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2:53 a.m. Today - By Tomi Kilgore
Flywire sets IPO terms, which could value the payments platform company at $2.4 billionFlywire Corp. set terms of its initial public offering, in which the Boston-based payments enablement and software company is looking to raise up to $208.8 million. The company said it will offer 8.7 million shares in the IPO, which is expected to price between $22 and $24 a share. At that pricing, the company could be valued at up to $2.40 billion. The stock is expected to list on the Nasdaq under the ticker symbol "FLYW." The company listed 13 underwriters, led by Goldman Sachs, J.P. Morgan, Citigroup and BofA Securities. Flywire recorded a net loss of $8.7 million on revenue of $45.0 million for the quarter ended March 31, after net income of $781,000 on revenue of $32.7 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 22.6% over the past three months while the S&P 500 has gained 6.4%.
2:07 a.m. May 17, 2021 - By Tomi Kilgore
Clarivate to buy ProQuest for $5.3 billion in cash and equity from Cambridge Information GroupClarivate PLC announced Monday a deal to buy software, data and analytics company ProQuest in a deal valued at $5.3 billion from Cambridge Information Group. The deal, which is expected to close during the third quarter of 2021, includes $4.0 billion in cash and $1.3 billion in equity. Clarivate said it expects the deal to add to 2022 earnings in the double-digit percentage range, and to 2023 earnings in the mid-teens range. "Clarivate is building a globally connected and highly personalized experience for researchers, academic institutes and funders across the entire digital research value-chain, from ideation through to outcome," said Mukhtar Ahmed, president of science at Clarivate. "With this acquisition we will be able to further empower both present and future generations of academic and corporate researchers as they each pursue their journey of innovation." Clarivate's stock, which was still inactive in premarket trading, has slipped 4.1% year to date, while the S&P 500 has gained 11.1%.
6:24 a.m. May 14, 2021 - By Emily Bary
DoorDash, Airbnb stocks upgraded at Wells FargoWells Fargo analyst Brian Fitzgerald upgraded shares of Airbnb Inc. and DoorDash Inc. to overweight from equal weight Friday, following that he said showed momentum coming out of the pandemic. "Within our coverage group, we view ABNB as likely the strongest play on the future of remote and hybrid work," he wrote, while maintaining a $200 price target on Airbnb's stock. He was encouraged by momentum in urban regions, which represented 40% of nights booked in the latest quarter. In Fitzgerald's view, a rise in urban travel is "a shift back to one of Airbnb's power alleys." For DoorDash, he wrote that the company's beat-and-raise quarter "is large enough to offset the rotation to 'value' that has afflicted 'growth' stocks" so far this year. Upbeat indications included sequential and year-over-year increases in average order value among existing customers and a more than doubling of subscriptions to the company's DashPass product relative to a year earlier, he wrote. Fitzgerald raised his price target on DoorDash's stock to $170 from $165. Airbnb shares are up 2.2% in Friday morning trading, while DoorDash shares are up 14.8%.
4:42 a.m. May 12, 2021 - By Tomi Kilgore
Global-e to go public after IPO priced at top of range, valuing company at more than $3.5 billionGlobal-e Online Ltd. is set to go public Wednesday, after the direct-to-consumer, cross-border ecommerce platform company's initial public offering priced at $25 a share, at the top of the expected range of between $23 and $25 a share, to value the Israel-based company at about $3.56 billion. The company sold 15.0 million shares in the IPO to raise $375.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol "GLBE." Goldman Sachs, Morgan Stanley and Jefferies were the lead underwriters. The company reported a net profit of $725,000 on revenue of $136.4 million in 2020, after a loss of $7.5 million on revenue of $65.9 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has tumbled 25.5% over the past three months while the S&P 500 has gained 5.5%.
3:44 a.m. May 12, 2021 - By Tomi Kilgore
Lumentum stock sinks after revenue misses amid deployment delays, downbeat outlookShares of Lumentum Holdings Inc. sank 6.5% toward a seven-month low in premarket trading Wednesday, after the optical and photonic products company reported a fiscal third-quarter profit that matched expectations but revenue that missed, citing deployment delays in China, and provided a downbeat outlook. Net income jumped to $225.5 million, or $2.85 a share, from $43.4 million, or 56 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.40 from $1.26, matching the FactSet consensus of $1.40. Revenue increased 4.1% to $419.5 million, below the FactSet consensus of $433.4 million. "Out of an abundance of caution, we deferred $14.8 million of revenue due to delays in 5G deployments in China, which decreased our reported revenue accordingly," said Chief Executive Alan Lowe. For the fourth quarter, the company expects adjusted EPS of 92 cents to $1.14 and revenue of $360 million to $400 million, both below the FactSet consensus for EPS of $1.25 and for revenue of $410 million. Lumentum's stock has dropped 12.6% over the past three months through Tuesday, while the S&P 500 has gained 5.5%.
