DAILY DOSE: October 22, 2021
Posted on 10/22/2021
1. Hollywood actor Alec Baldwin “accidently” used a prop gun that killed “Rust” cinematographer Halyna Hutchins and wounded director Joel Souza on during an on-set. The gun contained a contained a “live single round.”
2. MEME STOCK. Digital World Acquisition Corp. (DWAC) is the SPAC that is taking former U.S. President Donald Trump’s planned social media platform public that is called Truth Social. Facebook and Twitter banned the U.S. President from its platform during his term. DWAC is a popular mention on on Reddit’s WallStreetBets. Phunware is the advertising software startup involved with Trump’s 2020 reelection campaign and that stock hopped up in unison with DWAC. The social media app is being developed by Trump Media and Technology Group (TMTG). At its peak of US$ 175 per share on Friday, DWAC was a staggering 1,657% above its Wednesday closing price. Hedge fund Lighthouse Investment Partners hedge fund sold its stake in DWAC after that SPAC said it will merge with Trump Media and Technology Group.
HEDGE FUNDS. Among the other hedge funds listed in regulatory filings in September 2021 as major shareholders of DWAC include D.E. Shaw owned 8% of the SPAC, or 2.4 million of shares, while ARC Capital held a near 18% stake, or 6.6 million shares. Other funds that held stakes as of September 2021, before the merger was announced, were Saba Capital Management, Highbridge Capital Management, Lighthouse Investment Partners, K2 Principal Fund, ATW Spac Management, Boothbay Fund Management, and RG Capital Management.
3. Federal Reserve Chairman Jerome Powell said that “high inflation will likely last well into next year.”
4. Shares of WeWork are about around 25% in early trade, a day after its market debut going public.
5. $7.59 a GALLON – GAS. The State of California is experiencing higher gasoline prices, as refiners closed down over the decades, government regulation, inflation, and supply constraints. The remote central coast community of Gorda has only 1 gas station and it is offering regular unleaded for US$ 7.59. Premium is nearly US$ 8.50. Gorda is known for having high gasoline prices.
6. The Central Bank of Russia set its key rate at 7.5% from 6.75%.
7. The Central Bank of the Republic of Turkey cut its policy rate by 200 basis points to 16% on Thursday, sending the Turkish lira to a new all-time low. Turkey is facing a crashing currency and inflation. Turkey President Tayyip Erdogan has put pressure on the central bank. Erdogan replaced much of the central bank’s top leadership in 2021.
8. According to ATB Capital Markets, propane prices in Edmonton up 296 per cent to US$1.40 per gallon from around US$ 0.25 per gallon. Propane is usually produced as a by-product or derivative of natural gas.
