Investing

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    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,…

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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{a87f602f9b65d268d2531d6307ed39cfde24e475374069973d0be7fc923da513}, pushing its market capitalization to $415 billion. This places it among…

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    Walgreens drops 11{a87f602f9b65d268d2531d6307ed39cfde24e475374069973d0be7fc923da513} 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{a87f602f9b65d268d2531d6307ed39cfde24e475374069973d0be7fc923da513} in premarket trading. CVS Health shares lost over 8{a87f602f9b65d268d2531d6307ed39cfde24e475374069973d0be7fc923da513}. Shares of Rite Aid fell 12.8{a87f602f9b65d268d2531d6307ed39cfde24e475374069973d0be7fc923da513}, 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…

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    Jay Clayton says he will step down early as head of the SEC at the end of 2020

    Jay Clayton, who has led the Securities and Exchange Commission for the past three and a half years that included a number of major changes in financial markets, said Monday he will step down at the end of the year. “Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career,” Clayton said in a statement. His term would have expired in June 2021. His tenure ends following a period in which the SEC extracted some $14 billion in various fines and agreements with violators of regulatory standards. That included $4.68 billion in fiscal 2020, a new record. With markets getting…

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    What Elliott may be up to with F5 Networks after past success with tech

    Traders work the floor of the New York Stock Exchange. NYSE Company: F5 Networks, Inc. (FFIV) Business: F5 is a leading provider of multi-cloud application services that allow its customers to develop, deploy, operate, secure and govern applications in any architecture, from on-premises to public cloud. the Company’s Traffic Management Operating System (TMOS) based offerings include software products for local and global traffic management, network and application security, access management, Web acceleration and various network and application services. These products are available as modules that can run individually or as part of an integrated solution on the company’s purpose-built BIG-IP appliances and VIPRION chassis-based hardware, or as software-only Virtual Editions.…

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