9:41 a.m. May 11, 2021 - By Tomi Kilgore
NortonLifeLock stock surges to pace S&P 500 gainers after upbeat earnings, increased buyback programShares of NortonLifeLock Inc. shot up 9.5% toward an 8-month high in afternoon trading Tuesday, enough to pace the S&P 500's gainers, after the consumer cyber safety company reported record fourth-quarter profit and revenue that beat expectations, provided an upbeat outlook and boosted its stock repurchase program. The company reported late Monday net income for the quarter to April 2 that slipped to $194 million, or 33 cents a share, from $231 million, or 36 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 40 cents beat the FactSet consensus of 38 cents. Revenue rose 9.4% to $672 million, above the FactSet consensus of $660.2 million. For the first quarter, the company expects adjusted EPS of 40 cents to 42 cents, which compares with the FactSet consensus as of the end of April of 39 cents. Separately, the company said it was adding $1.5 billion to its stock repurchase program, which currently has $274 million authorization remaining. "We accelerated growth, expanded our international footprint, and added freemium capability," said Chief Executive Vincent Pilette. "In the fourth quarter alone, we added 2 million new customers, and achieved record revenue and profit." The stock has gained 11.1% year to date, while the ETFMG Prime Cyber Security ETF has slipped 2.9% and the S&P 500 has advanced 10.5%.
2:48 a.m. May 10, 2021 - By Tomi Kilgore
Procore Technologies sets IPO terms, to be valued at up to $8.3 billionProcore Technologies Inc. has set terms of its initial public offering, which would value the California-based construction management software company up to about $8.3 billion. The company is looking to raise up to $615.6 million, as it plans to offer 9.47 million shares in the IPO, which is expected to price between $60 and $65 a share. The stock is expected to list on the NYSE under the ticker symbol "PCOR." Goldman Sachs, J.P. Morgan, Barclays are Jefferies are the lead underwriters. The company plans to use the proceeds from the IPO to increase capitalization and financial flexibility, and create a public market for its common stock. Procore recorded a net loss of $99.2 million on revenue of $328.6 million in 2020, after a loss of $83.1 million on revenue of $236.0 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 25.8% over the past three months while the S&P 500 has gained 8.3%.
3:50 a.m. May 7, 2021 - By Tomi Kilgore
DraftKings stock turns up after loss quadruples to miss expectations, but revenue triples to beat forecastsShares of DraftKings Inc. rose 1.4% in premarket trading Friday, reversing an earlier loss, after the sports betting company reported a first-quarter loss that more than quadrupled and was wider than expected, but revenue that nearly tripled to beat forecasts and raised its full-year outlook. The net loss, which was not provided in the earnings press release, increased to $346.3 million from $82.1 million in the year-ago period. The FactSet consensus for net losses was $200.1 million. Revenue rose 252.6% to $312.3 million, well above above the FactSet consensus of $236.2 million. (The company did not immediately respond to a request for comment on why it did not provide net-loss information on the public release.) Cost of revenue grew 167.6 million to $183.2 million while sales and marketing increased 299.3% to $228.7 million. Monthly unique payers (MUP) increased 114%, with an average of 1.5 million MUPs engaged each month, while average revenue per MUP increased 48% to $61, helping by increased engagement with iGaming and mobile sports betting offerings. The stock has tumbled 18.8% over the past three months through Thursday, while the S&P 500 has gained 8.1%.
12:58 p.m. May 6, 2021 - By Claudia Assis
Bill.com stock rallies on narrower loss, higher sales for fiscal Q3Bill.com Holdings Inc. shares rallied more than 12% in the extended session Thursday after the software company that provides back-office software for businesses reported a narrower fiscal third-quarter adjusted loss and sales that topped views. Bill.com said it lost $26.7 million, or 32 cents a share, in the quarter, compared with a net loss of $8.3 million, or 11 cents a share, in the fiscal third quarter of 2020. Adjusted for one-time items, the company lost $1.7 million, or 2 cents a share. Sales rose 45% to $59.7 million. Analysts polled by FactSet expected an adjusted loss of 7 cents a share on sales of $54.6 million. The company guided for fiscal fourth-quarter revenue between $60.9 million and $61.9 million, and an adjusted loss between 5 cents a share and 4 cents a share. In a separate press release, Bill.com said it has agreed to buy Divvy, a maker of expense-management software, for about $2.5 billion. Both boards have approved the cash and stock deal, expected to close by the end of Bill.com's September quarter.
