Events

Coming up this week...

Monday, May 9, 2022 by Robinhood Snacks |

Shifting gears... This week could be make or brake for Rivian, which reports Wednesday. The EV biz’s shares are down 75% from its November IPO after the truck maker fell short of production goals in 2021 and lowered production targets for this year. Rivian’s skid has hit its backers hard: Amazon (which owns 18%) and Ford (which owns 11%) both lost billions on their stakes last quarter, when Rivian’s losses jumped 7X from a year ago. Rivian’s IPO lockup also ends today, which gives early stockholders their first chance to sell — and could lead to a bigger selloff.

China’s retail retreat… Last week investors wiped $26B off Alibaba’s market cap on rumors that the founder of the “Amazon of China” was detained (the mix-up: same last name, different guy). The scare comes as China’s strict Covid lockdowns put pressure on the country’s economy and deter consumers from dropping cash on non-essentials (like: new clothes, vacays). Last quarter Baba posted its slowest sales growth since its 2014 IPO. China’s spending slowdown, and competition from e-comm rivals like JD.com, could deliver another blow to Baba’s profits when it reports Thursday.