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Roblox: The Free Videogame Platform That Became a $45 Billion Public Company

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    Why TikTok Has Become a Launchpad for Entrepreneurs Why TikTok Has Become a Launchpad for Entrepreneurs 6:39
2:14 a.m. Today - By Tomi Kilgore
Blucora raises profit and revenue outlook on 'much stronger' end to tax seasonBlucora Inc. raised on Tuesday its second-quarter and full-year financial outlook, citing a "much stronger" than anticipated final two weeks of the tax season. The wealth management software company's stock was still inactive in premarket trading. The company now expects second-quarter total revenue of $250.0 million to $254.5 million, up from previous guidance provided in early May of $238.0 million to $249.0 million, and well above the FactSet consensus of $226.7 million, as the outlook for tax software revenue was increased to $91.5 million to $93.0 million from $82.5 million to $87.5 million. The guidance range adjusted earnings per share was raised to $1.12 to $1.21 from 94 cents to $1.11, compared with the FactSet consensus of $1.00. For 2021, the company now expects total revenue of $855.0 million to $876.0 million on adjusted EPS of $1.50 to $1.70, compared with previous guidance for revenue of $844.0 million to $867.5 million and EPS of $1.34 to $1.60. The stock has gained 6.5% year to date, while the S&P 500 has advanced 13.3%.
4:15 a.m. June 11, 2021 - By Tomi Kilgore
Magnachip stock surges after receiving an unsolicited, higher buyout bidShares of Magnachip Semiconductor Corp. shot up 15.8% in premarket trading Friday, after the South Korea-based chipmaker confirmed that it received an unsolicited buyout bid representing a premium of more than 50%. The company said Cornucopia Investment Partners, on behalf of itself and a group of investors, has offered to buy all of Magnachip's outstanding shares for $35 in cash, which is 51.8% above Thursday's closing price of $23.05 and would value the company at about $1.66 billion. That would top the terms of the buyout agreement with South Dearborn Ltd. announced in March, in which Magnachip agreed to be acquired for $29.00 a share in cash. Magnachip said it will "carefully review and consider" Cornucopia's bid. The stock has run up 70.5% year to date through Thursday, while the PHLX Semiconductor Index has climbed 14.3% and the S&P 500 has gained 12.9%.
8:20 a.m. June 10, 2021 - By Tomi Kilgore
Zeta Global stock opens nearly 10% below its downsized IPO priceZeta Global Holdings Corp. stumbled out of the gate Thursday, as the stock opened 9.9% below its initial public offering price after a somewhat disappointing pricing. The cloud-based marketing technology company's , at the bottom of the expected range of between $10 and $12 a share. The company sold 14.8 million shares in the IPO, down from an expected 15.6 million shares, while selling shareholders reduced their offering to 6.7 million shares from 7.1 million shares. The stock's first trade was at $9.01 at 11:40 a.m. Eastern for about 1.8 million shares, which valued the company at about $1.73 billion. The stock has extended losses since, to trade down 11.3% at $8.87. The downbeat opening for the shares comes on a relatively upbeat day for IPOs, as the Renaissance IPO ETF rose 0.7% while the S&P 500 gained 0.4%.
3:17 a.m. June 10, 2021 - By Tomi Kilgore
Zeta Global's downsized IPO priced at low end of expected rangeZeta Global Holdings Corp. is set to go public Thursday, after the cloud-based marketing technology company's downsized initial public offering priced overnight, valuing the New York-based company at about $1.9 billion. The total offering of the IPO was 21.5 million shares, as the company sold 14.77 million shares and selling shareholders sold 6.73 million shares, compared with a previous filing in which the company was offering 15.62 million shares and selling shareholders were offering 7.11 million shares. The IPO priced at $10 a share, compared with expectations of between $10 and $12 a share, as the company raised $147.7 million. The stock is expected to start trading on the NYSE under the ticker symbol "ZETA." Morgan Stanley, BofA Securities, Credit Suisse and Barclays are the lead underwriters. The company recorded a loss of $53.2 million on revenue of $368.1 million in 2020, after a loss of $38.5 million on revenue of $306.1 million in 2019. The company is going public at a time that the Renaissance IPO ETF has slipped 2.0% over the past three months while the S&P 500 has gained 8.2%.