3:55 a.m. May 6, 2021 - By Tomi Kilgore
II-VI stock sinks toward 6-month low after earnings beat expectations, but profit outlook comes up shyShares of II-VI Inc. sank 6.1% toward a six-month low in premarket trading Thursday, after the optical technology company beat fiscal third-quarter earnings expectations, but provided a downbeat profit outlook for the current quarter. Net income for the quarter to March 31 rose to $81.1 million, or 66 cents a share, from $5.9 mullion, or 6 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share nearly doubled, to 91 cents from 47 cents, and beat the FactSet consensus of 88 cents. Revenue grew 24.9% to $783.2 million, above the FactSet consensus of $772.3 million, with photonic solutions revenue rising 21.6% to $508.0 million and compound semiconductor revenue growing 31.5% to $275.3 million. For the fiscal fourth quarter ending June 30, the company expects adjusted EPS of 63 cents to 83 cents, below the current FactSet consensus of 92 cents, while the revenue guidance of $752 million to $802 million surrounds expectations of $796 million. The stock, which is on track to open at the lowest price seen during regular-session hours since November 2020, has shed 15.0% year to date through Wednesday, while the S&P 500 has advanced 11.0%.
2:21 a.m. May 4, 2021 - By Tomi Kilgore
DuPont beats profit and sales expectations, raised full-year outlookShares of DuPont de Nemours Inc. rose 0.9% in premarket trading Tuesday after the specialty materials, chemicals and agricultural products company reported first-quarter profit and sales that beat expectations, with all of its business segments showing growth, and raised its full-year outlook. The company swung to net income of $5.39 billion, or $8.90 a share, from a loss of $616 million, or 83 cents a share, in the year-ago period. Earnings per share excluding discontinued operations was 89 cents, and adjusted EPS excluding nonrecurring items was 91 cents, above the FactSet consensus of 75 cents. Sales rose 8.3% to $3.98 billion, beating the FactSet consensus of $3.85 billion. "As we emerge from the COVID-19 pandemic, the leading positions we hold in semiconductor, smartphones, automotive, water filtration, and residential construction end-markets enabled us to deliver strong first quarter results ahead of expectations with organic sales growth in all three reporting segments," said Chief Executive Ed Breen. For 2021, the company raised its adjusted EPS guidance range to $3.60 to $3.75 from $3.30 to $3.45 and its sales guidance to $15.7 billion to $15.9 billion from $15.4 billion to $15.6 billion. The stock has gained 10.1% year to date, while the S&P 500 has advanced 11.6%.
1:33 p.m. April 29, 2021 - By Claudia Assis
MicroVision stock tanks after Q1 results, lower salesMicroVision Inc. shares fell more than 14% in the extended session Thursday after the laser-scanning technology company reported a wider-than-expected quarterly loss and sales fell. MicroVision said it lost $6.2 million, or 4 cents a share, in the first quarter, compared with a loss of $4.9 million, or 4 cents a share, in the first quarter of 2020. Sales dropped to $500,000 from $1.5 million a year ago. Analysts polled by FactSet expected the company to report a loss of 3 cents a share on sales of $600,000. The company is "on track" on its automotive lidar development program, Chief Executive Sumit Sharma said in a statement. It is planning to share "key performance data" with potential customers, partners and other parties interested in a "strategic transaction," MicroVision said. A first-generation, long-range lidar sensor, after testing, could be available for sale in smaller quantities later this year, as previously scheduled, the company said. Shares of MicroVision ended the regular trading day down 14%.
2:12 a.m. April 29, 2021 - By Tomi Kilgore
Overstock stock shoots higher after swinging to a big profit beat, revenue nearly doublesShares of Overstock.com Inc. surged 8.6% in premarket trading Thursday, after the online retailer reported first-quarter profit and revenue that were well above expectations, as active users nearly doubled. The company swung to net income of $16.1 million, or 33 cents a share, from a loss of $16.3 million, or 40 cents a share, in the year-ago period. Excluding discontinued operations, earnings per share came to 56 cents. The FactSet EPS consensus was 4 cents. Revenue soared 94% to $659.9 million, above the FactSet consensus of $582.4 million. Active customers rose 92% to 9.9 million, while orders delivered 66% to 3.6 million and average order value grew 17% to $183. The stock has lost 8.8% over the past three months through Wednesday, while the Amplify Online Retail ETF has gained 3.7% and the S&P 500 has advanced 12.6%.
10:56 a.m. April 28, 2021 - By Tomi Kilgore
Apple stock options point to smaller than usual post-earnings moveShares of Apple Inc. rose 0.1% in afternoon trading Wednesday, ahead of due out after the closing bell, while options prices are pointing to a smaller-than usual post-earnings price move. An options strategy known as a "straddle," which is a pure volatility play that involves the simultaneous buying of at-the-money bullish (call) and bearish (put) options expiring at the end of week, suggest a $4.74 move (about 3.5%) in either direction on Thursday in reaction to results, according to data provided by Options Research & Technology Services. Over the past 12 quarter, the average one-day post-earnings move in Apple's stock has been $6.27 in either direction, according to ORATS, which would imply a 4.7% move at current prices. The stock has slipped 1.9% over the past three months, while the Dow Jones Industrial Average has gained 10.9%.
