Jul 20 2021, 8:43 AM
July 19 2021, 9:54 PM
July 20 2021, 8:43 AM
(Bloomberg) Los Angeles has reinstated indoor mask requirements. Sydney has tightened lockdown measures. Athletes in Japan for the Olympics are testing positive for Covid-19.
(Bloomberg) Los Angeles has reinstated indoor mask requirements. Sydney has tightened lockdown measures. Athletes in Japan for the Olympics are testing positive for Covid-19.
On Monday, many got a jarring reminder that the coronavirus pandemic hasnât gone away, with anxious investors worried the resurgences could erode economic growth and reverse a rally in equities that had reached record highs as recently as last week.
âThe rise in the variant, the âOh my gosh, are we going to get shut down? And then even if we donât get shut down, is growth going to slow?ââ are thoughts driving the selloff, said Kim Forrest, founder and chief investment officer at Bokeh Capital Partners.
By Lu Wang and Vildana Hajric
If you think a rush by companies to sell their shares is a bad omen for the market, imagine a scenario where most of the sales come from firms that don’t make money.
It’s happening now. Since the end of March, almost 100 unprofitable companies, including GameStop Corp. and AMC Entertainment Holdings Inc., have raised money through secondary offerings, twice as many as coming from profitable firms, according to data compiled by Bloomberg.
Bloomberg
Granted, troubled companies are tapping into buoyant demand during a 16-month rally to beef up their balance sheets. And it’s further evidence that the capital market functions as smoothly as it’s supposed to. Yet some warn that the flood of shares coming from money losers is becoming extreme.
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