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3/18/21: What’s Going On

News from around the business world.
(Sundry Photography)
(Sundry Photography)
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“More than $18 billion this year — already a quarterly record — has gone into about 80 different exchange-traded funds that focus on companies considered undervalued relative to their assets, like banks. If money keeps shifting this way from high-flying stocks like tech, what’s been unthinkable for many years could actually happen: A “deep-value” exchange-traded fund could displace the Tesla-fueled ARK Innovation ETF (ARKK) as the next niche ETF to hoover up investor money, according to an analysis by Bloomberg Intelligence.”

“Google says it is doubling down on the office. The Alphabet Inc. unit said it would spend $7 billion this year expanding its footprint of offices and data centers across the U.S., including pouring $1 billion into its home state of California. It said it would hire at least 10,000 new full-time staff over the course of the year, positioning the search-engine giant for what it said it expects to be a post-pandemic recovery in the U.S. The spending commitment follows an early slow down in investment by Google about a year ago, as the magnitude of the Covid-19 crisis was just starting to take shape.”

“Stripe, the payments software company that recently garnered a $95 billion valuation in a fundraising round, generated more than $120 million in earnings before interest, taxes, depreciation and amortization in the third quarter, according to the Financial Times, which cited an unnamed source. It generated $2 billion in gross revenue for the same quarter.”

Companies Raising Capital
NameAmountDescriptions
Yotpo$230 MillionE-Commerce Marketing Startup
Airtel Africa$200 MillionInvesting In the Mobile Money Arm Of Its “Rise Fund”
Fireblocks$133 MillionCrypto Infrastructure Provider
Cubyn€35 MillionEuropean Logistics Startup
Secureframe$18 MillionSimplifying Cybersecurity Compliance

“Snap today confirmed that it has acquired Fit Analytics, a startup based in Berlin that has built technology to help shoppers find the right-sized apparel and footwear from online retailers, along with a wider set of personalization tools and other analytics to help retailers figure out how to sell more overall.”

“YouTube Shorts, the company’s short-form video experience and TikTok rival, is launching today in the U.S. The feature allows creators to record, edit and share short-form video content that’s 60 seconds or less in length, optionally set to popular music.”

“President Joe Biden is poised to meet his goal of delivering 100 million Covid-19 vaccine shots in his first 100 days in office as soon as Thursday, reaching the milestone more than a month ahead of time.”

“II-VI Inc. has submitted a new takeover offer for Coherent Inc. valued at roughly $7 billion, as a frenzied bidding war for the laser maker nears a climax.”

“Lyft said Thursday that last week was its best, in terms of rider volume, since lockdowns began in March 2020. The company also posted positive year-over-year growth in daily ride-hailing volume for the first time in a year on Wednesday, March 17.”

“Federal antitrust officials are unlikely to mount a Supreme Court appeal seeking to revive their case alleging leading chip maker Qualcomm Inc. engaged in illegal monopolization.”

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