There is a God.
The Saudi Aramco and WeWork deals are postponed. There's just no appetite for either deal and the bankers showed a respect for the individual client and the companies recognize that they have a lot of work to do before their initial public offerings (IPOs) are done.
WeWork was an abomination. It has a lot of work to do, if it can do it. To me, the self-dealing and the insider selling by the CEO are both so revolting that they are going to need to give it away before I would buy it. Looks like the company and the brokers were unwilling to do that.
Saudi Aramco is a company that I don't know a soul who wants unless there is a huge dividend. It's one of those non-companies that would have been forced down our throats so the brokers could make a ton of money. It took an airstrike from 10 drones to have that deal postponed.
But the elevated prices in the market have brought out sellers and I hate that. For example, Monday night Shopify (SHOP) , the fabulous small business digital empowerment company, sold 1.9 million shares priced at $317.50. Kraft Heinz (KHC) insider 3G sold a small, 25-million-share stake at $28.44. Funko (FNKO) insiders sold 4 million shares.
We don't want new supply. It's the bane of our existence if we own stocks already.
It's worth watching -- a very bad trend.