Weekly Market Recap | Oct 21 – Oct 27

IPO’s in the week

• Hutech International Group, Inc. (HUHU), a Nasdaq-listed company, specializes in designing and providing customized high-purity gas and chemical production systems and equipment. Founded by Yu Jun Xiao on July 8, 2021, the company operates from its headquarters in Wuxi City, China. Recently, HUHU’s stock priced at $4.00 per share, with 1,250,000 shares issued. The company’s initial public offering debuted on October 22, 2024.
• Aldel Financial II Inc. (ALDFU), a Special Purpose Acquisition Company (SPAC), debuted on Nasdaq at $10.00/share, with 20,000,000 shares,listed on its IPO on October 22, 2024. The company seeks to merge with or acquire an undisclosed business, facilitating its public market entry.
• Synergy CHC Corp. (SNYR), a Nasdaq-listed consumer health and beauty company, trades at $9.00/share, with 1,000,000 shares outstanding as of October 23, 2024. The company focuses on expanding its portfolio of premium consumer brands through organic growth and strategic acquisitions.
• SAG Holdings (SAG), a Singapore-based distribution company, lists on Nasdaq at $8.00 per share, with 1 million shares outstanding as of October 23, 2024. SAG supplies high-quality spare parts to various industries, including genuine OEM and aftermarket parts for passenger vehicles, trucks and buses.
• Li Bang International Corp. (LBGJ), a China-based manufacturer, is listed on Nasdaq at $4.00 per share, with approximately 1.6 million shares outstanding as of October 23, 2024. The company designs, produces and sells stainless steel commercial kitchen equipment under its “Li Bang” brand.
• High Roller Technologies Inc. (ROLR) is listed on NYSE American at $8.00 per share, with approximately 1.25 million shares outstanding as of October 23, 2024. The company operates an online gaming platform offering real-money casino entertainment globally, featuring blackjack, roulette, baccarat, poker, slots and more, prioritizing safety, security and customer service.
• Founder Group Limited (FGL), a Malaysian solar solutions provider, trades on Nasdaq at $4.00 per share, with 1,625,000 shares outstanding as of October 23, 2024. The company specializes in end-to-end EPCC (Engineering, Procurement, Construction and Commissioning) solutions for large-scale solar and commercial/industrial solar projects.
• Oaktree Acquisition III Life Sciences (OACCU) is listed on Nasdaq at $10.00 per share, with approximately 17.5 million outstanding shares, as of October 24, 2024. Backed by Oaktree, a global investment manager with $193 billion in assets, this special purpose acquisition company focuses on life sciences opportunities.
• Ingram Micro Holdings Ltd. (INGM) is listed on the New York Stock Exchange (NYSE) at $22.00 per share, with approximately 18.6 million shares outstanding as of October 24, 2024. The company distributes electronic office equipment and computer products, including PCs, servers, storage, monitors, printers and software through its subsidiaries.
• Bold Eagle Acquisition Corp. (BEAGU), a special purpose acquisition company (SPAC), trades on Nasdaq at $10.00 per share, with 25 million shares outstanding as of October 24, 2024. The company seeks to merge with or acquire an undisclosed business, facilitating its public market entry.

Markets this week

• Tesla’s third-quarter profit rose 17% to $2.2 billion, with revenue up 8% to $25.2 billion, driven by strong sales and regulatory-credit revenue. Tesla’s stock jumped 12% after the earnings report.
• Arm Holdings is canceling Qualcomm’s license to use its intellectual property for chip design. Qualcomm shares fell by 3%, while Arm’s shares dropped 6.4%.
• Polymarket identified a French trader who bet over $45 million on Donald Trump to win the upcoming US presidential election.
• Newmont Corp. shares fell 9.1% in New York, marking their largest decline in over two years, following disappointing third-quarter earnings.
• Keurig Dr Pepper Inc. will acquire Ghost Energy Drinks for over $1 billion, purchasing an initial 60% stake for $990 million in cash, with the remaining 40% to be acquired in 2028.
• Palantir Technologies Inc. has surged 150% this year, but analysts warn its shares are overvalued at 100 times earnings. They predict a decline of over 30% in the next 12 months, the highest expected downside for any S&P 500 stock.
• Oil prices dropped 5% as Israel’s strike on Iran over the weekend targeted only military sites, sparing oil facilities.
• Despite record corporate bond trading in the U.S., the IMF warns that tight spreads could lead to sudden credit repricing if global markets fluctuate.
• The five largest S&P 500 companies—Apple, Nvidia, Microsoft, Alphabet, and Amazon—are projected to report 19% profit growth for Q3, marking their slowest increase in six quarters.
• The S&P 500 rally is broadening beyond tech, with struggling sectors gaining despite muted results, but most earnings growth continues to come from the “Magnificent 7” firms.
• Apple CEO Tim Cook assured continued investment in China during a meeting with tech official Jin Zhuanglong, emphasizing support for the supply chain and discussing cloud services and data management.