Wall Street Swings as SpaceX IPO Speculation Grows

0:00 Speaker 1 Well Sunday morning. Well, it’s Easter Sunday, and a lot of things were going on. It was a big week, up and down a day on the markets and with us today is John Charrett and John Cherritt. I hope you have a great Easter Sunday with the family.

0:15 Speaker 2 Oh, I do wish you exactly the same as well, John. And what a week it was. The big story, of course, was President Trump on Wednesday night. Now, whatever you think of President Trump, whatever you think about the way he goes about things, I have to tell you Wall Street was expecting more on Wednesday night than they actually got.

0:30 I know he said the US is going to hit Iran very hard over the next three weeks. I know that he said that US objectives in the Middle East are nearly at completion. But Wall Street wanted more than that.

0:43 Those who are long on investments wanted to hear more and to say that the Strait of horn Moose will open naturally. Well, that just doesn’t cut it on Wall Street unfortunately. Although on Thursday, of course, we were buoyed by the news that Oman and Iran are talking about the possibility of opening the strait again, So that gave

0:59 some hope, and the Dow was off its lows for the day. Now the big company news of the week SpaceX. On the day that Artemis two from NASA launched into space on its way to the Moon, SpaceX and Elon Musk announce an IPO. At least they did in a sort of what you might call confidential filing. Now, what

1:16 a confidential filing means is that you and I, John, we don’t know. We’re not allowed to see what’s in the filing. But those people who work for SpaceX who have to sell this IPO are at least and now able to talk to potential investors around the world about whether they might like to get on board. Elon Musk

1:32 does nothing by half, as you know, is engage the five biggest banks on wall streets and scores of others around the world to try and sell it for him. They could raise one point seven trillion dollars look out for the IPO.

1:43 Speaker 1 This year. I want to hear that number again. NY could raise one point seven trillion dollars.

1:49 Speaker 2 Are you sitting I want you to sit down. Sit down, I don’t want to sit down, Yeah, exactly, put your feet up on that desk there zero point seven trillion is the potential. I know.

2:03 Speaker 1 I know it’s just too much.

2:07 Speaker 2 I know it’s extrawdinary. Now, on the downside, Blue Owl is a private credit company, and now I have to say, although I report Wall Street and I have done for years, it’s very difficult to know too much about the private credit market. However, what I will tell you is that there are concerns about it, and there are concerns about

2:24 Blue Owl after they limited withdrawals to five percent in the quarter and twenty percent for the year, after five point four billion was attempted to be withdrawn from the company. It’s a worry. The whole thing is a page. We’re not entirely sure what’s going on. I just want to market so that you know. And on the happiest side

2:43 of life, last week Apple celebrated his fiftieth birthday. Nineteen seventy six, Steve Jobs, Steve Wansniak, and Ron Wayne got together, they incorporated the company and dear on Ron Wayne. He sold his stake twelve days after that for just eight hundred dollars. Can you believe it? Now Apple is worth three trillion dollars, up there with Nvidia and Microsoft. It’s

3:05 simply one of the biggest, most successful US corporations in history. And look ahead to next week well, Delta Airlines kick off second quarter earning season. The big banks follow the week after. John, that’s it. Happy Easter.

3:18 Speaker 1 Thank you John. Very next week, enjoy Easter and we’ll catch up with you again next week