Forget LinkedIn (for five minutes)... it's IPO Tuesday and we're not gonna mention the social network again on this page. Time to line up for the Russian Google, a Swiss commodities giant and America's toxic assets survivor. Here's what we're watching...
All About AIG: $29-30 is the expected range for AIG's re-IPO, which prices Tuesday evening. If underwriters can deliver those numbers, it would mark a major victory for the government, which needs to sell at $28.70 or above to be made whole on its initial forced investment. The further question is whether the size of the deal (currently expected at approximately $9 billion) will be increased if the company and the Treasury Department see enough demand. Consider that Chrysler is also set to repay its $7.5 billion of loans Tuesday, and the government's getting paid! What financial crisis?
Yandex Fever: Russian internet company Yandex (the Google of Russia) hauled in $1.3 billion, as it priced its U.S. IPO at a lofty $25 a share ahead of its first trading day on Tuesday. The Nasdaq-listed stock saw strong appetite, leading to the repeated raise of its range from an initial $20-22 a share. Not only does the float offer American investors a unique way to play the sector, but there are only five Russian companies publicly listed on U.S. exchanges.
Trading Glencore: Unconditional trading kicks off in London Tuesday for shares of Glencore , the world's largest commodities trading firm. It's an interesting prospect for investors and one clouded by your immediate view of the commodities market. That may not be of much concern for CEO Ivan Glasenberg, who cashed in to the tune of $9 billion upon the completion of the IPO. But, the question remains: will Glencore's offering signal the high water mark of the current commodities wave, just like Blackstone's did with LBOs?
Meet Mango: That's the name of Microsoft's new mobile OS, set to be unveiled Tuesday. The company is boasting about the user experience of the new phones, which are meant to offer Internet Explorer 9 with an integrated Twitter experience, better multitasking, and apps such as Angry Birds and newly-acquired Skype. Is it me or does every Microsoft consumer product seem like an FOA (flop on arrival)? Ok, Kinect is pretty great. Speaking of new gadgets, Barnes & Noble is set to unveil its new e-reader Tuesday. Will it justify the attention of B&N suitor John Malone?
Ash Tuesday: President Obama had to cut off his stay in Ireland ahead of schedule Monday and travel to London before the volcano-induced cloud of ash made its way to the United Kingdom. The ash cloud is expected to enter British air space shortly and could impact the international hub that is Heathrow by week's end. Needless to say, this could be trouble for airlines, with European names down in Monday's trading session.