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IPO market is ‘really strong,’ NYSE president says, calls for long-term focus

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Good morning. Similar to the volatility observed in April, market uncertainty increased in October amid renewed concerns over a potential flare-up in the U.S.–China trade war. Lynn Martin, president of the New York Stock Exchange (NYSE) Group, offered some advice for business leaders.

“Stay calm, invest for the long term,” Martin said during our discussion at the Fortune Most Powerful Women Summit in Washington, D.C., this week. “Keep doing the things you’re doing to drive business,” she told the audience. “Our economy is super strong. The fundamentals are good. The banks are doing well. There’s a vibrancy associated with the dealmaking environment.”

JPMorgan Chase, Goldman Sachs, Citi, and Wells Fargo all reported strong earnings this week.

Martin noted that public listings on the NYSE have come roaring back in 2025. “The IPO market is really, really strong,” she said. “We’ve had a great year so far across all sectors.”

The digital finance sector, in particular, has performed especially well—from crypto exchanges to stablecoin firms like Circle, which held its IPO on the NYSE, she said. In design and fintech, notable IPOs included Figma and Klarna. She’s hearing from CEOs who are eager for the government to reopen so they can begin the IPO process.

Martin applauded the U.S. Securities and Exchange Commission (SEC) for issuing updated guidance last week that allows some IPOs to move forward under a 20-day effectiveness rule due to the recent government shutdown.

She also said she doesn’t necessarily see headwinds for companies pursuing IPOs, but noted that many are choosing to stay private for longer. “Some of that is due to the costs of being a public company,” she said.

“We were incredibly optimistic about the proposal that SEC Chair Paul Atkins recently issued to give CFOs the option of semiannual reporting,” Martin added. “I don’t know how many CFOs will actually take the SEC up on that.”

Atkins announced last month that the SEC would propose a rule change allowing publicly traded companies to opt for semiannual rather than quarterly reporting.

Martin said semiannual reporting could help private companies ease into the public markets. The NYSE has long advocated this approach, she added.

“I think the rigidity around reporting has become onerous, and there’s a cost associated with that,” she said. “There’s a scaffolding that comes with being a public company—the quarterly earnings calls, the prep work, the roadshows, the disclosures upon disclosures. Simplifying some of those requirements would certainly lessen the cost.”

Resilience and adaptability continue to define the companies that endure.

Have a good weekend.

Sheryl Estrada
sheryl.estrada@fortune.com

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Fortune 500 Power Moves

Christopher DelOrefice was appointed CFO of Ulta Beauty (No. 375), effective Dec. 5. Chris Lialios will continue to serve as interim CFO until then. DelOrefice succeeds former CFO Paula Oyibo, who left the company in June. He joins Ulta Beauty from medical technology company Becton Dickinson & Co., where he has served as EVP and CFO since September 2021. Before that, DelOrefice spent over 20 years with Johnson & Johnson in various financial leadership roles, including VP of investor relations, VP of finance, and CFO of North America consumer.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition

More notable moves this week:

Lydia Brown has been appointed CFO of Citrin Cooperman, a professional services provider for private, middle market businesses and high net-worth individuals, effective Oct. 13. Brown succeeds Larry Diamond, who will retire after three years of dedicated service as the firm’s CFO. Brown brings more than 30 years of experience in the professional services industry, including senior financial leadership roles across both private-equity-backed and publicly traded companies. Most recently, she served as CFO for HKA, a global consultancy.

Vitor Roque, SVP of finance, business units and corporate financial planning and analysis, has been named interim CFO at BD (Becton, Dickinson and Company) (NYSE: BDX), a global medical technology company. Chris DelOrefice, EVP and CFO, will depart the company effective Dec. 5 for the CFO role at Ulta Beauty. BD is conducting a search to identify a permanent successor.

Jonathan Mir was appointed CFO of Bitfarms Ltd. (Nasdaq/TSX: BITF), a North American energy and digital infrastructure company, effective Oct. 27. Bitfarms’ current CFO, Jeff Lucas, is retiring and will remain on as a strategic financial advisor and consultant through Q1 2026.  Mir has more than 25 years of capital markets experience in energy infrastructure. He spent most of his career at Lazard Inc., where he served as head of North American power, energy and infrastructure. Most recently, Mir was a managing director in Bank of America’s Natural Resources and Energy Transition group.

Craig Chamberlin was appointed EVP and CFO of Vertiv Holdings Co. (NYSE: VRT), a digital infrastructure company, effective Nov. 10. Chamberlin succeeds David Fallon, who previously announced his intention to retire from Vertiv and serve as a consultant to the company through Dec. 31. Chamberlin joins Vertiv from Wabtec Corporation, where he most recently served as group VP and CFO of the company’s transit segment.

Mark Daniel was appointed CFO of Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical-stage biopharmaceutical company. Daniel is a senior finance leader with more than 25 years of experience. He also brings deep treasury and capital markets expertise relevant to Atossa’s transition from clinical development to commercialization.

