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Good Morning!
Happy Tuesday! Have a great short week:
👉 Historic market day
👉 T-Mobile acquires U.S. Cellular
👉GameStop soars again
Memorial Day is around the corner!
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MARKETS: Historic Day
Starting Tuesday, the US stock market will settle trades in a single day, as it did a century ago. This change aims to reduce financial risk by speeding up transactions. However, there are concerns about international investors getting dollars on time, different speeds of global funds, and less time to fix errors.
Source: Reuters
Businesses have been preparing by relocating staff and overhauling workflows. While many feel ready, there's concern if everyone involved is prepared. This change is significant due to the market's current size and complexity. In the past, settlement times were reduced from five days to three in the 1990s and then to two in 2017. Now, moving to one day sets the US apart from many other countries.
🎯 GRIT TAKE: Historically, we’ve seen the benefits…upgrade to VIP now to read the full GRIT Take!
ACQUISTION: T-Mobile and U.S. Cellular
T-Mobile announced on Tuesday it will acquire most of U.S. Cellular, including stores, parts of its wireless spectrum, and customers, for $4.4 billion. This includes cash and up to $2 billion in debt. Following the announcement, U.S. Cellular shares rose over almost 8%, while T-Mobile shares remained flat.
Source: CNBC
T-Mobile will get 30% of U.S. Cellular's spectrum to boost rural coverage. U.S. Cellular customers can keep their plans or switch to T-Mobile. U.S. Cellular will keep 70% of its spectrum and lease space on 2,100 towers to T-Mobile. This follows T-Mobile's recent $1.35 billion purchase of Mint Mobile's parent company. The deal is expected to close by mid-2025.
GAMESTOP: Closes Offering
GameStop shares rose almost ~30% in premarket trading on Tuesday after announcing it had raised around $933 million from a stock sale. The company sold 45 million common shares in an "at-the-market" offering, meaning they were sold at the current market price. The sale was part of plans announced earlier this month amid the renewed interest in meme stocks.
Source: Bloomberg
This followed a post by Roaring Kitty, who was behind the 2021 short squeeze of GameStop. GameStop shares surged to a high of $64.83 on May 14, more than 200% higher than on May 10, before falling over 50% by May 16.
Chart of the Day
📊Retirement Savings
Source: Visual Capitalist
GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
Source: @wallstreetoasis
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