5:28 a.m. April 28, 2021 - By Tomi Kilgore
Stocks of earnings reporters are shaving more than 130 points off the Dow's priceShares of companies that reported earnings can be blamed for the Dow Jones Industrial Average's early weakness, as cutting the Dow's price by 132 points. Meanwhile, Dow futures fell 60 points, or 0.2%, while futures for the S&P 500 rose 0.1%. Shares of Boeing Co. fell 1.4% after the aerospace and defense giant reported a , with the implied price decline acting as a 23-point drag on the Dow. Microsoft Corp.'s stock pulled back 2.6%, even after the software behemoth's , with the implied price drop shaving about 45 points off the Dow. And Amgen Inc. shares slid 3.8% after the biotechnology company's , with the implied price decline reducing the Dow's price by 64 points.
1:13 p.m. April 27, 2021 - By Claudia Assis
F5 Networks' fiscal Q2 earnings top Wall Street viewsShares of F5 Networks Inc. dropped more than 6% in the extended session Tuesday despite a beat for the software company's fiscal second-quarter results. F5 said it earned $43 million, or 70 cents a share, in the quarter, compared with $61 million, or $1 a share, in the year-ago period. Adjusted for one-time items, F5 said it earned $2.50 a share. Sales rose 11% to $645 million. Analysts polled by FactSet expected the company to report earnings of $2.40 a share on sales of $636 million. F5 guided for fiscal third-quarter revenue between $620 million and $650 million, with non-GAAP EPS between $2.36 and $2.54, which is within FactSet consensus for the quarter.
2:34 a.m. April 26, 2021 - By Tomi Kilgore
Etsy stock falls after KeyBanc analyst backs away from long-time bullish stanceShares of Etsy Inc. fell 1.9% in premarket trading Monday, after KeyBanc analyst Edward Yruma backed away from his long-time bullish call on the online crafts marketplace, citing valuation and a lower near-term likelihood of positive earnings revisions. Yruma downgraded Etsy to sector weight, after being at overweight since October 2017. He said after outperforming the broader market by a wide margin since his upgrade, valuation looks "fair" and current consensus analyst expectations look "reasonable." "We believe that Etsy remains one of the best long-term growth opportunities in our coverage," Yruma wrote in a note to clients. "However, we move to Sector Weight given what we view as a fair valuation and lower likelihood of near-term earnings beats." The stock has soared 224.2% over the past 12 months through Friday, while the Nasdaq Composite has climbed 62.3% and the S&P 500 has advanced 47.4%.
2:12 a.m. April 26, 2021 - By Tomi Kilgore
Check Point Software stock set to rally after profit, revenue rise above expectationsShares of Check Point Software Technologies Ltd. were indicated up nearly 2% in premarket trading Monday, after the Israel-based cyber security company reported first-quarter profit and revenue that rose above expectations. "Net income rose to $182.9 million or $1.33 a share, from $178.7 million, or $1.23 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.54, above the FactSet consensus of $1.50. Total revenue rose 4% to $507.6 million, beating the FactSet consensus of $502.0 million. Cash flow grew 4.6% to $375 million, above the FactSet consensus of $360.6 million. "The cyber threat landscape is reaching new levels of risk and requires a holistic security architecture to prevent the next cyber pandemic," said Chief Executive Gil Shwed. "Our Infinity architecture can uniquely address these needs and consolidate security for the user, the network and the cloud to prevent Gen V cyber-attacks." The company said it spent $325 million to repurchase 2.7 million shares during the first quarter. The stock has lost 9.9% year to date through Friday, while the S&P 500 has gained 11.3%.
4:22 a.m. April 22, 2021 - By Tomi Kilgore
SmartRent to go public after merger with SPAC Fifth Wall, in a deal valuing combined company at $2.2 billionSmartRent.com Inc., a provider of smart home operating systems, said Thursday it will go public through a merger with special purpose acquisition company (SPAC) Fifth Wall Acquisition Corp. I , in a deal that values the combined company at $2.2 billion. When the deal closes, which is expected to occur in the third quarter of 2021, the combined company is expected to have about $513 million in cash. SmartRent said it expects to achieve positive Ebitda (earnings before interest, taxes, depreciation and amortization) by 2022, and that 80% of its unit projections through 2022 come from already committed units. Fifth Wall's stock, which started trading on Feb. 5, rose 1.7% in premarket trading.
