Thread: U.S. Troops Will Leave Iraq By End of 2011

Daily Market Commentary for October 21, 2011

President Barack Obama announced today that all U.S. troops will leave Iraq by the end of the year. (read more at Millennium-Traders.Com)
http://www.millennium-traders.com/ne...ommentary.aspx

Groupon Inc., the online-deals firm, set a price range and proposed date of November 3rd for its initial public offering. The company applied to list shares on the Nasdaq Global Select Market under the ticker symbol “GRPN.” The move sets the stakes for an offering worth nearly $621 million which represents a significant discount from previous expectations of a $1 billion deal. In an amended S-1 filing with the U.S. Securities and Exchange Commission, Groupon announced it will sell 30 million shares of Class A common stock at a price between $16 and $18 per share. The deal could raise between $480 million and $540 million for the company, excluding any overallotments. The share count indicates the company intends to sell an approximate 5% stake to the public, implying an overall valuation of between $11 billion and $12 billion. Groupon has come under fire over marketing spending, unusual financial metrics and some public gaffes including one instance in which the company’s CEO sent an email to employees about the offering that was subsequently leaked to the press which sparked concerns that the move may have violated the mandated quiet period before a share offering. For Q3 which ended September 30, Groupon posted revenue of $430.2 million, up 10% from Q2 and more than 400% from the same period 2010. The company’s operating loss tumbled from $101 million in Q2 to $239,000 in Q3 with a subscriber count of nearly 143 million. According to a letter to prospective shareholders from CEO Andrew Mason, Groupon has added 27 million subscribers since its last filing on October 7.

President Barack Obama signed free-trade deals between the U.S. and South Korea, Colombia and Panama today - deals first negotiated during the George W. Bush administration and revised by the Obama administration. According to the U.S. International Trade Commission, the free-trade deals could boost U.S. exports by $13 billion a year. Speaker of the House John Boehner said the treaties were a sign that Republicans and Democrats can work together when they find common ground.


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