Kris Smith, CFO of Suncor Energy (NYSE: SU) will retire on Dec. 31, after more than 25 years of service. During his tenure at the company, Smith has held several roles, including EVP, downstream and interim CEO. Troy Little, currently SVP of external affairs, will be appointed CFO. Little has over 25 years of financial experience. 

Big Deal

The AuditBoard’s Risk Intelligence Report combines proprietary platform data—including major U.S. companies—with survey insights from more than 400 global risk leaders, covering how enterprises are managing AI risks.

A key finding is that enterprises are eager to invest in AI; however, inconsistent execution—not budget—is the barrier keeping most organizations stuck in a “middle maturity trap.” While AI is creating new risks, enterprises with a mature approach to risk management are using the technology to strengthen governance, embed continuous monitoring, and transform oversight into foresight, according to the report.

Fifty-three percent of enterprises report implementing AI-specific tools, and 39% plan to expand AI/ML skills. However, fewer than 30% feel prepared for upcoming AI governance requirements.

Going deeper

Overheard

“Smart, early career, and motivated employees can be an organization’s greatest asset, especially at a time when AI early adopters are in high demand—but it’s critical to understand and mitigate the risks each generation brings with them.”

Nick Kathmann, chief information security officer at LogicGate, writes in a Fortune opinion piece titled, “Gen Z’s digital native status is a double-edged sword. They have cyber blind spots.”



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49-year-old Democrat who owns a gourmet olive oil store swipes another historically Republican district from Trump and Republicans

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Democrat Eric Gisler claimed an upset victory Tuesday in a special election in a historically Republican Georgia state House district.

Gisler said he was the winner of the contest, in which he was leading Republican Mack “Dutch” Guest by about 200 votes out of more than 11,000 in final unofficial returns.

Robert Sinners, a spokesperson with the secretary of state’s office, said there could be a few provisional ballots left before the tally is finalized.

“I think we had the right message for the time,” Gisler told The Associated Press in a phone interview. He credited his win to Democratic enthusiasm but also said some Republicans were looking for a change.

“A lot of what I would call traditional conservatives held their nose and voted Republican last year on the promise of low prices and whatever else they were selling,” Gisler said. “But they hadn’t received that.”

Guest did not immediately respond to a text message seeking comment late Tuesday.

Democrats have seen a number of electoral successes in 2025 as the party’s voters have been eager to express dissatisfaction with Republican President Donald Trump.

In Georgia in November, they romped to two blowouts in statewide special elections for the Public Service Commission, unseating two incumbent Republicans in campaigns driven by discontent over rising electricity costs.

Nationwide, Democrats won governor’s races by broad margins in Virginia and New Jersey. On Tuesday a Democrat defeated a Trump-endorsed Republican in the officially nonpartisan race for Miami mayor, becoming the first from his party to win the post in nearly 30 years.

Democrats have also performed strongly in some races they lost, such as a Tennessee U.S. House race last week and a Georgia state Senate race in September.

Republicans remain firmly in control of the Georgia House, but their majority is likely fall to 99-81 when lawmakers return in January. Also Tuesday, voters in a second, heavily Republican district in Atlanta’s northwest suburbs sent Republican Bill Fincher and Democrat Scott Sanders to a Jan. 6 runoff to fill a vacancy created when Rep. Mandi Ballinger died.

The GOP majority is down from 119 Republicans in 2015. It would be the first time the GOP holds fewer than 100 seats in the lower chamber since 2005, when they won control for the first time since Reconstruction.

The race between Gisler and Guest in House District 121 in the Athens area northeast of Atlanta was held to replace Republican Marcus Wiedower, who was in the seat since 2018 but resigned in the middle of this term to focus on business interests.

Most of the district is in Oconee County, a Republican suburb of Athens, reaching into heavily Democratic Athens-Clarke County. Republicans gerrymandered Athens-Clarke to include one strongly Democratic district, parceling out the rest of the county into three seats intended to be Republican.

Gisler ran against Wiedower in 2024, losing 61% to 39%. This year was Guest’s first time running for office.

A Democrat briefly won control of the district in a 2017 special election but lost to Wiedower in 2018.

Gisler, a 49-year-old Watkinsville resident, works for an insurance technology company and owns a gourmet olive oil store. He campaigned on improving health care, increasing affordability and reinvesting Georgia’s surplus funds

Guest is the president of a trucking company and touted his community ties, promising to improve public safety and cut taxes. He was endorsed by Republican Gov. Brian Kemp, an Athens native, and raised far more in campaign contributions than Gisler.



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Rivian CEO says it’s a misconception EVs are politicized, with a 50-50 party split among R1 buyers

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If Rivian’s sales are any indication, owning an electric vehicle isn’t such a partisan issue, despite President Donald Trump’s rollbacks of mandates, incentives, and targets for EVs.

