Here are five things you need to know this morning
The biggest stock market debut ever is set to take place today. SpaceX, Elon Musk’s rocket, satellite and AI company raised the largest-ever amount in an IPO at US$75 billion dollars. Its shares will be priced at $135 apiece, and will trade on the NASDAQ under the symbol SPCX. The deal values SpaceX at US$1.77 trillion, making it the seventh most-valuable U.S. company, ahead of Tesla, musk’s electric vehicle maker. Canadian investors with a position in the stock include the Ontario Teachers’ Pension Plan, whose initial investment of about $300 million could now be worth as much as $11 billion.
Stocks up, oil down on peace hopes
North American stocks are poised to open higher while oil hit the lowest level in months following fresh evidence that the U.S. and Iran are nearing a provisional agreement to end their war. Brent slid 3.3% to head for its first close below $88 a barrel since the first week of the war. A Group of Seven official said an agreement could be signed as soon as Sunday. Iran’s foreign ministry told state-run media that a framework text was nearly finalized. Stocks rallied sharply yesterday after U.S. President Trump cancelled plans strikes on Iran, and indicated a deal with Iran was close.
H&R Reit in sale talks with Blackstone
H&R REIT says it’s had non-exclusive talks with Blackstone on the possible sale of certain assets -- but it has not reached agreement on a deal. The statement follows reports that Blackstone is talking about a potential acquisition of the Canadian real estate company. H&R has moved its portfolio away from office and retail and towards apartment and industrial assets in the U.S. and Canada … but its units have underperformed the rest of the sector.
Roots slips deeper into the red
Iconic Canadian retailer Roots had a deeper loss in its latest quarter, as costs related to its new distribution partnership and ongoing strategic review offset higher sales. In March, the company’s board launched a formal process to evaluate a range ofoptions, including a full sale of the company. Roots says the process is still continuing, and has cost the company about $600,000 in related consulting and legal costs so far.
Stocks to offset the AI trade?
A top Wall Street strategist says most investors already own too much AI. BNN Bloomberg contributor Jon Erlichman spoke with Adam Parker, who highlighted 8 stocks that could help offset that AI exposure
