In this episode, Scott Becker discusses jobless claims data shaking investor confidence, major declines in tech stocks like NVIDIA and Marvell, and private equity trends with KKR and capital calls.
Chapter 1: What are the latest jobless claims affecting the market?
This is Scott Becker with the Becker Private Equity and Business Podcast. These are eight stories that we're following today at Becker Private Equity and Business. And thank you for listening. First, the markets are getting slammed today based on lower new jobless claims than expected and concerns the Fed will keep moving slowly. 221,000 new claims for jobless benefits versus expected 236,000.
Chapter 2: How is KKR performing in the private equity market?
Chapter 3: What is happening with NVIDIA's stock?
Two, KKR, one of the largest private equity funds, is down today and down nearly 19% year to date. Notwithstanding that, limited partners generally in PE funds are starting to see some distributions and are again also starting to see some capital calls, some movement in the deal market. Third, NVIDIA is now down 15% year to date. Its market cap has fallen to $2.8 trillion.
Chapter 4: Why did Marvell technology's stock drop despite beating earnings?
Chapter 5: What are the current trends in tech stocks?
So still very high market cap, but it with Microsoft below the $3 trillion mark. Fourth, Marvell technology has fallen 16% plus today, even after it beat earnings, provided a cautious outlook. Betting on the high-growth tech companies requires a lot of calm. Fifth, Grindr is getting just crushed today after meeting estimates on revenues but missing on earnings.
It has had 75% turnover of employees since its new CEO took over. That's a lot of experimenting with positions. It's down 16% today. Sixth, Astera Labs is now down 50% year to date. You might ask, what is Astera Labs and why does anybody care? I care because I own Astera directly after receiving it in a private hedge fund distribution.
This was exciting for a while because I thought I was going to get rich, rich holding it. Alas, it's not to be. As Kenny Rogers says, you need to know when to hold them and know when to fold them. Sadly, I'm not either Kenny Rogers or the astute gambler in this song. To take the reference further today, I feel more like Kenny Rogers, coward of the country.
Seventh, Solantis Jeep, which I love to rail on, is down 53% over the last 52 weeks and, again, is struggling currently. So those are seven of the stories we're following currently. Let's hope the market starts to rebound at some point shortly. Thank you for listening to the Becker Private Equity and Business Podcast.
A special P.S., the McGuire Woods Healthcare Private Equity Conference is scheduled for May 14th and 15th. If you're interested in that, please text me at 773-766-5322. The Becker's Healthcare CEO Conference just signed up Caitlin Clark for next year, and we're working on the great one. Thank you so much for listening.
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