August 6, 2020

Off Like A Rocket

After its IPO this morning, shares of Rocket Companies Inc (NYSE: RKT), parent company of Quicken Loans, rose nearly 20% to $21.51.

The company, founded by Dan Gilbert, chose to go public by offering 100 million shares to the public, short of the initial 150 million rumors and short of the $21 IPO claims. 

Gilbert, who suffered a stroke in 2019 seems to be healthy and active and in a stable condition to grow Rocket Companies to a goal of 25% market share from 9% within the next 10 years.

The IPO received a lot of hype before it released, so the market is feeling a little disappointed in the stock’s performance. That being said, there is hope that the conglomerate that produces more than $50 billion in loans a year has large upside potential.

This could either be taking a ride on the Challenger or being a part of the Apollo 11 mission; as always, only time will tell…

We at EVO are happy to see Dan recovering and hope he continues his goal to revitalize the city of Detroit.

Cashing Out

Jeff Bezos liquidated a fortune today, brining in a nice $3 billion by selling a million of his shares of Amazon (NASDAQ: AMZN).

While that number is significantly greater than the amount of wealth you could get by robbing the federal reserve of a small Caribbean nation, it’s still only a fraction of Bezo’s total net worth. 

One thing to point out is that the pre scheduled release of his shares on the open market did not negatively affect the price--it looks like the demand for a stake in his megalithic company isn’t something that can be diluted by a slice of the pie this big.

Free Stuff!

Scroll To The Bottom And Find Your Link!

Uber Takes a Hit

Uber reported a staggering $1.8 Billion loss in Q2 due to COVID-19 lockdown measures.

The ride sharing service company reported losses per share at $1.02 versus $0.84 expected. Uber experienced a 73% drop in ride requests but saw an increase of 113% year over year in UberEats customers.

The delivery service generated $6.96 Billion in gross bookings surpassing expectations of $6.23 Billion.

While the company’s rideshare service struggled greatly due to the COVID-19 situation, it is clear that the market for food delivery is growing at a faster rate than ever.