2:54 p.m. April 21, 2021 - By Jon Swartz
Qualtrics reports record revenue, earnings beatShares of Qualtrics International Inc. were up 6%in extended trading Wednesday after the maker of employee-engagement technology disclosed fiscal first-quarter results. Qualtrics reported a net loss of $199.9 million, or 41 cents a share, compared with a net loss of $44.8 million, or 11 cents a share, in the year-ago quarter. The company's adjusted net income was $5.3 million, or a penny a share. Revenue improved 36% to a record $238.6 million from $176.1 million a year ago. "It was a powerful start to our fiscal year," Qualtrics Chief Executive Zig Serafin told MarketWatch. "We have a 10-year start on this [cloud-based business analysis] market." He noted subscription revenue jumped 46% to $186.9 million from the year-ago quarter. Analysts surveyed by FactSet had expected an adjusted loss of 3 cents a share on revenue of $227.4 million. Qualtrics, which went public on Jan. 28, has seen its stock dip since then. The broader S&P 500 index has improved 11% so far this year.
10:42 a.m. April 21, 2021 - By Tomi Kilgore
Netflix stock drops below the 200-DMA again, but that might not be such a bearish signal yetShares of Netflix Inc. sank 7.2% in afternoon trading Wednesday, putting them on track to close below the 200-day moving average (DMA), in the wake of the streaming video company's . Many on Wall Street see the 200-DMA as a dividing line between longer-term uptrends and downtrends, but closing below the line hasn't always marked a bearish turn. While the stock is headed for the third close below the 200-DMA in six weeks, it is still up 3.4% over that time. The stock's last foray below the 200-DMA was in March 2020, as the stock closed below the line in four times in a five-day stretch, but that marked the post-COVID-19-crisis low. The two times before that the stock dropped below the 200-DMA, in October 2018 and July 2019, led to significant declines. Once difference between the decline that was limited and those that were extended is that with the limited one, the 50-DMA stayed above the 200-DMA, while the 50-DMA crosses below the 200-DMA soon after the stock price did for the extended declines. Currently, the 50-DMA extends to $534.15, according to FactSet, well above the 200-DMA at $514.19. Netflix shares have lost 5.7% year to date, while the S&P 500 has gained 10.9%.
7:25 a.m. April 21, 2021 - By Tomi Kilgore
Skywater Technology's stock opened 11% above IPO price, then extended gainsSkyWater Technology Inc. received a nice reception on Wall Street, as the Minnesota-based semiconductor manufacturing services company's stock opened 10.7% above the initial public offering price, then added to gains. The company said overnight that it's IPO, which was upsized to 6.96 million shares from 5.8 million shares, priced at $14 a share, at the top of the expected range, as $97.44 million was raised. At the IPO price, the company was valued at $515.98 million. The stock's first trade on the Nasdaq was at $15.50 at 10:56 a.m. Eastern for 468,025 shares. It was recently trading up 14.1% at $15.98. Jefferies, Cowen and Piper Sandler were the underwriters of the IPO. The company recorded a net loss of $20.6 million, or sales of $140.4 million, for the year ended Jan. 3, after a loss of $16.4 million on revenue of $136.7 million, the previous year. The company went public on a day that the Renaissance IPO ETF was rallying 1.0% and the S&P 500 was rising 0.5%.
1:59 p.m. April 20, 2021 - By Andrew Keshner
Floyd family attorney Ben Crump says Derek Chauvin’s murder conviction is ‘painfully earned justice’ — here’s what gave him hope months earlier A jury found the former Minneapolis officer guilty on all three counts TuesdayA jury found the former Minneapolis officer guilty on all three counts Tuesday.
10:35 a.m. April 20, 2021 - By Tomi Kilgore
Infobird's stock takes flight on its public debut, to trade more than double the IPO priceInfobird Co. Ltd. flew out of the gate Tuesday, as the China-based provider of artificial intelligence-powered customer engagement software's shares were trading more than double the initial public offering price. The stock was the biggest gainer trading on major U.S. exchanges. The company said late Monday that it sold 6.25 million shares in the IPO, which priced at $4 a share, to raise $25 million. At the pricing, the company was valued at $101.0 million. Westpark Capital and GF Securities were the underwriters. Infobird's first trade Tuesday on the Nasdaq was at $7.00 at 2:05 p.m. Eastern for 472,040 shares, or 75% above the IPO price. It has continued to rise since the open, and was recently up 113.8% at $8.55. The company reported net earnings of $1.6 million on revenue of $6.2 million for the six months ended June 2020, after net income of $2.0 million on revenue of $9.4 million in the same period of 2019. The company went public on a day that the Renaissance IPO ETF fell 2.5% and the S&P 500 declined 0.9%.
2:49 a.m. April 20, 2021 - By Ciara Linnane
Xerox shares slide 2.9% premarket as profit falls short of estimatesXerox Holdings Corp. shares slid 2.9% in premarket trade Tuesday, after the company missed profit estimates for the first quarter by a wide margin as the coronavirus pandemic continued to weigh. The company posted net income of $39 million, or 18 cents a share, in the quarter, after a loss of $2 million, or 3 cents a share, in the year-earlier period. Revenue fell to $1.710 billion from $1.860 billion, ahead of the $1.588 billion FactSet consensus. "In the first quarter, in an environment where many offices remained closed, we grew equipment sales and IT Services revenue year-over-year," Chief Executive John Visentin said in a statement. The company affirmed guidance for 2021 and said it expects to return to growth during the year. Shares have gained 9% in the year to date, while the S&P 500 has gained 10.8%.
