Markets are the world's greatest mechanism for turning enormous amounts of information into a single agreed-upon valuation. Price discovery, as it's known, is one of the most important things that any market does. But it doesn't always work efficiently.

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Driving the news: Lyft's S-1 was 275 pages long. After digesting all that information, the investors decided to buy: Lyft received $47 billion of orders for just $2.3 billion of shares, and the stock immediately surged to as much as $88.60 per share. It then proceeded to lose a third of that value in the space of two weeks, closing on Friday at $59.90.

  • Saudi Aramco received $100 billion of orders for its breakthrough $12 billion bond issuance this week. The benchmark 10-year bond priced to yield 105bp (1.05 percentage points) more than U.S. Treasuries. After 3 days of trading, however, it closed at a spread of 120bp over Treasuries. That's a very big move in the world of investment-grade debt, which is supposed to be a safe investment.
  • This week, Uber filed its own S-1. This one is even longer than Lyft's, at 395 dense pages. "It’s like a fragment bomb," one analyst told me. "Important numbers are sprinkled all over the place."

My thought bubble: The SEC is doing a pretty bad job of ensuring that companies provide genuinely useful financial transparency to their investors. The limitations of a "more information is always better" approach are becoming obvious. What's really needed is a significant expansion of the agency's structured data framework, so that analysts and investors can easily download a spreadsheet where all the important information can be found and modeled.

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Facebook's latest headache: Its own employees' posts

Illustration: Sarah Grillo/Axios

Facebook’s rules for what people can say on the world’s largest social network have been a long-term headache for the company, but now it faces similar troubles on the internal network its own staff uses.

Driving the news: As political arguments on Facebook’s employee discussion boards have grown more heated and divisive, the company ordered new restrictions on the forums earlier this month, which run on Facebook’s Workplace platform.

Ben Geman, author of Generate
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Why it matters: If Joe Biden wins the presidential election, his regulations and potential new climate laws would face litigation that could reach the high court.

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Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 33,138,963 — Total deaths: 998,380 — Total recoveries: 22,953,639Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 7,116,455 — Total deaths: 204,762 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week
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  5. World: India the second country after U.S. to hit 6 million cases