Puma Expands Partnership With Foot Locker

Surgery Partners Stock Slips 11% On Public Offering, Private Offering

Shares of Surgery Partners, Inc. (SGRY) are slipping over 11% on Monday morning after the health care services company said it launched a public offering of $275 million worth of its common stock.

SGRY is currently trading at $24.16, down $3.13 or 11.47%, on the Nasdaq. The stock opened its trading at $27.85 after closing Friday’s trading at $27.29. The stock has traded between $20.46 and $63.87 in the past 52-week period.

Separately, an affiliate of Bain Capital has agreed to buy $225 million worth of common stock in concurrent private placement at the same public offering price per share as the purchasers in the underwritten public offering.

Surgery Partners expects to use proceeds from the offering and the concurrent private placement to repay portions of its long-term indebtedness, with the remainder for general corporate purposes.

The company noted that all of the shares to be sold in the offering are to be sold by Surgery Partners.

U.S. Leading Economic Index Slumps Much More Than Expected In October

A report released by the Conference Board on Friday showed a much bigger than expected decrease by its reading on leading U.S. economic indicators in the month of October.

The Conference Board said its leading economic index slumped by 0.8 percent in October after falling by a revised 0.5 percent in September. Economists had expected the index to decrease by 0.4 percent, matching the drop originally reported for the previous month.

Noting the index fell for the eight straight month, Ataman Ozyildirim, Senior Director, Economics, at The Conference Board, said the data suggests the economy is “possibly in a recession.”

“The downturn in the LEI reflects consumers’ worsening outlook amid high inflation and rising interest rates, as well as declining prospects for housing construction and manufacturing,” Ozyildirim said.

He added, “The Conference Board forecasts real GDP growth will be 1.8 percent year-over-year in 2022, and a recession is likely to start around yearend and last through mid-2023.”

Meanwhile, the report showed the coincident economic index edged up by 0.2 percent in October following a 0.1 percent uptick in September.

The lagging economic index also crept up by 0.1 percent in October following a 0.8 percent increase in the previous month.

Jeff Bezos To Give Away Most Of His Wealth: Reports

Jeff Bezos has promised to give away most of his wealth during his lifetime.

Bezos, who is currently the world’s fourth richest person based on Forbes billionaires list, also admitted that he wants to ensure that the worthiest causes benefits from his charity.

Bezos made the pledge after donating $100 million to the country singer Dolly Parton to give to charities of her choice as part of Bezos’s annual Courage and Civility award.

Without providing further details, Bezos said he and partner journalist-turned-philanthropist Lauren Sánchez were “building the capacity to be able to give away this money”.

Bezos founded e-commerce giant Amazon in 1994 out of his garage in Seattle. He stepped down as CEO to become executive chairman in July 2021. He now owns a bit less than 10% of the company.

He and his wife MacKenzie divorced in 2019 after 25 years of marriage and he transferred a quarter of his then 16% Amazon stake to her. Bezos has donated more than $400 million worth of stock to nonprofits in 2022, though it’s unclear which organizations received those shares.

Bezos owns The Washington Post and Blue Origin, an aerospace company developing rockets.

In the past, Bezos has been heavily criticized for his relative lack of largesse toward charity compared with some fellow billionaires. Bezos is not a signatory to the Giving Pledge, which encourages the world’s wealthiest to give half their net worth to philanthropy and was set up by Bill Gates and Warren Buffett. It has attracted more than 230 signatories including Elon Musk and Mark Zuckerberg.

NWTN Stock Gains 30%

Shares of mobility technology company NWTN Inc. (NWTN) are gaining nearly 30% on Monday morning, despite no stock-related news to drive the shares. The stock’s volatile run continues since it debuted on the Nasdaq last Monday.

NWTN is currently trading at $6.59, up $1.51 or 29.72%, on the Nasdaq. The stock opened its trading at $5.75 after closing Friday’s trading at $5.08.

NWTN was taken public in a deal with special purpose acquisition company East Stone Acquisition Corp. The shareholders of the companies approved the previously announced business transaction on November 10 and the deal was completed on November 11, NWTN said.

The company received gross proceeds of $400 million in PIPE investment from institutional investors and strategic partners, it said.

Puma Expands Partnership With Foot Locker

German multinational corporation Puma SE has expanded its partnership with American sportswear and footwear retailer Foot Locker Inc. (FL).

The expanded partnership will focus on basketball and the creation of exclusive product collections that meet the demands of next-generation market segment.

The companies also plan to roll out hyper-relevant creator engagements and brand partnerships that specifically resonate with a younger audience.

“PUMA’s long-standing relationship with Foot Locker has played an instrumental role in our ability to drive innovation and push the boundaries of sports, fashion, and technology globally,” said Bob Philion, President of PUMA North America. “Our enhanced partnership not only provides us with additional opportunities for collaboration and growth, but it will enable us to provide even greater experiences and inclusion for our evolving customer base around the world.”

Puma and Foot Locker have planned a series of exclusive collections and product collaborations with highly influential ambassadors reaching Gen Z and Gen Alpha.

Puma and Foot Locker will partner with Pokémon Company International and Niantic, publisher of the popular Pokémon GO mobile game, to turn, for the next six months, 400 Foot Locker, Champs Sports, and Kids Foot Locker stores across the U.S. and the PUMA NYC Flagship store into Gyms and Poké Stops in Pokémon GO.

PUMA x PAW PATROL, a new collection of playful and sporty styles for kids will be available at exclusively at Kids Foot Locker and Foot Locker in North America starting November 25.