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Biden uses State of the Union to tout economic record. (00:23) Reddit (RDDT) plans to price IPO March 20. (01:55) SEC charges Skechers (SKX) for undisclosed payments to executives’ family members. (02:36)
This is an abridged transcript of the podcast.
President Joe Biden used his State of the Union address Thursday night to tout his economic record.
Biden said that in the last three years, 15 million new jobs were created under his watch. He added that unemployment is “at 50-year lows.”
The president also claimed responsibility for 800,000 new manufacturing jobs that have been created.
While inflation has dominated headlines during a significant part of his presidency, Biden claimed the inflation rate has declined from 9% to 3%.
Elsewhere in his speech, Biden touted the Chips and Science Act, adding that private semiconductor companies are “investing billions of dollars to build new chip factories here in America.”
Regarding health care, the president said he wants to expand the number of drugs Medicare Part D will negotiate with pharma companies over the next decade to 500. Currently, plans call for 10 starting in 2026. He said his plan would lead to $200B in savings for enrollees.
Addressing tax rates for the wealthy, Biden is proposing a minimum tax of “just 25%” on billionaires as he claimed they pay an average tax rate of 8.2%. “That would raise $500 Billion over the next 10 years.”
The president also boasted about his actions on climate change, saying his policies will cut carbon emissions by 50% by 2030 and he is creating tens of thousands of clean-energy jobs.
Social media platform Reddit (RDDT) plans to price its initial public offering on March 20 and begin trading the following day.
According to a Financial Times report on Thursday, which cited people familiar with the matter, the roadshow for Reddit’s IPO will start on Monday.
Reddit (RDDT) is looking for a valuation of up to $6.5B in its eagerly anticipated initial public offering, the WSJ reported Friday. The company is planning to target a price range for the IPO of $31 per share to $34 per share.
Reddit (RDDT) filed for an IPO late last month, in which it said it intends to list on the New York Stock Exchange under the ticker symbol “RDDT.”
Skechers U.S.A. (NYSE:SKX) has agreed to pay a $1.25M penalty to settle charges from the SEC over undisclosed payments to family members of its executives.
The company was also charged with failing to disclose outstanding loans to its executives.
As per the SEC’s order, from 2019 through 2022, Skechers (SKX) did not disclose its employment of two relatives of its executives and did not disclose a consulting relationship involving a person who shared a household with one of its executives.
Additionally, the SEC’s order alleged that for multiple years, Skechers (SKX) failed to disclose that two of its executives owed more than $120K to the company for personal expenses that had been paid for by the firm but not yet reimbursed by the executives.
According to the SEC, Skechers (SKX) did not admit or deny the agency’s findings and has agreed to a cease-and-desist order and to pay the $1.25M civil monetary penalty.
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Rivian Automotive soars after unveiling new models, adding capacity at Illinois plant
On our catalyst watch for the day,
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The SXSW festival begins in Austin, Texas. For investors, the most interesting part of the festival could be the startup pitches from upstarts looking for funding. Participants in the past have been funded by large companies such as Google (GOOG), British Telecom, Apple (AAPL), Live Nation (LYV), OpenTable (BKNG), Meta Platforms (META), and Harmonic (HLIT).
Wall Street on Thursday ended at a new record high.
The Nasdaq (COMP:IND) gained 1.51%. The S&P 500 (SP500) added 1.03%. The Dow (DJI) advanced 0.34%.
Of the 11 S&P sectors, nine ended in the green.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are mixed. Crude oil is down 0.5% at more than $78 per barrel. Bitcoin is up 0.7% at more than $67,000.
In the world markets, the FTSE 100 is down 0.4% and the DAX is down 0.1%.
The biggest movers for the day premarket: Following strong Q4 earnings results, Marvell Technology (NASDAQ:MRVL) is down nearly 6% due to a disappointing Q1 outlook.
On today’s economic calendar:
- 8:30 The U.S. jobs report for February will be released. Economists expect 190K job additions for the month and for the unemployment rate to hold steady at 3.7%.
