Key Events
👉 Google beats earnings, announces first-ever dividend
Google’s shares soared 11.4% post-market on Thursday after beating earnings expectations in sales, profit, and advertising revenue.
The strong performance was driven by accelerated growth across three major sectors: AI-enabled search, Youtube advertising, and cloud computing.
Google also introduced a quarterly dividend of 20 cents a share. Why is this important? A dividend program shows signs of financial stability because of strong cash flow generation and can help fend off activists by returning capital to investors rather than piling cash on the balance sheet.
👉 Rubrik IPO signals potential tech market revival
Rubrik, a cybersecurity company specializing in data management and data security, went public Thursday, marking a potential turning point for the technology IPO market.
The Microsoft-backed company set its initial public offering price at $32 per share, which quickly climbed by 20% to $38.60 per share upon opening.
Rubrik’s IPO launch is a breakthrough after months of challenges for the tech market, driven by factors such as high inflation, high interest rates, and continuous layoffs.
👉 March inflation data will keep rates on hold
The Fed’s most closely watched inflation measure, the Personal Consumption Expenditures (CPE) index, rose 2.7% y/y and 0.3 m/m.
The data from today’s release confirmed the Federal Reserve has more work ahead to slow the pace of inflation. The key increase in inflation was driven by rising costs of healthcare and housing utilities, with an added boost from higher energy prices.
Mergers & Acquisitions
Anglo American rejected the nearly $39 billion all-stock takeover bid from mining rival BHP Group.
Private Equity
Blackstone agreed to acquire Tropical Smoothie Cafe.
GTCR to take AssetMark, a wealth management technology platform for financial advisors, private for ~$2.7B.
Initial Public Offerings
Solera, an automotive data and software services provider, is weighing an IPO that may raise over $1B.
Venture Capital
Musk’s AI startup X.AI is nearing a deal to raise a $6B round at an $18B valuation.
