Rolling coverage of the latest economic and financial news
Financial analyst Bill Blain of Windshift Capital sees signs that SpaceX could fall further, writing this morning:
Congratulations if you successfully “stagged” out of the SpaceX IPO at the $225 top last week.
Yesterday the reverse-rocket stock briefly broke lower than the $150 post-IPO opening price. The option market is bearish, hinting it could break $100 if the slide continues. There was clearly good money to be made playing the FOMO curve that erupted around the deal, but the secret of any good party is knowing when to bail-out.
SpaceX might have seemed charmed after its record-breaking IPO and subsequent rally, but it’s come down to earth with a bump over the past couple of days, with shares at one point falling below the opening price on its market debut.
“Post-IPO stocks often enter a period of volatility as the market gets to grips with the new entrant, some investors rush to cash out, and others assess at what price they are willing to jump in.
9am BST: IFO survey of Germany’s business climate
10am BST: House of Lords Financial Services Regulation Committee hearing on the consumer insurance market
10:15am BST: Treasury Committee hearing on the Financial Services and Markets Bill
Noon BST: US mortgage approvals data
3pm BST: US new home sales data for May
Continue reading…
