Category Archives: Daily Top Ten

Topley’s Top Ten – April 30, 2019

1.WeWork IPO…Second Biggest Offering of the Year….$1.9B in Losses Last Year.

The co-working company told employees yesterday that it has confidentially filed paperwork with the SEC to go public.

WeWork reportedly hasn’t picked bankers yet, and an offering wouldn’t happen until the third or fourth quarter of this year. But there’s more you should know about 2019’s latest mega-offering.

It’s as meaty as a WeWork company card will allow

A WeWork IPO would likely be the second-biggest offering in the U.S. this year behind Uber. WeWork was last valued at $47 billion and has 400,000 members in 100 cities.

  • Still, it’s burning through cash. Though WeWork’s revenue doubled last year to $1.8 billion, its losses more than doubled to $1.9 billion.

It’s not just WeWork

It’s the We Company after a rebranding earlier this year to focus on more than just the short-term office space rental service that (along with its notorious tenant Morning Brew) made it famous. Now, it’s diversified into businesses like housing, a children’s school, and a coding academy.

Wherefore the rebrand? Fend off skepticism over WeWork’s ability to withstand a market downturn, when fewer D2C birdseed startups will look for low-commitment office space. But we may always need apartments for “modern-day nomads.”

And speaking of skeptics…there are plenty. WeWork is a “love it or hate it” company, writes Axios. A “person close to the company” told Axios WeWork could become the second-most shorted stock after Tesla.

But as for believers…

WeWork is no mere co-working company. It serves a higher purpose.

From CEO Adam Neumann: “As one of the world’s largest physical networks, it is our responsibility to help lead the way and set the global example for people and corporations on how we should take care of each other and of our planet.”

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Topley’s Top Ten – April 29, 2019

1.Muni’s Have Record 4 Months of Inflows.

Boom, Another Billion’: Muni Funds Land a Year’s Worth of Cash in Four Months

By Danielle Moran

Funds have already seen $30 billion inflow, analyst says

Bid to drive down tax bills pushes munis to pricey levels

It’s only four months into 2019, and already mutual funds that invest in state and local-government debt have raked in more cash than they usually do in a year.

Investors added $1.1 billion to such funds in the week ended April 17, the fifteenth straight weekly influx, the Investment Company Institute reported Wednesday. That bumped the total to about $30 billion since January, more than they’ve drawn during any full year since 2012, according to an analysis of the data by CreditSights.


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Topley’s Top Ten – April 25, 2019

1.U.S. Dollar Big Move Up in April….U.S. Rates Still the Highest in World.


The stock rally paused on Wednesday, pressured by the rising US dollar. Outside of the trade-related uncertainties, the dollar now poses the highest risk to equities. A firmer dollar tends to make US products more expensive for customers abroad and depreciates the value of foreign earnings for US companies. Imported products in the US become cheaper, making it harder for domestic firms to compete.

Weak economic data out of Germany (see the Eurozone section) and a more dovish Bank of Canada (Canada section) boosted the dollar on Wednesday. Rate differentials with other economies will provide tailwinds for the dollar over the long run.

Source: Morgan Stanley Research

The Daily Shot

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Topley’s Top Ten – April 22, 2019

1.1999-First Day Return of 476 IPOs Averaged 71%.


So far, the 2019 crop of gig-economy IPOs aren’t performing like the era, when investors just “had” to own internet stocks. IPO research from Jay Ritter shows the first-day return of 476 IPOs in 1999 averaged a whopping 71%. What’s more, the Nasdaq Composite rose another 100% between the middle of 1999 and the market’s peak in March 2000. stocks kept working even after internet companies sold shares to the public.

Pinterest Stock Is Hot After Its IPO. Why You Should Keep Your Cool.Al Root

Nasdaq 100% Rise in One Year…Aug. 1999-March 2000

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Topley’s Top Ten – April 19, 2019

1. No Shortage of Debt Issuance….Record Start to 2019.

Bond sales are booming in 2019, running at a record pace globally for the year so far, as a pivot in monetary policy among the world’s central banks prompts a fresh binge in corporate borrowing – Global corporate bond issuance has reached almost $747bn for the year to Monday, according to FT, edging ahead of the previous record of $734bn issued over the same time period in 2017, which ended up being the biggest year on record for new debt sales.

From Dave Lutz at Jones

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