Investor Relations Week: Reddit Goes Public, JPMorgan Goes Virtual Conference, SEC Strengthens Insider Trading Protections


– Reddit, the social media platform that found itself at the center of the memes stock mania earlier this year, filed a case to go public, the BBC reported. In the filing, Reddit did not specify how many shares it plans to sell. In August, a roundtable allowed the social platform to be valued at more than $ 10 billion. In early 2021, Reddit discussion forums helped fuel a major move in stock prices for heavily shorted stocks like GameStop.

– JPMorgan Chase switched its leading healthcare conference to a virtual format after attendees started dropping out, CNBC reported. JP Morgan’s 40th Annual Healthcare Conference is scheduled to take place next year from January 10-13. “The health and safety of our customers and employees is of the utmost importance and, given the ongoing Covid-19 pandemic, we have made this decision,” the bank said, according to emails seen by CNBC.

– The SEC has proposed changes to rule 10b5-1 that it says are designed to improve disclosure requirements and investor protection against insider trading. The proposal includes updates to Rule 10b5-1 (c), which provides a positive defense against insider trading for parties who have frequent access to material non-public information, including officers, directors and officers. the issuers.

– The US Federal Reserve is set to hike interest rates three times in 2022, marking a hawkish policy shift, the Financial Time (paying). The news follows a two-day policy meeting in which the Federal Open Market Committee kept its main interest rate at 0% -0.25%. Along with the interest rate forecast, the Fed said it would accelerate cuts to its bond buying program.

The Wall Street Journal (paywall) reported that Facebook is facing more shareholder calls to address damage to its platforms and to the corporate governance of the company, now known as Meta Platforms. Shareholders, including the New York State Pooled Retirement Fund and the Illinois State Treasurer, are among a group of investors who have collectively filed eight shareholder proposals for consideration in the the AGM of the company.

– According to CNBC, an investor group led by Trillium Asset Management is urging Starbucks to respect workers who successfully voted to organize a union at a local cafe in Buffalo, New York. Signatories to a letter include New York City Comptroller Scott Stringer, the Northwest Coalition for Responsible Investment, the Sustainable Advisors Alliance and more. Trillium owns approximately $ 48 million in Starbucks shares.

– CNN reported that, according to a new report, as climate change raises sea levels, fuels more extreme precipitation and supercharges hurricanes, U.S. businesses are collectively expected to lose millions of operating days in the years to come. come due to flood damage. New analysis from the First Street Foundation, a nonprofit research and technology group that assesses flood risk, and Arup, a commercial engineering firm, found that in 30 years, the costs of damages will reach $ 16.9 billion and days lost will climb to $ 4 million.

– Reuters announced that Singapore Exchange (SGX) will start requiring companies to provide climate reports as well as board diversity information from next year. All issuers are required to provide climate reports on a compliance or explanatory basis in their sustainability reports from fiscal year 2022. Climate reporting will become mandatory for companies in the finance, business and industry sectors. agriculture, food, forest products and energy from fiscal year 2023. Issuers in the materials, construction and transport sectors will have to comply from 2024.

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