2:46 a.m. June 10, 2021 - By Tomi Kilgore
BANG stocks take a hit after GameStop discloses regulators on investigatingShares of so-called "BANG" stocks, which refers to some of the more popular meme stocks, dropped in premarket trading Thursday, amid concerns over increased regulatory oversight. Late Wednesday, GameStop disclosed in a quarterly filing that the Securities and Exchange Commission was investigating trading activity in its stock, GameStop shares fell 6.1% ahead of the open, putting them on track to snap a three-day win streak in which they shot up 21.8% to $302.56 on Wednesday, the highest close since Jan. 29. The selloff comes despite the videogame retailer reported and sales that rose above forecasts. Among other "BANG" stocks, BlackBerry Ltd. fell 1.7%, AMC Entertainment Holdings Inc. slid 4.0% and Nokia Corp. shed 1.1%. Meanwhile, futures for the S&P 500 edged up 0.1%.
12:38 p.m. June 9, 2021 - By Jon Swartz
Twitter names Alemayehou to board of directorsTwitter Inc. on Wednesday named Mimi Alemayehou as a new independent director to the company's board, effective immediately. Alemayehou, who has more than 20 years of investment and finance experience in emerging markets that includes expertise on Africa, replaces Elliott Management Corp.'s Jesse Cohn. Cohn joined Twitter's board last year after the activist investment firm disclosed a sizable stake in the microblogging company in a bid to oust Twitter Chief Executive Officer Jack Dorsey and other company executives. Both sides eventually reached an agreement, along with private equity firm Silver Lake, after Twitter put into place more aggressive revenue and user growth goals. Twitter shares are up 10% this year. The broader S&P 500 index has gained 12% in 2021.
10:42 a.m. June 8, 2021 - By Tomi Kilgore
Zhangmen Education's stock surges out of the gate, and keeps risingZhangmen Education Inc. received a warm welcome on Wall Street Tuesday, as the China-based online education company's stock opened 40% above its initial public offering price, then rose further. The stock's first trade on the NYSE was at $16.13 at 11:34 a.m. Eastern for 84,000 shares, above . The stock was recently up 53% in afternoon trading on volume of 1.8 million shares, enough to make it the biggest gainer on the NYSE, to lift the company's market capitalization to $2.39 billion, according to FactSet. The stock's big rally comes on a day that the Renaissance IPO ETF slipped 0.1% and iShares MSCI China ETF dropped 0.7%, while the S&P 500 inched up 0.1%.
4:54 a.m. June 8, 2021 - By Tomi Kilgore
Zhangmen Education IPO prices, valuing the company at about $1.8 billionZhangmen Education Inc. is set to go public Tuesday, as the China-based online education company's initial public offering priced overnight to value the company at about $1.8 billion. The IPO priced at $11.50 per American depositary share (ADS), within the expected pricing range of between $11 and $13 per ADS. The company sold 3.62 million ADS in the IPO to raise $41.7 million. Each ADS represented nine ordinary shares, and the company has a total of 1.42 billion ordinary shares outstanding, including 1.22 billion Class A ordinary shares. The stock is expected to begin trading on the NYSE under the ticker symbol "ZME." Morgan Stanley and Credit Suisse were the joint book-running managers. The company recorded a net loss of RMB1.01 billion ($154.5 million) on revenue of RMB4.02 billion ($613.3 million) in 2020, after a loss of RMB1.50 billion on revenue of RMB2.67 billion in 2019. The company is going public at a time that the Renaissance IPO ETF has gained 5.4% over the past three months, iShares MSCI China ETF has edged up 0.8% and the S&P 500 has advanced 10.6%.
3:25 a.m. June 8, 2021 - By Tomi Kilgore
Fastly stock takes a hit after outage, but pares losses after 'fix' appliedShares of Fastly Inc. took a 1.7% hit in premarket trading Tuesday, but pared earlier losses of as much as 5.5%, after the provider of real-time content delivery network services suffered an outage in the early hours that has reportedly affected a number of websites. The company said . "Customers may experience increased origin load as global services return," the company said. The sites that were reportedly affected included those of the New York Times, CNN and Twitch, as the Associated Press reported. Fastly's stock has tumbled 42.0% year to date, while the S&P 500 has gained 12.5%.
4:30 a.m. June 7, 2021 - By Tomi Kilgore
'BANG' stocks mostly higher as broader market set for mixed openThe so-called , or a mixed collection of some of the more popular "meme" stocks, were mostly higher in premarket trading Monday, while futures suggest a mixed open for the broader market. Shares of BlackBerry Ltd. rose 1.9% ahead of the open, AMC Entertainment Holdings Inc. rallied 2.6%, Nokia Corp. slipped 0.3% and GameStop Corp. climbed 1.1%. The moves come after the group was mostly lower on Friday, with BlackBerry pulling back 12.7% to snap a 6-day win streak, , Nokia was unchanged and GameStop shed 3.8%. The gains also come while futures for the S&P 500 are slipping less than 0.1% and Dow Jones Industrial Average futures rose 44 points, or 0.1%, while Nasdaq 100 futures lost 0.1%.
