Pot stocks head higher after House’s passage of SAFE Banking Act

Marijuana companies’ stocks headed higher in the extended session Wednesday, after the U.S. House of Representatives passed legislation that could help U.S. cannabis operators. Aurora Cannabis Inc. ACB, +0.00% gained more than 5% in after-hours trading, Canopy Growth Corp. CGC, +2.83% increased 4%, Tilray Inc. TLRY, -0.49% added 2.4% and Aphria Inc. grew by 4%, as the ETFMG Alternative Harvest ETF MJ, +0.68% increased 2.5%. The House passed a bill known as the Secure And Fair Enforcement, or SAFE, Banking Act, which would make it easier for banks to work with the marijuana industry in the U.S. The bill now goes to the Senate, where passage is less than certain. Cannabis companies’ stocks have struggled of late amid disappointing financial returns, with the ETFMG Alternative Harvest ETF falling 30% this quarter.

Peloton prices IPO at $29 to raise more than $1.2 billion

Peloton Interactive Inc. PTON, +0.00%, a connected exercise-equipment company, announced Wednesday night that it will charge $29 a share in its initial public offering, the top of the targeted range. Peloton plans to sell at least 40 million shares at that price, which would raise $1.16 billion at an initial valuation of about $8 billion. In addition, existing investor TCV will purchase $100 million in shares at the IPO price. Underwriters, led by Goldman Sachs and J.P. Morgan, have access to an additional 6 million shares that could push the total higher. Shares are expected to begin trading Thursday morning on the Nasdaq Global Select Market under the ticker symbol PTON.

Indonesia earthquake: Fears of carnage as mega 6.5 magnitude quake strikes island

The quake was registered at 6.5 according to reports and was located on the island of Seram.

More to follow…

‘The Late Show With Stephen Colbert’ Takes Great Delight In Trump/Ukraine Phone Call

The uproar over President Trump’s conversation with Ukraine leader Volodymyr Zelensky was red meat for Late Show host Stephen Colbert. His monologue tonight focused on the notes from the phone call.

Colbert said Trump reminded Zelensky how much Ukraine owed the US, despite his struggles with the word “reciprocal.”  Zelensky thanked Trump for the sale of some Javelins, a subsonic interceptor aircraft. Colbert cracked, that if Russia invaded, “we’ll upgrade to the shotput and discus.”

Justice Dept. to open Facebook antitrust investigation: Report

Sen. Warner on meeting with Facebook CEO Zuckerberg: There’s a real debate about identity verification

Sen. Mark Warner (D-VA) reflects on his meeting with Facebook’s Mark Zuckerberg.

Social media giant Facebook may be on the hook for yet another investigation into its competitive practices.

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The U.S. Department of Justice is planning to open an antitrust investigation of the company, according to Reuters, which cited a source familiar with the matter.

The company did not immediately return FOX Business’ request for comment.

Lawmakers have questioned why the FTC and the Department of Justice would open probes into the same companies, which regulators from both agencies admitted has resulted in some wasted resources.

The agencies were said to have reached an agreement earlier this year as to how to divide oversight of the country’s biggest technology companies.

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Both agencies, however, cited competitive activity within technology markets as a priority.

Facebook’s Mark Zuckerberg was on Capitol Hill last week meeting with both lawmakers and President Trump about the future of internet regulation. A spokesperson for the company said the meeting with Trump was “constructive.”

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Peloton Interactive Prices IPO At $29/shr, High End Of Expected Range

Peloton Interactive Inc, the maker of high-end web-connected stationary bikes and treadmills, priced its initial public offering of about 40.00 million shares of class A common stock at $29.00 per share, which is the high end of the previously estimated range of $26.00 to $29.00 per share. The offering reportedly values the digital fitness company at $8.1 billion.

The stock is due to begin trading on Nasdaq on Thursday under the symbol “PTON.”

The company estimates that the net proceeds from the sale of shares in this offering and the private placement will be about $1.1 billion, or about $1.3 billion if the underwriters exercise their option to purchase additional shares in full, based upon an assumed initial public offering price of $27.50 per share, which is the midpoint of the IPO price range, after deducting the estimated underwriting discount and estimated offering expenses.

The company said it primarily plans to use the net proceeds from the offering and the private placement for working capital and other general corporate purposes. It may also use a portion of the proceeds for the acquisition of, or investment in, technologies, solutions, or businesses that complement its business.

Peloton’s sales rose 110.3% to $915 million for the fiscal year ended 30 June 2019, from $435 million in fiscal 2018. But, its 2019 net loss widened to $245.7 million, from a net loss of $47.9 million in the prior year.