What You Need To Know This Week — April 27th, 2019
What You Need To Know This Week
A weekly recap to keep you informed on the most important events this week impacting markets, business, tech and the global economy.
MICROSOFT WORTH $1 TRILLION AS Q1 RESULTS BEAT EXPECTATIONS
Microsoft’s market capitalization vaulted above $1 trillion for the first time as the software company announced its first quarter results in which revenues and earnings came in ahead of analyst expectations. The company’s results were buoyed by its strong results in cloud computing and a rebound in sales of its Windows operating system. The stock was up as much as 5.1% on the news.
OCCIDENTAL LAUNCHES $55 BILLION HOSTILE BID FOR ANADARKO, SETTING STAGE FOR BIDDING WAR WITH CHEVRON
Occidental Petroleum, with an enterprise value of $53 billion, launched a $55 billion hostile takeover bid for Anadarko Petroleum. This unsolicited bid trumps $248 billion-goliath Chevron’s friendly acquisition of Anadarko. Occidental made it clear that the prize is Anadarko’s highly attractive U.S. shale assets. The hostile bid comes at a 22% premium to the bid from Chevron.
US Q1 GDP GROWTH OF 3.2% COMES IN AHEAD OF EXPECTATIONS
The U.S. economy grew faster than expected in the first quarter, clocking annualized growth of 3.2% compared to 2.2% expected by economists. Underlying demand came in lower than the headline indicated, as the increase in growth was largely driven by a build in inventories and a boost in government spending.
BANK OF CANADA HOLDS RATES STEADY AND ELIMINATES TALK OF FUTURE RATE HIKES
The central bank held its key interest rate unchanged at 1.75% this week. The Bank of Canada Governor Stephen Poloz said the Canadian economy will grow slower than expected in 2019, downgrading his forecast of GDP growth from 1.7% to 1.2%. The loonie fell to a four-month low on the news.
Recommended Articles, Podcasts, Books and Tweets
Listen to Josh Wolfe discuss investing on the frontiers of technology on Invest Like The Best.
US merger arbitrage fund reaches $1 billion in assets.
Tesla pursues restraining order on vocal shortseller of its stock as its CEO Elon Musk unveils plans for a fleet of robotaxis.
Hedge Fund DE Shaw urges Anadarko to run an open sale process after receiving a hostile bid from Occidental.
Large private equity firms are raising their performance fees from 20% to 30% on some funds.
How the storied venture capital firm Kleiner Perkins lost its magic touch.
FT profiles Warren Buffett, who is “having more fun than any 88-year-old in the world”.
Hedge fund Bridgewater believes geographic diversification can be a lifesaver for investors.
Paypal invests $500 million in Uber prior to its IPO.
-The Accelerate Team
See more at AccelerateShares.com
