Apr 20, 2018

Dell-owned Pivotal raises $555 million in IPO

Pivotal Software, a cloud-native app development platform majority-owned by Dell Technologies, raised $555 million in its IPO.

Why it matters: This is further indication that Wall Street will overlook enterprise tech unprofitability, so long as losses are narrowing.

The company priced 37 million shares at $15 (middle of range), for a fully-diluted market cap of around $4.3 billion. It will trade on the NYSE under ticker PVTL, while Morgan Stanley was lead underwriter.

Other shareholders include Ford Motor Co. and Microsoft.
Bottom line from Xconomy's David Holley: "Pivotal’s primary software allows the software developers and IT workers at big companies—in particular, companies with antiquated and siloed software development and IT teams—to work more like agile developers, who can use open-source software and public clouds, despite potential concerns about security risks because those resources aren’t private enough."

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Rebecca Falconer, Orion Rummler, Marisa Fernandez

U.S. coronavirus updates: Death toll hits 3,900

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The U.S. death toll from the novel coronavirus has just hit 3,900, per Johns Hopkins data.

Details: Tuesday night's grim milestone came hours after President Trump said it's "going to be a very painful two weeks," with projections indicating the novel coronavirus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place. "They are going to be facing a war zone," he said of medical workers.

Go deeperUpdated 15 mins ago - Health

Axios

World coronavirus updates: UN warns of recession with "no parallel" to recent past

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus pandemic is the "greatest test" the world has faced together since the formation of the United Nations just after the Second World War ended in 1945, UN chief António Guterres said Tuesday.

The big picture: COVID-19 cases surged past 858,000 and the death toll exceeded 42,000 Tuesday night, per Johns Hopkins data. Italy reported more than 12,000 deaths.

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Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 10 p.m. ET: 857,957 — Total deaths: 42,139 — Total recoveries: 178,091.
U.S.: Leads the world in confirmed cases. Total confirmed cases as of 10 p.m. ET: 188,547 — Total deaths: 3,899 — Total recoveries: 7,068.
Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
Coronavirus in custody: Inmates in all U.S. federal prisons are set to enter a 14-day quarantine on April 1. A federal judge on Tuesday ordered U.S. Immigration and Customs Enforcement to release 10 detained immigrants who are at risk of contracting COVID-19 while in confinement.
U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingUpdated 44 mins ago - Politics & Policy