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.

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Amy Harder, author of Generate
2 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."