that the ten-month standoff hasn’t hurt Arm’s business in China. Lack of travel for face-to-face meetings during the pandemic has prolonged the process of changing leadership in China, he said.“When we announced the deal in September, we said it would take about 18 months,” he said. “We remain confident in that timeline.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Jessica Alba’s Honest Co. files for IPO

    The Honest Co., the consumer-products company co-founded by actress Jessica Alba, has filed for an initial public offering.