2:30 a.m. April 20, 2021 - By Tomi Kilgore
IBM's stock rally would add about 26 points to the Dow's price, while the Dow dropsShares of International Business Machines Corp. rose 3.0% in premarket trading, to pace just the handful of Dow Jones Industrial Average components that were gaining ground ahead of the open, in the wake of upbeat first-quarter results. IBM stock's implied price gain would add about 26 points to the Dow's price, while Dow futures fell 156 points, or 0.5%. IBM's stock is on track to open at a 14-month high, after the technology giant reported late Monday , while profit also beat forecasts.
7:39 a.m. April 15, 2021 - By Tomi Kilgore
Esports rockets more than 4-fold in volatile, public debutShares of Esports Technologies Inc. blasted out of the gate Thursday, and kept rising in volatile trading, as the Las Vegas-based online gambling company's stock opened at more than triple the initial public offering price. The stock's first trade was $21.00 at 10:09 a.m. Eastern for 126,245 shares, while the upsized IPO priced overnight at $6.00 a share. The stock has extended gains since its opening, to trade 328.2% above its IPO price at $25.69, enough to pace all Nasdaq gainers. The stock has already been halted for volatility seven times since it opened. The pricing was at the top of the expected range of between $5.00 and $6.00 a share, which was recently raised from between $4.50 and $5.00 a share, and valued the company at $79.9 million. The company sold 2.4 million shares in the IPO, up from previous expectations of 2.0 million shares, to raise $14.4 million. Boustead Securities was the sole underwriter of the IPO. The company had recorded a net loss of $573,225 on revenue of $195,778 the fiscal year ended Sept. 30, 2020, after net income of $24,103 on revenue of $140,982 in the year-ago period. The company went public at a time that the Renaissance IPO ETF has slipped 4.0% over the past three months while the S&P 500 has gained 10.7%.
1:13 p.m. April 13, 2021 - By Jon Swartz
SAP shares rise 3% on jump in profits, raised 2021 outlookSAP shares were up 3% in extended trading Tuesday following preliminary first-quarter results. The German software giant reported revenue of 6.35 billion euros (about $7.6 billion), down 3% from 6.52 billion euros ($7.8 billion) in the same quarter a year ago. SAP reported a profit, after taxes, of 1.07 billion euros ($1.3 billion), up 32% from 810 million euros ($967.8 million) a year ago. "We are seeing very strong growth across all our applications" such as cloud and software licenses, SAP Chief Executive Christian Klein said in a statement. SAP raised its full-year 2021 outlook reflecting "strong new cloud business performance which is expected to reaccelerate cloud revenue growth." Shares of SAP are up 3% so far this year. The broader S&P 500 index has increased 10% in 2021.
1:03 p.m. April 13, 2021 - By Wallace Witkowski
SolarWinds stock ticks higher on higher-than-expected revenue outlookSolarWinds Corp. shares rose in the extended session Tuesday as the IT management software company said it expects higher-than-expected revenue for its first quarter. SolarWinds shares rose 2% after hours, following a 2.1% gain to close the regular session at $18.05. The company expects preliminary first-quarter revenue of $255.8 million to $256.8 million. Analysts surveyed by FactSet, on average, estimate revenue of $249.7 million.
12:42 p.m. April 13, 2021 - By Wallace Witkowski
Atlassian stock rises following hike in revenue outlookAtlassian Corp. shares rallied in the extended session Tuesday after the business collaboration software company hiked its expected revenue range for the fiscal third quarter. Atlassian shares surged 4%, following a 5% gain in the regular session to close at $242.19. The company expects preliminary third-quarter revenue of $566 million to $572 million. Analysts surveyed by FactSet, on average, expect adjusted earnings of 22 cents a share on revenue of $487.2 million. Back in January, Atlassian had forecast adjusted earnings of 20 cents to 21 cents a share on revenue of $475 million to $490 million for the third quarter. The company is scheduled to report full earnings on April 29. Atlassian's co-founder and co-CEO Scott Farquhar said in a statement that the company is "publicly sharing strong preliminary revenue results for our third quarter which were driven by short-term dynamics related to our server and data center products."
