S&P Global In Talks To Pull Off The Biggest Deal Of 2020

Salesforce’s (CRM) talks of a deal with workplace communications firm Slack (WORK) dominated headlines late last week, but an even bigger deal was reported over the weekend. Per The WSJ, financial information firm S&P Global is in advanced talks to buy fellow data giant IHS Markit for $44bn. If that price stands, the deal would be the largest in the US this year. 

In other headlines, short-term rentals platform Airbnb and food delivery firm DoorDash are set to reveal higher-than-expected valuation ranges for their initial public offerings in roadshows this week. Bloomberg reported that Airbnb will target a valuation range of $30bn to $33bn, while DoorDash shoots for $25bn to $28bn. A host of companies are currently pushing to complete IPOs before the end of the year, including loan company Affirm, discount retailer Wish and gaming company Roblox.

Dow falls short of 30,000-mark at Friday close

US markets were closed on Thursday for the Thanksgiving holiday and trading volume on Friday was muted, with much of corporate America still shut for the day. The Dow Jones Industrial Average fell just short of closing the week past the 30,000 point milestone it had hit earlier in the week but added 1.5% over the course of the week. Similarly, the S&P 500 added 1.6%, while the Nasdaq Composite surged by 2.5% to take its year-to-date gain past the 35% mark.

In a Friday note, analysts at investment firm John Hancock noted that it was the fourth straight week of gains for crude oil prices, which hit their highest level in more than eight months, while initial weekly jobless claim figures reached their highest level in five weeks. With Q3 earnings season drawing to a close, John Hancock also noted that the 6% decline in S&P 500 earnings for the quarter was largely driven by just three industries: oil and gas, airlines, and the hotel, restaurant, and leisure sector. Taking those three industries out of the 63 in the S&P 500, and the remaining companies would have delivered earnings growth rather than a decline.

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