4:10 a.m. June 7, 2021 - By Tomi Kilgore
QTS Realty stock soars toward a record after Blackstone buyout deal valued at $10 billionShares of QTS Realty Trust Inc. soared 21.0% into record territory in premarket trading Monday, after the data center provider announced and agreement to be acquired by Blackstone Group Inc. in a deal valued at $10 billion. Blackstone's stock rose 1.0% ahead of the open. Under terms of the deal, QTS Realty shareholders will receive $78.00 for each QTS share they own, which represents a 20.9% premium to Friday's stock closing price of $64.49, and is 7.5% above the Aug. 5, 2020 record close of $72.56. The buyout deal includes a 40-day "go shop" period, which allows QTS to actively look for alternative proposals. The deal is currently expected to close in the second half of 2021. QTS shares have edged up 4.2% year to date through Friday, while the S&P 500 has rallied 12.6%.
7:03 a.m. June 4, 2021 - By Tomi Kilgore
BigBear.ai to go public via merger valued at $1.6 billion with SPAC GigCapital4 BigBear.ai is set to go public after the Maryland-based data analytics company announced Friday an agreement to merge with special purpose acquisition company (SPAC) GigCapital4 Inc. in a deal that values BigBear.ai at $1.57 billion. The deal is expected to provide BigBear.ai with about $330 million in cash after closing. After the deal closes, which is expected to occur in the third quarter of 2021, the combined company will be named BigBear.ai and the stock is expected to list on the Nasdaq. BigBear.ai recorded $140 million in revenue in 2020. "In GigCapital4, we found a like-minded strategic partner that shares our vision for the future of data-driven decision dominance, and this business combination will help us drive growth as a public company," said BigBear.ai Chief Executive Dr. Reggie Brothers. GigCapital4's stock was down 0.2% prior to a trading halt for news. The stock is expected to resume trading at 11:15 a.m. Eastern. Prior to the halt, the stock was little changed since it closed at $9.68 on its first day of trading on April 1. Over the same time, the Renaissance IPO ETF has lost 3.6% and the S&P 500 has gained 5.0%.
4:21 a.m. June 4, 2021 - By Tomi Kilgore
Apple stock on track for longest weekly losing streak in more than 2 1/2 yearsShares of Apple Inc. edged up 0.3% in premarket trading Friday, but remained on track to suffer a sixth-straight weekly loss, ahead of the technology giant's Worldwide Developers Conference (WWDC) next week. That would be the longest such loss streak since the eight-week stretch through the week ended Nov. 23, 2018. The stock needs to gain 0.9% Friday, to at least $124.61, to snap the weekly loss streak. The stock has lost 8.0% during the current streak through Thursday, and has lost 13.7% since the Jan. 26 record close of $143.16. In comparison, the Dow Jones Industrial Average has run up 11.8% since Jan. 26. Apple has been , in which "Fortnight" maker Epic Games Inc. filed an antitrust lawsuit citing monopolistic practices by Apple's App Store. Separately, Wedbush analyst Dan Ives said in a recent note to clients that Apple will likely introduce a new Mac product at Monday's WWDC, as well as iOS upgrades and software enhancements.
2:21 a.m. June 4, 2021 - By Steve Goldstein
European Commission and U.K. announce formal probe into Facebook advertising practicesThe European Commission and the U.K. Competition and Markets Authority each said they were opening competition inquiries into social-media giant Facebook's advertising services. The European Union said it's looking to see whether Facebook violated EU competition rules by using advertising data gathered from advertisers in order to compete with them in markets where Facebook is active such as classified ads. The formal investigation will also assess whether Facebook ties its online classified ads service "Facebook Marketplace" to its social network. The U.K. probe also mentioned Facebook Dating, a dating profile service launched in Europe in 2020. The two agencies said they would work closely with each other. Facebook shares have climbed 19% this year, topping the 12% rise for the S&P 500.
