Business and Finance News - 7.18.24

Angel City FC Secures $250 Million Valuation with Willow Bay and Bob Iger's Investment, Leading in Revenue and Attendance

• Angel City FC valued at $250 million after investment from Willow Bay and Bob Iger.

• Last year, Angel City FC generated the highest revenue of any women’s team globally.

• Angel City FC was No. 1 in NWSL attendance and sponsorship revenue last year.

• Bay and Iger will invest an additional $50 million in Angel City FC.

• Bay will have full control of the Angel City FC board.

• Controlling owners must own at least 35% of an NWSL team.

• Angel City FC was founded in 2020 by Natalie Portman, Kara Nortman, and Julie Urhman.

*Angel City FC - Angel City FC is a professional women's soccer team based in Los Angeles, California, competing in the National Women's Soccer League (NWSL).

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Anthropic and Menlo Ventures Launch $100M Anthology Fund, Modeled After iFund, to Support Early-Stage AI Startups with Cash and Credits

• Anthropic and Menlo Ventures launch $100 million Anthology Fund for early-stage startups.

• The fund is modeled after the 2008 Apple-Kleiner Perkins iFund.

• Menlo Ventures provides cash, while Anthropic offers $25,000 in AI technology credits.

• The iFund inspired the Anthology Fund, aiming to support early developers.

• Anthropic offers coaching, quarterly meetups, and a direct support hotline.

• Anthropic seeks a feedback loop to improve its AI products.

• AI startup funding doubled to over $24 billion in Q2 2023, per Crunchbase.

*Anthropic - Anthropic is an artificial intelligence (AI) research company focused on building reliable, interpretable, and steerable AI systems.

Capital One Proposes $265B Plan for $35B Discover Merger, Emphasizes Community Lending and Development Amid Regulatory Concerns

• Capital One offers $265 billion plan for its $35 billion merger with Discover.

• The plan includes $200 billion in lending to low- and middle-income consumers.

• $44 billion will go towards community development work.

• Capital One to invest hundreds of millions in nonprofits, small businesses, and minority-owned institutions.

• $125 billion in credit card loans and $75 billion in auto lending are included.

• No branch closures planned; more branches in low-income neighborhoods promised.

• Regulators and consumer groups are concerned about the merger's impact on competition.

*Capital One (COF) - Capital One is a financial services company that provides a range of banking and financial products, including credit cards, auto loans, banking accounts, and savings products.

Five Below CEO Joel Anderson Steps Down; Shares Drop 52% Amid Profit Pressures and Lowered Sales Forecast

• Five Below CEO Joel Anderson steps down after over a decade at the helm.

• Kenneth Bull named interim president and CEO; Tom Vellios becomes executive chairman.

• Shares fell 9.7%, totaling a 52% decline this year.

• Five Below faces profit pressure from retail theft and added security measures.

• The company is eliminating self-checkouts and adding security guards to combat shrink.

• Core low-income shoppers face pressure from inflation, leading to a cut in full-year outlook.

• Q2 sales forecast lowered to $820M-$826M, with a 6%-7% decrease in comparable sales.

*Five Below (FIVE) - Five Below is a retail chain that offers a variety of products, including toys, games, electronics, clothing, beauty supplies, and home decor, all priced at $5 or below.

Supreme Sold to EssilorLuxottica for $1.5B, Down from $2.1B in 2020; VF Corp. Cites 'Limited Synergies'

• Streetwear brand Supreme sold to EssilorLuxottica for $1.5 billion, down from $2.1 billion in 2020.

• VF Corp. sold Supreme due to "limited synergies" with its other brands.

• EssilorLuxottica’s portfolio includes Oliver Peoples, Ray-Ban, Oakley, and Persol.

• Supreme was founded in 1994 in a New York skateboard shop.

• Supreme is popular among skateboarders, hip-hop fans, Millennials, and Gen Z.

• Carlyle Group acquired half of Supreme in 2007 for $500 million.

• VF Corp. shares rose nearly 7% in premarket trading after the sale announcement.

*Supreme - Supreme is a streetwear brand that designs, manufactures, and sells a range of clothing, accessories, and skateboarding gear, known for its limited-edition releases  and collaborations with various artists.

Here’s how the markets closed yesterday:

• Dow Jones Industrial Average: 41,198.08 +243.60 (+0.59%)

• S&P 500: 5,588.27 -78.93 (-1.39%)

• Nasdaq Composite: 17,996.92 -512.41 (-2.77%)

• Russell 2000: 2,239.67 -24.00 (-1.06%)

• CBOE Volatility Index (VIX): 14.48 +1.29 (+9.78%)

• Bitcoin (BTC): $64,276.35 (3:15PM PST on 7/17/24)

• Ethereum (ETH): $3,403.72 (3:15PM PST on 7/17/24)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 556.94 -7.92 (-1.40%)

• iShares Core S&P 500 ETF (IVV): 560.03 -7.93 (-1.40%)

• Vanguard S&P 500 ETF (VOO): 511.79 -7.25 (-1.40%)

• Vanguard Total Stock Market ETF (VTI): 275.16 -3.94 (-1.41%)

• Invesco QQQ Trust (QQQ): 481.77 -14.57 (-2.94%)

Here’s how the THE SUPER SIX STOCKS did yesterday:

• Apple (AAPL) [3.51T]: 228.88 -5.94 (-2.53%)

• Microsoft (MSFT) [3.296T]: 443.52 -6.00 (-1.33%)

• Nvidia (NVDA) [2.907T]: 117.99 -8.37 (-6.62%)

• Alphabet (GOOG) [2.257T]: 182.62 -2.88 (-1.55%)

• Amazon (AMZN) [1.956T]: 187.93 -5.09 (-2.64%)

• Meta Platforms (META) [1.172T]: 461.99 -27.80 (-5.68%)