Home security company ADT made its NYSE debut. After pricing at $14 a share, the stock opened for trading at $12.65. Tim Whall, CEO at ADT, joined us on set to explain why investors should be excited about the opportunity to invest in ADT.
The original range for pricing of the IPO was $17-$19 a share. Despite the weaker-than-expected demand for the stock, the company still raised about $1.5 billion. The CEO said ADT will use the money to pay down debt and grow subscriber base. ADT has a debt burden of about $10 billion.
In a regulatory filing, ADT revealed it had been losing customers. Whall shares how the company is innovating in-home security in order to avoid customer churn and attract new consumers. The company recently announced plans to integrate its products with Google Assistant voice controls sometime this spring.
Xiaohua Yang, professor of international business and director of the China Business Studies Initiative at the University of San Francisco, joins Cheddar News to talk about the history of Lunar New Year.
Fundrise is an investment platform that allows its users to access a diversified portfolio of real estate investments. The company found more than 70 percent of 1,000 Gen Z and Millenial investors surveyed were concerned about inflation and 66 percent were putting their money in real estate, venture capital, and crypto as a safety net. Ben Miller, CEO and co-founder of Fundrise, joined Cheddar to talk about providing retail investors access to the previously difficult-to-access private real estate markets. "I think there's there's an understanding in society that real estate is where you go when there's high inflation," Miller said.
In January alone, the gaming sector has seen three major acquisitions. Yesterday, Sony added to the flurry of M&A activity in the gaming space, snatching up game developer 'Bungie' for $3.6 billion dollars. Renee Gittins, executive director at the International Gaming Developers Association, joins Cheddar News to discuss.
General Motors reported its Q4 earnings Tuesday. While chip shortages impacted sales and revenue last quarter, Paul Jacobson, GM Chief Financial Officer, told Cheddar chip availability has gotten better since Q3. This is crucial as GM has pivoted its focus toward electric vehicles. It recently announced it will be building a new battery plant in Michigan, making $35 billion in EV investments, and producing a million electric vehicles by 2025.