8:15 a.m. June 3, 2021 - By Tomi Kilgore
Netflix stock chart produces first 'death cross' pattern in nearly 2 yearsShares of Netflix Inc. dropped 2.0% in midday trading Thursday, as a "death cross" pattern appeared in the streaming services company's stock chart, the first appearance of the bearish pattern in nearly two years. The stock's 50-day moving average, which many view as a guide to the shorter-term trend, slipped to $513.96 from $514.89 on Wednesday, to cross below the 200-day moving average, seen as a dividing line between longer-term uptrends and downtrends, which inched up to $514.50 from $514.47. Some chart watchers believe a "death cross" marks the spot where a shorter-term pullback transitions to a longer-term downtrend. The stock was trading 16.5% below its Jan. 20 record close of $586.34. Over the same time, the S&P 500 has gained 9.0%. Netflix's last "death cross" appeared on Aug. 28, 2019, after the stock had dropped 24.2% from a near one-year high about four months earlier; the stock shed another 12.7% before bottoming about a month later. The "death cross" before that appeared on Nov. 19, 2018, after tumbling 35.4% from a then-record close reached about four months earlier; the stock fell another 13.6% before bottoming out about a month later.
3:15 a.m. June 3, 2021 - By Tomi Kilgore
Ciena's stock rallies after profit, revenue beatsShares of Ciena Corp. rallied 2.0% in premarket trading Thursday, after the networking systems company reported fiscal second-quarter profit and revenue that beat expectations, amid signs of improved customer spending. Net income rose to $103.1 million, or 66 cents a share, from $91.7 million, or 59 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 62 cents from 76 cents but beat the FactSet consensus of 48 cents. Revenue declined 6.7% to $833.9 million, above the FactSet consensus of $829.2 million, as products sales fell 9.4% to $670.0 million while services sales increased 6.3% to $163.9 million. Chief Executive Gary Smith said "encouraging signs in the market environment," including improvements in customer spending, gives him "strong visibility and confidence" in the company's ability to achieve its financial targets this year. The stock has gained 3.0% year to date through Wednesday, while the S&P 500 has advanced 12.0%.
4:53 a.m. June 2, 2021 - By Tomi Kilgore
TaskUs sets IPO terms, with expected pricing valuing company at up to $2.3 billionTaskUs Inc. has set terms for its initial public offering, in which the Texas-based next-generation customer experience company could be valued at up to $2.33 billion. The company, whose customers include Uber Technologies Inc. , Netflix Inc. and Coinbase Global Inc. , said the IPO is expected to price between $22 and $24 a share. The company is offering 5.55 million shares in the IPO, to raise up to $133.3 million, and selling shareholders are offering 7.65 shares, for a total offering of 13.20 million shares. The stock is expected to trade on the Nasdaq under the ticker symbol "TASK." There are 16 underwriters, led by Goldman Sachs and J.P. Morgan. The company recorded net income of $34.5 million on service revenue of $478.0 million in 2020, after income of $33.9 million on revenue of $359.7 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has lost 9.2% over the past three months while the S&P 500 has gained 8.6%.
1:42 a.m. June 2, 2021 - By Steve Goldstein
Etsy buying fashion marketplace Depop for $1.6 billionOnline art seller Etsy says it's buying London-based privately held fashion marketplace Depop for $1.625 billion. Etsy said the price is subject to adjustments for working capital, transaction expenses, cash and indebtedness, and deferred and unvested equity for Depop management and employees. Depop recorded revenue of $70 million in 2020, and its gross merchandise sales have grown at an annual rate of nearly 80% from 2017 to 2020. Depop is expected to add to Etsy's top line growth rate and modestly dilute Etsy's adjusted EBITDA margin, the company said. Goldman Sachs advised Etsy, and Credit Suisse advised Depop.
5:07 a.m. June 1, 2021 - By Tomi Kilgore
Monday.com sets terms for IPO, which would value company at more than $6 billionMonday.com Ltd. has set terms for its initial public offering, in which the Israel-based software company could be valued at up to $6.12 billion. The company disclosed that it is offering 3.7 million share in the IPO, which is expected to price between $125 and $140 a share, to raise up to $518.0 million. The company is expected to have 43.7 million ordinary shares outstanding after the IPO. The stock is expected to trade on the Nasdaq under the ticker symbol "MNDY." Goldman Sachs, J.P. Morgan, Allen & Co. and Jefferies are the lead underwriters. The company recorded a net loss of $152.2 million on revenue of $161.1 million in 2020, after a loss of $91.6 million on revenue of $78.1 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has lost 11.3% over the past three months, while the S&P 500 has gained 7.8%.
2:38 a.m. June 1, 2021 - By Tomi Kilgore
Cloudera's stock soars after deal to be bought for 24.4% premium by CD&R, KKRShares of Cloudera Inc. soared 24.4% in premarket trading Tuesday, after the data management and analytics software company disclosed a deal to be acquired for $16 a share in cash by funds advised by Clayton, Dubilier & Rice LLC and Kohlberg Kravis Roberts & Co. L.P. The per-share bid represents a 24.4% premium to Friday's closing price of $12.86, and with 291.4 million shares outstanding, would value Cloudera at about $4.7 billion. Cloudera said the deal is expected to close in the second half of 2021. The Wall Street Journal had reported on Monday that a deal for Cloudera to be acquired by CD&R and KKR was near. Cloudera's stock has lost 7.6% year to date through Friday, while the S&P 500 has gained 11.9%.