At the Fortune Brainstorm AI conference in San Francisco on Tuesday, Rivian CEO RJ Scaringe said it’s a misconception that electrification is politicized, explaining that most customers buy a product based on how it fits their needs, not their ideology. The questions car buyers ask, he said, are the same whether they’re purchasing one with an internal-combustion engine or a battery: “Is it exciting? Are you attracted to the product? Does it draw you in? Does the brand positioning resonate with you? Do the features answer needs that you have?”

Buyers of Rivian’s R1 electric SUV are split roughly 50-50 between Republicans and Democrats, Scaringe told Fortune’s Andrew Nusca. “I think that’s extraordinarily powerful news for us to recognize—that this isn’t just left-leaning buyers,” he added. “These are people that are saying, ‘I like the idea of this product, I’m excited about it.’ And this is thousands and thousands of customers. This is statistically relevant information.”

Buying an EV was once an indication of left-leaning politics, but the politics got scrambled after Tesla CEO Elon Musk became the top Republican donor and a close adviser to Trump. That drew some new customers to Tesla, and turned off a lot of progressive EV buyers, with many existing owners putting bumper stickers on their Teslas explaining that they bought their cars before Musk’s hard-right turn. Trump and Musk later had a stunning public feud, in part over the administration’s elimination of EV and solar tax credits.

But Scaringe said he started Rivian with a long-term view, independent of any policy framework or political trends. He also insisted that if Americans have more EV choices, sales would follow. Right now, Tesla dominates a key corner of the market, namely EVs in the $50,000 price range. Rivian’s forthcoming R2 mid-size SUV will represent a new choice in that market, with a starting price of $45,000 versus the R1’s $70,000.

Ten years from now, Scaringe said he hopes—and believes—that EV adoption in the U.S. will be meaningfully higher than it is today across the board, explaining that the main constraint isn’t on the demand side. Instead, it’s on the supply side, which suffers from “a shocking lack of choice,” especially compared to Europe and China, he added. EV options in the U.S. are limited by the fact that Chinese brands are shut out of the market.

More choices for U.S. EV buyers would presumably create more competition for Rivian—and indeed, the flood of low-priced Chinese EVs in other auto markets has created a backlash, with countries such as Canada imposing steep tariffs on them. But Scaringe appears to view more competition as positive for the market overall.

“I do think that the existence of choice will help drive more penetration, and it actually creates a unique opportunity in the United States,” he said.



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Powell warns of a ‘very unusual’ economy as inflation remains high amid a weakening job market

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Federal Reserve Chair Jerome Powell on Wednesday described the U.S. economy as “very unusual,” saying policymakers are navigating a rare combination of tariff-driven goods inflation and a labor market that may already be weaker than official data suggests.

The Fed cut interest rates for the third consecutive meeting, a quarter-point reduction Powell framed not as a confident pivot toward easier policy, but as a defensive move meant to keep the labor market from slipping further. He repeatedly emphasized risks to employment have risen “in recent months,” and noted that behind the headline numbers, job creation may already be negative.

Powell made the striking admission the Fed believes the official payroll figures—which have slowed sharply since the summer—are overstating job growth by roughly 60,000 per month. 

“Forty thousand jobs could be negative 20,” he said, adding this dynamic is not well understood by the public because unemployment claims remain historically low—something both economists Mark Zandi and Claudia Sahm recently toldFortune could be giving people a false sense of security about the job market.

“I think a world where job creation is negative… we need to watch that very carefully,” Powell said. 

It is this weakening backdrop Powell said makes the current moment “very unusual”: Inflation remains elevated, but most of the remaining overshoot comes from goods categories directly affected by tariffs, as opposed to domestic economic overheating, which he said the Fed has worked hard to cool since its 2022 highs; inflation excluding tariff-affected goods is “in the low [two percent],” he said. Services inflation is cooling, wage pressures are easing, and neither the labor market nor business surveys suggest a “Phillips-curve” kind of inflation threat, Powell said, referring to the inverse relationship between inflation and unemployment. 

Instead, Powell said, the bulk of the problem is a “one-time price increase” pushing up goods categories as import levies work their way through supply chains. Goods inflation, he noted, should peak around the first quarter of 2026, assuming no additional tariff rounds.

Those crosscurrents have fractured the Fed. Three officials formally dissented from the rate cut on Wednesday, and several others offered what Powell described as “soft dissents,” when an official’s personal projection falls out of what they ultimately voted for. There were six such “soft dissents” this time, during one of the deepest divides inside the FOMC in years, driven by disagreement over how to weigh the risks of lingering inflation against the possibility that job growth is weaker—and much more fragile—than reported.

Powell stressed that policymakers cannot simply choose one mandate to prioritize. 

“There is no risk-free path,” he said, a refrain he’s repeated for months. “When both sides of the mandate are threatened, you should be kind of neutral.” 

He characterized the current stance as being at the “high end” of neutral, allowing the Fed to “wait and see” how the data evolve.



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