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Small pre-holiday moves on Wall Street

on February 18, 2020

“One of the big fears is we don’t know how bad the China coronavirus effects are. Is it going to be beyond China, the impact? So we don’t know that at this point. Every time it looks like it is contained, we get more news that it’s not. So I think that’s what’s causing some confusion there and that could be one of the reasons why the bond market is doing so well because people are saying we don’t want to take the risk.”

A Reuters poll of economists predicts the world’s second-biggest economy will slow to its weakest quarterly growth since the financial crisis over a decade ago.

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Coronavirus is ruining the wedding industry: bridal boutique owner

on February 18, 2020

Coronavirus is infecting businesses.

It’s not just the wedding industry at risk. Electronics supply could be hit as well, including iPhone production.

“It’s everything: consoles, laptops, phones,” Santosh Rao, head of research at Manhattan Venture Partners, told Marketplace.

TV production could be next, Rao adds, as well as video game releases, since China supplies a significant amount of game development.

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The impact of coronavirus is being felt across the global economy

on February 13, 2020

It’s been a month since China announced the death of the first victim of the new coronavirus. The outbreak has since infected more than 44,000 people and spread far beyond China.

Federal Reserve Chairman Jay Powell told lawmakers on Capitol Hill this week that he’ll be watching for the virus’s impact on the U.S. economy.

Santosh Rao, head of research at Manhattan Venture Partners, said coronavirus has the potential to disrupt the electronics supply chain.

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Wall Street Breakfast: Trade Comes Back Into Focus

on February 7, 2020

Planning to list on the NYSE today under ticker “CSPR,” Casper has priced its initial public stock offering at $12 a share, down from an earlier range of $17 to $19. That values the company at around $500M, down from the $705M it valued itself at last week, and a significant hit for the mattress company that once prided itself as a unicorn. “The days of growth at any cost are over,” said Santosh Rao, who researches IPOs for Manhattan Venture Research. “You either have to be profitable, or take a haircut.”

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Casper IPO reflects investor sentiment toward money-losing companies

on February 6, 2020

“The days of growth at any cost are over,” said  Santosh Rao, who researches IPOs for Manhattan Venture Research. “You either have to be profitable, or take a haircut.”

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Turo Adds Another $30M To Series E

on February 5, 2020

The new round of funding brings Turo’s total funding to $500 million, and adds Manhattan Venture Partners and Allen & Co as investors in the company. Through Manhattan Venture Partners, Fitzgerald, 2 Chainz, NBA players Victor Oladipo, Langston Galloway, and Thad Young, and NFL players Dee Ford, Tyrod Taylor, Malcolm Jenkins, and Clint McDonald are now shareholders in the company.

Manhattan Venture Partners is somewhat known for bringing a celebrity touch to private company funding rounds. The VC firm has an “All-Star Fund,” that helps celebrities and athletes invest in private companies.

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Stripe ripe for stock market listing, says US-based analyst

on February 4, 2020

Stripe, the online payments company founded by Limerick brothers Patrick and John Collison, is “ripe for an initial public offering (IPO),” according to Manhattan Venture Research in New York.

While the fast-growing company has repeatedly said it has no plans to seek a market listing, Santosh Rao, head of research at Manhattan, notes that the fintech space “has been buzzing with activity”, with consolidation the name of the game.

In Manhattan’s recent Venture Bytes monthly report, Mr Rao highlights a number of fintech-focused “megadeals” that have taken place over the past 12 months. These include Fis’s $43 billion (€39 billion) deal for Worldpay, Fiserv’s £22 billion (€26 billion) acquisition of First Data, and Global Payments $21.5 billion purchase of TSYS.

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The fall of WeWork was a jolt to venture capital—how that could change VC investing

on January 22, 2020

When news broke in September that SoftBank-backed WeWork was pulling its doomed IPO, a chill ran across the capital markets.

Mere days before, entertainment and talent agency Endeavor had also pulled its IPO. In December, following disappointing growth, SoftBank sold back its nearly 50% stake in late-stage dog-walking startup Wag Labs to the company. And according to reports, pizza startup Zume was in talks with SoftBank to raise another funding round in late 2019, but the deal fell apart in December (the company subsequently laid off hundreds of workers in January).

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New stocks are red hot to start 2020 with IPO ETF tripling the return of the market

on January 22, 2020

IPO watchers expect the 2020 market to be front-half loaded due to a big second-half event: the presidential elections.

“In an election year, IPO issuance is traditionally strong in the first two quarters, slow in the third quarter, then picks up in the end of the fourth quarter,” said Santosh Rao, head of research at Manhattan Venture Research.

“My best guess is the biggest names will try to come out well before the election,” he said.

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Hedge fund puts $550m into technology stock option financing

on January 14, 2020

Privately held start-ups have typically not been keen to see employees enter contracts backed by their shares and options. But Andrea Walne, a partner at Manhattan Venture Partners, said with more than a dozen groups now offering financing tied to start-up stocks and options, she hoped a marketplace would develop.  “Companies have been leaning far too much on their inability to provide financial and tax advice as a cop out to supporting employees with their stock options,” Mrs Walne said.

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