Friday, July 23, 2021

Notes From All Over -- The Weber Edition -- July 23, 2021

Another day, another record: Dow could close above 35,000 for first time ever....intra-day, it's been above 35,000 before. At least that's what I'm seeing on CNBC but I might have that wrong. Fact check, please. From Yahoo!Finance:

Cautious optimism in the face of rising coronavirus cases nudged the Dow within view of its record high above 35,000 on Friday, with the S&P 500 notching a marginal new record.

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Time To Grill

From The WSJ:

The searing market for newly public companies has a new obsession: grills. Two leading sellers of outdoor grills and grilling accessories, Weber and Traeger, both filed paperwork for initial public offerings earlier this month, while online grilling-and-outdoor-products retailer BBQGuys on Tuesday agreed to go public by combining with a special-purpose acquisition company. The merger values BBQGuys at about $960 million.

Traeger is known for its pricier wood-pellet grills and said on Wednesday that it plans to raise about $400 million in its IPO, which would value the company at around $2 billion. The Salt Lake City-based firm is aiming to price its shares between $16 and $18 under the ticker symbol COOK.

All three of the companies have been around for a long time but are seeking to cash in on sudden excitement fueled by the coronavirus pandemic. Weber, Traeger and BBQGuys each reported a recent sales surge as more consumers refurbished their backyards and became barbecue enthusiasts, tapping into one of the stay-at-home themes that have dictated much of the stock market’s performance in the past 15 months.

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The Rest

How to ruin a great conference call: each time that raw materials surge, some consumer companies struggle with price risk management. This time, Whirlpoool says it's better prepared because .... and I can't make this up .... "Whirlpool uses Excel spreadsheets." 

Texas upstream: job growth surges 94% for June, 2021. Link here

For those who understand math: ExxonMobil flashing green. Link here.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here

Domino's: stock hits record; $1 billion buyback in place.

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