11:12 a.m. April 12, 2021 - By Tomi Kilgore
Alibaba's stock rallies toward biggest gain in nearly 4 years as antitrust fine removes overhangShares of Alibaba Group Holding Ltd. shot up 9.1% in afternoon trading Monday, putting them on track for the biggest one-day gain in four years, as investors expressed relief following . The China-based ecommerce giant's Chief Executive Daniel Yong Zhang said in a conference call after the fine, "we don't expect material negative impact" following changes to comply with the regulator's orders. The company said it will not appeal the decision. "Positively, Alibaba does not expect further investigations on this matter, and we believe the removal of this overhang could be a positive for the shares," Raymond James analyst Aaron Kessler wrote in a note to clients. Kessler trimmed his stock price target to $330 from $350, to reflect increased investments in grocery and local deals categories as China-based ecommerce giant looks to expand in lower-tier cities, but reiterated his strong buy rating. Truist's Youssef Squali reiterated his buy rating and $330 stock price target, saying the long-term prospects of Alibaba remain "highly attractive." The stock, which is headed for the biggest one-day gain since it rose 13.3% on June 8, 2017, has advanced 8.0% over the past three months, while the iShares MSCI China ETF has slipped 3.9% and the S&P 500 has gained 8.4%.
5:44 a.m. April 12, 2021 - By Tomi Kilgore
DoubleVerify sets IPO terms, to be valued at up to $4.2 billionDoubleVerify Holdings Inc. disclosed Monday that it has set terms for its initial public offering, in which the New York-based digital media measurement software company could be valued at up to $4.2 billion. The IPO is expected to price between $24 and $27 a share. The company is offering 8.63 million shares in the IPO, to raise up to $232.9 million, while selling shareholders are offering 4.71 million shares. The company expects 155.39 million shares outstanding after the IPO. The stock is expected to list on the NYSE under the ticker symbol "DV." There are 12 banks underwriting the deal, led by Goldman Sachs and J.P. Morgan. The company recorded net income of $20.5 million on revenue of $243.9 million in 2020, after income of $23.3 million on revenue of $182.7 million in 2019. The company is looking to go public at a time of tempered investor demand for IPOs, as the Renaissance IPO ETF has shed 6.9% over the past three months while the S&P 500 has gained 8.6%.
5:16 a.m. April 12, 2021 - By Emily Bary
Uber says it saw its highest gross bookings on record in MarchUber Technologies Inc. [s:uber] said Monday morning that its mobility business had its best month in a year in March, while overall gross bookings reached their highest monthly level in the company's history. Uber's mobility business exceeded a $30 billion annualized gross bookings run rate during March, the company's highest monthly total since March 2020. Average daily gross bookings were up 9% on a month-over-month basis within the core mobility business, the company added. Uber's delivery business notched an all-time record for monthly performance by crossing a $52 billion annualized gross bookings run rate, up more than 150% from a year earlier. "As vaccination rates increase in the United States, we are observing that consumer demand for Mobility is recovering faster than driver availability, and consumer demand for Delivery continues to exceed courier availability," Uber said in a filing. The company also disclosed that a historical-claims settlement process with U.K. drivers, who will now be treated as workers, is expected to lead to a "significant accrual" that's likely to reduce reported first-quarter revenue and take rates. These effects will be excluded from Uber's adjusted earnings before interest, taxes, depreciation and amortization (Ebitda). Uber shares are up 3% in premarket trading Monday. The shares have gained 5.7% over the past three months as the S&P 500 has risen 8.6%.
4:19 a.m. April 12, 2021 - By Tomi Kilgore
Alkami Technology expected IPO pricing increases, raising company's value to up to $2.3 billionAlkami Technology Inc. disclosed Monday that the expected pricing of its initial public offering has increased to between $26 and $28 a share from between $22 and $25 a share. With the Texas-based cloud-based digital banking company expected to offer 6 million shares in the IPO, the company could now raise up to $168.0 million. And with 83.14 million shares expected to be outstanding after the IPO, the expecting pricing could now value the company at up to $2.33 billion. The stock is expected to list on the Nasdaq under the ticker symbol "ALKT." Goldman Sachs, J.P. Morgan and Barclays are the lead underwriters. The company recorded a net loss of $56.6 million on revenue of $112.1 million in 2020 after a loss of $43.1 million on revenue of $73.5 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 6.9% over the past three months while the S&P 500 has gained 8.6%.
3:10 a.m. April 8, 2021 - By Ciara Linnane
Cloud company Box says KKR to lead $500 million investment via preferred stock; shares slide 6% premarketCloud company Box Inc. said Thursday it has reached an agreement with private-equity firm KKR in which KKR funds will lead a $500 million investment in the company in the form of convertible preferred stock. The investment "will advance the company's strategy to deliver the Box Content Cloud and enable customers to modernize how they work and drive digital transformation throughout their organizations," Redwood City, Calif.-based Box said in a statement. Box is planning to use the proceeds of the deal to fund a share buyback program using a 'Dutch auction" self-tender. The self-tender will be launched after the company reports fiscal first-quarter earnings in May. John Park, head of Americans technology private equity at KKR, will join the Box board, expanding it to ten directors. Bethany Mayer will become chair effective May 1. Box is aiming to grow revenue between 12% to 16^ by fiscal 2024. Shares fell 6.4% premarket on the news, but are up 34% in the year to date, while the S&P 500 has gained 8.6%.
