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Pinterest Shares Surge after Elliott Discloses It’s the Largest Shareholder
Activist investor Elliott Investment Management announced on Monday that it had become the largest shareholder in Pinterest, endorsing the company's management and soaring its shares (NYSE: PINS) 21% on Monday's after-hours trading session.
According to Elliott managing partner Jesse Cohn and senior portfolio manager Marc Steinberg, Pinterest has "significant potential for growth," which prompted Elliott to become its largest shareholder.
Elliott did not disclose its ownership of Pinterest. However, the Wall Street Journal reported in July that the investment firm had acquired a stake larger than 9%.
MACROECONOMIC DATA ANALYSIS
Australia's central bank on Tuesday raised interest rates for the fourth consecutive month, but it moderated its projection for future hikes since it anticipated both an increase in inflation and a slowdown in the nation’s economy. The Reserve Bank of Australia (RBA) increased its cash rate by 50 basis points to 1.85% to conclude its August policy meeting. This marked the most stringent tightening since the early 1990s, tallying a staggering 175 basis points of increases since May.
The Philippine central bank will continue supporting the economy's recovery despite a planned 25 or 50 basis point rate hike this month, its governor said on Tuesday. Governor of the Bangko Sentral ng Pilipinas Felipe Medalla said at a business gathering that the current policy rates are still accommodating. On August 18, policymakers will gather to discuss changing the reverse repurchase facility rate, which is currently set at 3.25%.
CURRENCIES
The U.S. dollar hit its lowest level versus the Japanese yen since mid-June on Monday, as investors considered the possibility that the Federal Reserve will not hike interest rates as aggressively as some had anticipated. The U.S. Dollar Index, which tracks the greenback against other major currencies, traded 0.09% lower to 105.240.
GOLD
Tuesday saw an increase in the price of gold as demand for the safe haven jumped due to global economic activity signals, while copper prices continued to decline for a third straight day. Gold futures rose by 0.12% to $1,789 per ounce.
OIL
Oil prices plunged again in Tuesday’s early hours as investors digested a bleak outlook for fuel demand, with data indicating a global manufacturing slump just as major crude producers meet this week to decide whether to increase supply. Brent crude futures fell by 0.13% to $99.91 per barrel, while WTI crude barrels inched 0.06% lower to $93.83 a barrel.
INDICES
USA: S&P500 -0.28%, Dow Jones Industrial Average -0.14%, Nasdaq Composite -0.06%
Europe: FTSE 100 -0.13%, DAX -0.03%, CAC 40 -0.18%
Asia: Nikkei 225 -1.44%, Hang Seng -2.05%, CSI 300 -1.23%, Nifty 50 -0.30%
Newest
The operator of Dubai International Airport said on Wednesday that over 14 million passengers passed through the airport in the second quarter, raising its forecast for the year to 62.4 million. The number of passengers increased for the seventh consecutive quarter as demand for international travel rises as pandemic restrictions around the world loosen.
According to a statement from Dubai Airports, the airport in Dubai processed 14.2 million passengers from April to June, more than tripling the 4.9 million that passed through security during the same period last year.
Pandora, the globe’s largest jewelry manufacturer, announced on Tuesday that it shall proceed with its bet on lab-created diamonds, following its statement last year to stop selling mined diamonds.
In an effort to attract younger customers with less expensive, more sustainable stones that are guaranteed not to have come from war zones, the Copenhagen-based jewelry giant will introduce a collection which utilizes unmined diamonds in North America this month.
Following a smaller experimental launch in Britain last year, 269 locations are now open across the United States, Canada, and via the web.
