Day: November 17, 2020

Relativity Space raising $500 million at $2 billion valuation from Tiger and others, sources say

Relativity Space’s third generation 3D-printer in its new headquarters, with CEO Tim Ellis standing by for scale.

Relativity

Rocket builder and 3D-printing specialist Relativity Space is raising $500 million of fresh capital in a new round being led by Tiger Global Management, people familiar with the financing told CNBC on Tuesday.

The new fundraise, expected to close in the coming days, would jump Relativity’s valuation to $2.3 billion, those people said. In addition to Tiger Global, Fidelity is also joining the round as a new Relativity investor. Existing investors in Relativity are also expected to be contributing — those include Social Capital, Playground Global, Y Combinator, Bond Capital, Tribe Capital, Jared Leto and Mark Cuban.

Tiger Global, the hedge fund of investor Chase Coleman, has more than $40 billion in assets under management.

Relativity declined CNBC’s request for comment.

Relativity Space conducts a pressure test of a 3D printed tank.

Relativity Space

The company is building the first iteration of its Terran 1 rocket. But unlike other rockets, Relativity is using multiple 3D-printers, all developed in-house, to build Terran 1. The rocket is designed to have about 95% of its parts be 3D-printed, which allows Relativity’s rocket to be less complex, and faster to build or modify, than traditional rockets. Additionally, Relativity says its simpler process will eventually be capable

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Index provider ‘baffled’ at how to add a company of Tesla’s size to the S&P 500, says Cramer

Tesla is joining the S&P 500 in December, but given the electric vehicle company’s size, adding it to the index is no easy feat, said CNBC’s Jim Cramer.

“I think they’re baffled,” he said Tuesday of the index provider S&P Dow Jones Indices. “I really don’t think they know how to handle this … they can’t knock out the smallest [company from the index], it doesn’t do anything. When they balance this … they almost seem to have to make everything smaller,” he said on “Squawk on the Street.”

During early trading on Tuesday Tesla jumped more than 9%, pushing its market capitalization to $415 billion. This places it among the top ten most valuable companies in the S&P 500.

S&P Dow Jones Indices is well aware of the challenge of adding such a large company, and on Monday night said it was considering adding Tesla to the index in two tranches. In a departure from custom, the index provider did not announce who Tesla will be replacing.

Tesla’s addition to the benchmark index further concentrates the S&P 500 among just a handful of names, which Cramer said will not sit well young investors.

“The S&P 500 is old fashioned to these people,” he said of young investors. He noted that young retail investors, who are more involved in

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Walgreens drops 11% to lead drug store stocks lower after Amazon launches pharmacy business

A CVS Pharmacy store is seen in the Manhattan borough of New York City, New York.

Shannon Stapleton | Reuters

Pharmacy stocks fell sharply on Tuesday after Amazon launched its new Pharmacy offering, which includes online ordering and delivery for prescription drugs.

Dow Jones Industrial average member Walgreens Boots Alliance dropped more than 11% in premarket trading. CVS Health shares lost over 8%. Shares of Rite Aid fell 12.8%, while GoodRx stock also declined.

Amazon Pharmacy is available in 45 states and accepts most forms of insurance. Amazon Prime members can also receive discounts on generic and name-brand drugs when paying without insurance, the company said.

Amazon has been building its pharmacy offerings for several years, including acquiring PillPack in 2018. Shares of the tech giant rose 2.4% in premarket trading following the announcement.

The pressure from Amazon comes as pharmacy stocks have already underperformed the broader market in 2020. Shares of CVS are down 1% year to date, while Rite Aid has lost 16%.

The sell-off for pharmacy stocks follows a long pattern of Amazon’s new ventures leading to underperformance among market leaders. When the company announced its deal to buy Whole Foods in 2017, grocery store stocks like Kroger and Costco were hit hard.

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In Times of Crisis, Keep the Boat Steady


6 min read

Opinions expressed by Entrepreneur contributors are their own.


The CEO of my first startup was a competitive rower in college. One of his teammates, who went on to compete in the , started a training course that integrated discussions with lessons on the water, rowing with a team. Our attended one of his sessions. There are three lessons I took away from it that have stuck with me and feel especially important given the tough year we’ve had and the uncertainty that all companies continue to face during the pandemic.

Lesson 1: Set the right pace

In one of the first exercises, the facilitator put us all on rowing machines. He asked an HR executive to sit at the front, start rowing and set the pace for the rest of us. She spent her time at the front watching everyone else’s pace, and we struggled to get into any semblance of a cadence. The facilitator then asked me to lead. Having seen how difficult it was to follow her, I became laser-focused on making sure that my strokes per minute didn’t budge. You could have used my pacing to calibrate the atomic clock.

Related: 7 Essential Soft Skills to Elevate Your Leadership During the Pandemic

When my turn was

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How to Cut Car Insurance Costs: Tricks for Everyone

Today’s new luxury cars come equipped with a growing menu of high-tech driving-assistance options. Safety features like blind-spot collision-avoidance warnings can lower your chances of getting in an auto accident — while also reducing your car insurance rates.

In fact, a new Business Insider article just found that auto insurance companies are offering up to 10% discounts if your vehicle is equipped with an advanced driver-assistance system, or ADAS.

Ah, but what if you can’t afford a new luxury car? What then?

You’ll just have to lower your auto insurance premiums the old-fashioned ways. Here are three strategies:

1. Shop Around

You need to get quotes from a few different places to make sure you’re getting the best deal. So how do you know which companies to get quotes from? We suggest letting someone else do all the hard work for you.

A free website called Savvy will help you find the best price — in just 30 seconds. In fact, it saves people an average of $826 a year.

All you have to do is connect your current insurance, then Savvy will search hundreds of insurers for a better price on the same coverage. It’ll even help you cancel your old policy and get you a refund from your current insurer.

2. Raise Your Credit Score

Everyone knows a

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