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3/4/21: What’s Going On

News from around the business world.
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“ARK Investment Management LLC’s winning bets on disruptive technology companies cemented Cathie Wood’s status as Wall Street’s hottest fund manager since Peter Lynch or Bill Gross. Now, those gambits threaten to make ARK a high-profile casualty of the recent shift in investor sentiment away from tech stocks and toward cyclical shares tied to an economic upswing.”

“Novartis AG will help manufacture a Covid-19 vaccine that Germany’s CureVac NV is developing, the latest drugmaker tie-up aimed at accelerating production of shots. The two-dose vaccine is in late-stage testing, and CureVac has said results could come as soon as next month. Novartis, one of the world’s biggest drugmakers by sales, said Thursday it would upgrade its plant in Kundl, Austria, so that it can help make up to 50 million doses of CureVac’s vaccine this year and up to 200 million doses next year.”

“Okta Inc. agreed to buy a software provider that helps businesses manage customers online for $6.5 billion in stock. The deal for Auth0 would help push Okta beyond its traditional focus of single sign-on services for businesses and their employees. Okta shares dropped about 12% in after-hours trading, after closing Wednesday at $241.22.”

Companies Raising Capital
NameAmountDescriptions
Hopin$400 MillionVirtual Events Platform And Video-Focused Software Service
Jungle Scout$110 MillionAustin-Based Firm Building Tools For Search And Marketing Analytics, Inventory Management and Sales Intelligence
Xfers$30 MillionIncreasing Financial Inclusion In Southeast Asia
Bolt$24 MillionUber Competitor Building An International On-Demand Network Of Services
Countingup£9.1 millionU.K. Fintech Firm Offering Business Accounting Services

“Wipro said on Thursday it has reached an agreement to buy 22-year-old British tech consultancy firm Capco for $1.45 billion as the major Indian software exporter looks to win customers in Europe and Asia.”

“General Motors Co. is looking to build a second battery factory in the U.S. with joint-venture partner LG Chem Ltd., the latest move in the Detroit auto maker’s efforts to expand its investment in electric vehicles.”

“The National Football League is on the verge of signing new rights deals with media partners that could see Amazon.com Inc. carry many games exclusively and TV networks pay as much as double their current rate.”

“The U.K. is investigating Apple Inc.’s treatment of app developers that offer their wares on the company’s App Store, adding a new front to antitrust complaints against the iPhone maker.”

“Shares of insurance health startup Oscar Health fell 9% in opening trading, a sign that investors are more skeptical about the company’s prospects than the IPO indicated.”
“Measuring the buzz around stocks mentioned in social media is all the rage. Now, there’s an exchange-traded fund for that. The Van Eck Vectors Social Sentiment ETF (BUZZ) selects 75 stocks with the most bullish social media sentiment and packages them into an ETF.”

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