Your Daily Dose of Financial News

Demolition of an old house
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Lyft had a banner debut on the public markets, with its shares jumping 8.7% “after opening at $87.24, far above the public offering price of $72.” Some analysts are interpreting the strong showing as a sign that the gig economy is now officially part of the economic prime time – NYTimes and WSJ and Bloomberg and MarketWatch

Which makes this consideration of 2019’s IPO scene vs. 1999’s particularly helpful – WSJ

A newly dovish Fed hasn’t been enough to stop the wave of attacks from the White House, which now blames the central bank for hurting economic growth even “while denying any suggestion of a looming slowdown” – NYTimes and Bloomberg

Some reaction to last week’s abrupt departure of Wells Fargo’s Timothy Sloan and the process of filling what very well could be “banking’s worst job” – NYTimes and WSJ and Law360

A series of confidential settlements in three cases accusing Johnson & Johnson’s baby powder of causing cancer may just show a shift in strategy in the company’s legal war over its talc products – Law360

Bloomberg gives us some color to the NY AG’s lawsuit against the Sackler family over their role in the opioid crisis, including their strategy to survive the recent legal onslaught by turning to its “worldwide network of independent associated companies” to keep raking in the cash in the event Purdue Pharma files for bankruptcy – Bloomberg [and NYTimes]

Chipotle has reached a deal to settle proposed class action claims by financial institutions over the 2017 data breach at the company that exposed name and debit/credit card info to hackers – Law360

Despite something of a rough start, SOFR—the US-proposed replacement for the much-maligned Libor—is gaining traction and has moved up to become the “leading alternative used” by contracts for hedging or betting on interest-rate swaps – WSJ

An Illinois federal court trial kicking off today targets a software engineer for “others’ conduct on his program”—a potential new front on federal prosecutors’ war on spoofing in the commodity market – Law360

Peugeot, forced out of Iran due to US sanctions in the past year, is speeding up plans to become a “long-term player” in the United States again after “a nearly three-decade absence” for the French automaker – WSJ

Fantastic New Yorker piece on a potentially history-making (and -explaining) discovery by a young, relatively unknown paleontologist that probes the KT boundary and seems to confirm the giant asteroid theory of extinction for the dinosaurs – NewYorker [and NYTimes]

MDR

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