NOVEMBER 10, 2021 SQUAWK BOX

WED, NOV 10, 2021 MORNING SQUAWK

IN THE NEWS TODAY 

Rivian Automotive, the electric vehicle company backed by Amazon and Ford, is set to begin trading Wednesday. The EV maker Tuesday evening priced its initial public offering at $78 per share, above the increased expected range, for a value $66.5 billion. Rivian is worth almost as much as Ford and GM, even before it starts generating real revenue. (CNBC)

* Rivian prepares to go public, but traders bet on two traditional automakers (CNBC)

Coinbase (COIN) shares dropped roughly 10% in Wednesday's premarket, the morning after the nation's largest crypto exchange reported lower-than-expected revenue of $1.31 billion in the third quarter. Coinbase earned $1.62 per share. (CNBC)

Coinbase said monthly transacting users and trading volume fell from the prior period. Much of the company's success hinges on the performance of digital assets like bitcoin, which had a rough summer. On Monday, it reached a new all-time high above $68,000. Today, bitcoin was 1% lower. (CNBC)

* Decision time looms for first spot bitcoin ETF, but OK seems unlikely (CNBC)

The EU's second-highest court ruled Wednesday that the European Commission was right to fine Google $2.8 billion for an antirust breach in what represents a landmark moment for European Union policy that could impact the business models of major tech players. The verdict can be appealed and taken to the EU's highest court. (CNBC)

* Apple can't delay App Store payment changes, judge rules in Epic Games case (CNBC)

* Facebook allows stolen content to flourish, its own researchers warned (WSJ)

American Airlines (AAL) pilots' union has rejected the carrier's offer of as much as double pay for working trips around the holidays, a measure aimed at avoiding a repeat of recent mass flight cancellations. The union, in the middle of contract negotiations with the airline, said it wants more permanent changes to how the airline builds its schedules. (CNBC)

Ahead of an expected virtual meeting, as soon as next week, with President Joe Biden, Chinese President Xi Jinping said his country is willing to work with the U.S., on condition of mutual respect. In early October, CNBC reported the two leaders planned to hold such a meeting before the end of the year. (CNBC)

At the Port of Baltimore, Biden plans Wednesday to lay out the benefits of the $1 trillion infrastructure package that Congress passed last week. The president intends to emphasize how the spending can strengthen global supply chains to help lower prices, reduce shortages and add union jobs, according to a White House official. (AP)

* Biden rolls out multibillion-dollar plan to upgrade aging U.S. ports (CNBC)

A federal judge has rejected former President Donald Trump's attempt to block a bipartisan House select committee from obtaining White House records as part of its investigation of the deadly Jan. 6 Capitol invasion. Trump is appealing the ruling. The House panel has also issued subpoenas for testimony from a growing list of Trump's close associates. (CNBC)