10:20 a.m. April 7, 2021 - By Tomi Kilgore
UTime stock more than doubles, and is now 2,175% above its IPO priceShares of UTime Ltd. soared 133.3% in very volatile afternoon trading Wednesday, enough to pace all gainers on major U.S. exchanges, in the China-based mobile phone maker's second day of trading on the Nasdaq. On Tuesday, the stock closed at $39, or 875% above its $4 initial public offering price, which was at the low end of the expected range of between $4 and $5 a share. The company sold 3.75 million shares in the IPO to raise $15 million. With the stock now trading nearly 23 times the IPO price, the company's current market value was $752.4 million, up from $33.1 million at the IPO price. The stock has been halted nine times for volatility so far on Wednesday, after being halted 14 times for volatility on Tuesday. The company recorded a net loss of RMB21.7 million ($3.1 million) on revenue of RMB193.1 million ($27.3 million) in 2020, after a loss of RMB11.9 million on revenue of RMB238.1 million in 2019. The company went public at a time that the Renaissance IPO ETF has lost 4.7% over the past three months, while the iShares MSCI China ETF has slipped 1.4% and the S&P 500 has gained 7.3%.
5:50 a.m. April 6, 2021 - By Tomi Kilgore
Opera stock surges after upbeat first-quarter revenue outlookShares of Opera Ltd. surged 3.0% in morning trading Tuesday, after the Norway-based web browsers company said it expects first-quarter revenue to exceed previously provided guidance. In late February, when the company reported fourth-quarter results, Opera had said it expects revenue of $47 million to $48 million, which would represent 18% growth at the midpoint of that range. "The first quarter demonstrates our continued strong execution, with our core business performance exceeding our expectations thanks to combined search and advertising revenue growth rates in excess of 30% year-over-year," said Chief Financial Officer Frode Jacobsen. Opera also said Tuesday it expects first-quarter adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) to be above previous guidance, which the company said in February that it expected to be "around breakeven." The company is projected to report first-quarter results on or around May 26. The stock has rallied 15.8% year to date, while the S&P 500 has gained 8.5%.
8:03 a.m. March 31, 2021 - By Michael Ashbaugh
Charting a stealth breakout attempt, S&P 500 tags fractional record high Focus: 10-year yield asserts higher plateau, FedEx extends earnings-fueled breakout, TNX, FDX, X, APD, VCELU.S. stocks are higher early Wednesday, rising as a largely-bullish first quarter concludes. Against this backdrop, the S&P 500 has tagged a fractional record high early Wednesday amid a stealth late-March breakout attempt that remains underway.
2:11 a.m. March 24, 2021 - By Tomi Kilgore
ACV Auctions IPO prices above the expected range, valuing company at nearly $4 billionACV Auctions Inc. announced the pricing of its initial public offering, which was above the expected range, as the New York-based provider of a digital marketplace for wholesale vehicle transactions raised $413.75 million. The IPO priced late Tuesday at $25, above the expected range of between $20 and $22 a share, which was recently raised from an original expectation of between $18 and $20 a share. The pricing valued the company at about $3.85 billion. The stock is expected to begin trading on the Nasdaq on Wednesday under the ticker symbol "ACVA." Goldman Sachs, J.P. Morgan and Citigroup are the lead book-running managers. The company recorded a net loss of $41.0 million on revenue of $208.4 million in 2020, after a loss of $77.2 million on revenue of $106.8 million in 2019. The company is going public at a time of tempered investor demand for IPOs, as the Renaissance IPO ETF has lost 2.1% year to date while the S&P 500 has gained 4.1%.
3:50 a.m. March 23, 2021 - By Tomi Kilgore
Kaltura sets IPO terms, to be valued at up to $2 billionKaltura Inc. said Tuesday it has set terms for its initial public offering, in which the New York-based on-demand video products company to raise up to $278.4 million and be valued at up to $1.97 billion. The company is offering 23.5 million shares in the IPO, including 17.4 million shares from the company and 6.1 million shares from selling shareholders. The IPO is expected to price between $14 and $16 a share. The company expects to have 123.1 million shares outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol "KLTR." Goldman Sachs and BofA Securities are the lead underwriters. Kaltura recorded a net loss of $58.8 million on revenue of $120.4 million in 2020, after a loss of $15.6 million on revenue of $97.3 million in 2019. The company is looking to go pubic at a time of tempered enthusiasm for IPOs, as the Renaissance IPO ETF has dropped 7.4% over the past three months while the S&P 500 has gained 6.8%.
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