Comment: King Digital IPO Woes; Possible UK Energy Shake-Up
March 27, 2014 10:12 am
US Markets slumped yesterday after a disappointing day for the technology sector. Facebook stocks were down by 6.94% at the close, but the big news was the hammering that King Digital received on the first day of its IPO. While the company had initially aimed for a market capitalisation of $7.6 billion, concerns over the company’s reliance on a single game, coupled with doubts over their ability to duplicate the enormous popularity of Candy Crush, led to the opening price of $22.50 falling around 15% to $19.
In Europe, the IMF has agreed to a $14 – $18 billion standby agreement for Ukraine, but has made it clear that this depends on the governments’ ability to introduce significant economic reforms.
Big news in the UK energy sector today, as the official regulator, OFGEM, referred the sector for a full Competition and Markets Authority Investigation. The CMA, the UK’s competition watchdog, has made it clear that the findings could be favourable instead of negative. However, there has been a great deal of focus on the CMA’s ability, if it deems it necessary, to break up the UK’s Big Six Energy suppliers – British Gas, SSE, Npower, EDF, Scottish Power and E.ON.
Meanwhile, Sterling jumped this morning after it was reported that consumer spending was up 1.8% in February, six times the expected amount. UK consumer spending growth is now at a similar level to what it was prior to the ’07-’08 Financial Crisis.
US Markets slumped yesterday after a disappointing day for the technology sector. Facebook stocks were down by 6.94% at the close, but the big news was the hammering that King Digital received on the first day of its IPO. While the company had initially aimed for a market capitalisation of $7.6 billion, concerns over the company’s reliance on a single game, coupled with doubts over their ability to duplicate the enormous popularity of Candy Crush, led to the opening price of $22.50 falling around 15% to $19.
In Europe, the IMF has agreed to a $14 – $18 billion standby agreement for Ukraine, but has made it clear that this depends on the governments’ ability to introduce significant economic reforms.
Big news in the UK energy sector today, as the official regulator, OFGEM, referred the sector for a full Competition and Markets Authority Investigation. The CMA, the UK’s competition watchdog, has made it clear that the findings could be favourable instead of negative. However, there has been a great deal of focus on the CMA’s ability, if it deems it necessary, to break up the UK’s Big Six Energy suppliers – British Gas, SSE, Npower, EDF, Scottish Power and E.ON.
Meanwhile, Sterling jumped this morning after it was reported that consumer spending was up 1.8% in February, six times the expected amount. UK consumer spending growth is now at a similar level to what it was prior to the ’07-’08 Financial Crisis.
Related Posts: