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Photo by Joe Raedle/Getty Images

Home security giant ADT raised $1.5 billion in its IPO, pricing fewer shares than planned at a much lower price than expected.

Why it matters: The 2018 IPO market appears to have fumbled its opening kickoff, even if ADT owner Apollo Global Management booked a strong paper profit on the first stage of its quick flip.

The Florida-based company priced 105 million shares at $14 per share, compared to plans to price 111.11 million shares at between $17 and $19 per share. It opened trading today on the NYSE at just $12.65 per share.

Bottom line: ADT was hampered by timing that didn't enable investors to see full 2017 financials or the new tax bill's expected impact on 2018 earnings. But don't discount the more potent combo of big debt and disruptive startup rivals like Ring.

Go deeper

31 mins ago - Health

Moderna says vaccine appears to protect against new COVID-19 variants

Photo: Justin Tallis/AFP via Getty Images

Moderna's COVID-19 vaccine is effective against new variants of the virus that first appeared in the U.K. and in South Africa, the company announced on Monday.

Yes, but: The vaccine was as effective against the strain from U.K., but saw a six-fold reduction in antibodies against the South Africa variant. Even still, the neutralizing antibodies generated by the vaccine "remain above levels that are expected to be protective," according to the company.

Dave Lawler, author of World
Updated 37 mins ago - World

Xi Jinping warns against "new cold war" in Davos speech

Chinese President Xi Jinping. Photo: Wang Zhao - Pool/Getty Images

Chinese President Xi Jinping warned that a "new cold war" could turn hot, and must be avoided, in a speech on Monday at World Economic Forum’s virtual “Davos Agenda” conference.

Why it matters: Xi didn't refer directly to U.S.-China tensions, but the subtext was clear. These were his first remarks to an international audience since the inauguration of President Biden, whose administration has already concurred with Donald Trump's determination that China is committing "genocide" against Uyghur Muslims, and issued a warning about China's aggression toward Taiwan.

Updated 1 hour ago - Politics & Policy

Dominion files $1.3 billion defamation lawsuit against Rudy Giuliani

Photo: Rey Del Rio/Getty Images

Dominion Voting Systems filed a defamation lawsuit against Rudy Giuliani on Monday seeking $1.3 billion in damages for his "demonstrably false” allegations about the company's voting machines.

Why it matters: Giuliani led former President Trump's efforts to overturn the results of the election and spread the baseless conspiracy theory that Dominion's voting machines flipped votes from Trump to Joe Biden.