Morning Roundup: January 12, 2024


Morning Roundup: January 12, 2024

At the SPAC of Dawn

Friday brings a few more potential swings in the ongoing rate cut-watch as the Producer Price Index (PPI) is set to drop at 8:30 am ET. December’s PPI reading for the month of November was unchanged, but there is some expectation that the headline PPI reading will show a +1.3% rise.

The reading has the potential to reset towards some of the optimism that late 2023 numbers showed vis-a-vis inflation and rates, but could also send a signal that the rate cut groundhog is likley going back underground for a few more weeks.

Other indicators on grain and energy stockpiles also releasing today could provide more definition to the picture and all are expected to see a delayed reaction from the rising tensions and supply chain difficulties through the Red Sea.

Deals and Funding

  • Arisz (NASDAQ:ARIZ) upsized the PIPE for its combination with crypto mining venture BitFuFu to $74 million from $70 million, following on positive regulatory signals as the SEC approved the trading of several spot Bitcoin ETFs yesterday.

News and Rumors

  • MarketWatch: Following on rumors last year, stablecoin issuer Circle has filed paperwork for an IPO. The company previously agreed to go public through a merger with Concord, though the two parties called off that arrangement in December 2022.

  • PR: Spectaire (NASDAQ:SPEC) signed a strategic distribution agreement with MLab to provide its emissions measurement systems to the European trucking market. Spectaire closed a combination with Perception Capital II in October.

  • PR: EV charging network ChargePoint (NYSE:CHPT) announced a -12% reduction in staff as it looks to ct costs and reach EBITDA positivity by the end of 2024. It combined with Switchback Energy in February 2021.
  • PR: Retail AI technology firm Alpha Modus signed an intellectual property agreement with stadium management firm GZ6G (OTC:GZIC) to integrate Alpha Modus tools into its software suite. Alpha Modus has a pending combination with Insight (NASDAQ:INAQ).