Week Ending 11/13/20
- DoorDash released its IPO paperwork on Friday. DoorDash has an enviable 50% share of the market. Sales more than tripled to $1.9B from January to September compared to the same period in 2019.
- OPEC warned that global oil demand will rebound more slowly in 2021 than previously forecast due to the acceleration of COVID-19 cases.
- Moderna said its COVID-19 vaccine appears to be 94.5% effective in a major trial.
- The Commerce Department backed down from a deadline yesterday on TikTok, saying it won’t enforce an order that required the company to be spun off from its Chinese parent, ByteDance.
Regulatory Trends and Industry Trends:
- Boeing defeats stock drop suit tied to 737 MAX crashes. The ruling states, “Boeing’s corporate role, not a fiduciary role, with respect to the stock fund. Newport, then – not Boeing and not the Employee Benefit Investment Committee – had fiduciary responsibility over the stock fund.”
- Former participants in the Amway Retirement Savings Plan have filed a lawsuit accusing fiduciaries of breaching their duties under ERISA by failing to monitor appropriate investment costs. The complaint says defendants continued to offer certain funds in the plan despite the availability of alternative, lower-cost ones.
Investment Manager News:
- SEC Chairman Jay Clayton announce he will be leaving at the end of the year.
- BlackRock tapped an ADM Capital veteran as the first head of China for its private credit team in Asia.