Global stocks mixed, Rivian set for IPO, Biden touts plan
UNDATED (AP) – Global stocks are mixed. Shares opened higher in Europe after mostly falling in Asia as China reported that inflation surged in October. On Wall Street, stocks ended moderately lower on Tuesday, ending an eight-day winning streak for the market that had been fueled by strong company earnings and economic data.
SILVER SPRING, Md. (AP) – Shares in Rivian Automotive are set to trade publicly and the world should get a better idea of just how hot investors are for the electric vehicle market. Rivian is the EV startup backed by Amazon and Ford. It raised at least $10.5 billion in its public offering to help it ramp up production of its trucks, vans and SUVs. It’s the latest in what’s becoming a long line of companies trying to carve out some of Tesla’s dominant market share. According to The Wall Street Journal, the offering of 135 million shares was priced at $78 per share, giving Rivian a market value of $77 billion on a fully diluted basis. That compares to Honda’s $53 billion and Ford’s $80 billion.
BALTIMORE (AP) – When Donald Trump was in the White House, he referred to Baltimore as a “disgusting, rat and rodent infested mess.” But for President Joe Biden, the city is the first stop in what will likely be a national tour to showcase the value of his agenda. Administration officials say Biden on Wednesday plans to hold up Baltimore’s port as a blueprint for the rest of the nation on how to reduce shipping bottlenecks that have held back the recovery from the coronavirus pandemic. Biden sees in Baltimore a test case for his agenda that goes beyond the ports to include child tax credits modernizing rail transit for the region.
LONDON (AP) – A top European Union court has rejected Google’s appeal against a 2.4 billion euro antitrust penalty from the bloc’s competition watchdog. The EU’s executive Commission had punished Google in 2017 for unfairly favoring its own online shopping recommendations in its search results. The European Court of Justice’s General Court said that it “largely dismisses” Google’s appeal of that penalty and is upholding the fine. The fine was part of an effort by the bloc’s competition regulators to curb the online giant’s clout on the continent. It was followed by two other blockbuster antitrust penalties that the commission slapped on Google totaling 8.25 billion euros, which Google is also appealing.
BUFFALO, N.Y. (AP) – Never in its 50-year history has Starbucks relied on union workers to serve up frothy lattes as its U.S. cafes. But some baristas aim to change that. Workers at three separate Starbucks stores in and around Buffalo, New York, are expected to begin voting by mail this week on whether they want to be represented by Workers United. Starbucks is appealing, seeking to delay the vote. If the vote goes ahead, the results will be tallied next month. Pro-union workers want more say in pay and working conditions. But Starbucks says the company functions best when it works directly with employees.