The initial public offering market is still on fire even as the weather cools. Food-delivery company DoorDash shares surged 86% in their first day of trading Wednesday, kicking off an uncharacteristically busy month as the IPO market shatters records. The next day, shares of the home-rental startup Airbnb more than doubled in their market debut, reflecting a soaring market for new stock listings and the company’s ability to navigate the coronavirus-induced downturn in travel this year.
Exxon Mobil Corp.
A new activist investor with a sustainability bent wants Exxon Mobil to act faster to remake itself. The Wall Street Journal reported on Dec. 6 that Engine No. 1 LLC was preparing to send a letter to the beleaguered energy giant’s board, urging the company to focus more on investments in clean energy while cutting costs elsewhere to preserve its dividend. The letter identifies four people the firm plans to nominate to Exxon’s 10-person board. Exxon has been seen as somewhat of a holdout as rivals have begun investing in renewable energy in recent years. Exxon shares dropped 1.9% Monday.