Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Logistics] Egyptian authorities worked to dislodge a giant container ship that remained stuck in the Suez Canal, blocking all traffic on one of the world’s busiest shipping arteries. Even if the ship is dislodged quickly, many idled vessels could still be delayed for days, threatening a new pressure point in a global supply chain already under intense strain.
[Semiconductors] As the world faces a semiconductor supply shortage, Intel has announced that it will spend $20 billion to build two new semiconductor manufacturing plants in Arizona. Intel’s shares rose by 7% on the news.
[Earnings] Gamestop revealed its first quarterly increase in same-store sales in nearly two years. However, the company’s results also showed that net sales stood at $2.12 billion, missing analyst estimates of $2.21 billion. Wallstreetbets users continued to remain bullish on the company, despite the underwhelming earnings.
[IPO] Robinhood, the popular commission-free trading app, has filed for an IPO. The company has chosen Goldman Sachs to handle the process and has picked NASDAQ as its trading venue. The company’s value stood at $11.7 billion in a funding round conducted last year.
Over60: Business Insider
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