11:57 p.m. May 26, 2021 - By Barbara Kollmeyer
Tesla may pay upfront for chips amid global shortage: FTElectric-car maker Tesla has reportedly opened new fronts in the battle to secure chips amid an industry-wide shortage that includes paying in advance for those supplies and even buying its own plant. Tesla is specifically trying to secure chips with companies in Taiwan and South Korea, which make the newer generation models that it needs, but also the U.S., according to a , which cited industry sources. As for buying a plant outright, sources said those plans are in a much earlier stage, given such an endeavor could prove cost prohibitive. A spokesperson for Tesla could not immediately be reached for comment. The FT said a person familiar with chip giant Samsung's [s:kr: 005930] view on direct chip buying by companies said it has production lines for this purpose and would be open to discuss it further.
7:50 a.m. May 26, 2021 - By Tomi Kilgore
Flywire stock takes soars in its public debutShares of Flywire Corp. flew out of the gate Wednesday, as the 's stock opened 41.7% above its initial public offering price. The stock's first trade was $34.00 at 11:36 a.m. Eastern for 1.3 million shares. At that price, the company $3.39 billion. The company said late Tuesday that it raised $250.6 million as its . The stock has pared some gains since the open, and was recently up 35.1%, on a day that the Renaissance IPO ETF rallied 2.2% while the S&P 500 edged up 0.2%.
2:52 a.m. May 26, 2021 - By Tomi Kilgore
Pinduoduo's stock jumps after revenue more than triples to beat expectations by wide marginShares of Pinduoduo Inc. shot up 5.1% in premarket trading Wednesday, after the China-based mobile marketplace reported a narrower-than-expected first-quarter loss and revenue that more than tripled to beat expectations. The net loss narrowed to RMB2.91 billion ($443.5 million), or RMB2.33 a share, from RMB4.12 billion, or RMB3.54 a share, compared with the FactSet consensus for net losses per share of RMB3.35. Excluding nonrecurring items, the adjusted loss was RMB1.89 billion, beating the FactSet loss consensus of RMB2.05 billion. Revenue jumped 239% to RMB22.17 billion ($3.38 billion), well above the FactSet consensus of RMB19.82 billion, as average monthly active users grew 49% to 724.6 million and active buyers increased 31% to 823.8 million. Online marketing services revenue rose 157% to RMB14.11 billion and transaction services revenue grew 180% to RMB2.93 billion. Gross profit as a percentage of sales declined to 51.5% from 72.0%. "Our growing scale gives us both greater capacity and responsibility to live up to our mission to 'benefit all'," said Chief Executive Lei Chen. "We envision Pinduoduo as a platform that not only facilitates the trading of goods and services but also serves as a conduit for turning ideas into solutions to everyday problems." The stock has dropped 26.4% year to date through Tuesday, while the iShares MSCI China ETF has edged up 0.4% and the S&P 500 has gained 11.5%.
2:05 a.m. May 26, 2021 - By Tomi Kilgore
Flywire set to go public after upsized IPO prices at top of expected rangeFlywire Corp. is set to go public Wednesday, after the Boston-based payments enablement and software company's upsized initial public offering priced at the top of the expected range. The company said late Tuesday that it sold 10.44 million shares in the IPO, which priced at $24, to raise $250.6 million, and to be valued at about $2.40 billion. Last week, the company had expected to offer 8.70 million shares . The stock is expected to start trading Wednesday on the Nasdaq under the ticker symbol "FLYW." The company is going public at a time that the Renaissance IPO ETF has lost 10.9% over the past three months while the S&P 500 has gained 9.9%.
1:28 a.m. May 25, 2021 - By Steve Goldstein
German cartel office opens investigation into Alphabet's GoogleThe Bundeskartellamt, Germany's cartel office, said it's opened investigations into Google Germany, Google Ireland and Alphabet . "An ecosystem which extends across various markets may be an indication that a company holds such a market position. It is often very difficult for other companies to challenge this position of power. Due to the large number of digital services offered by Google, such as the Google search engine, YouTube, Google Maps, the Android operating system or the Chrome browser, the company could be considered to be of paramount significance for competition across markets," said Andreas Mundt, president of the Bundeskartellamt. The regulator also has opened probes into Facebook and Amazon .
1:13 a.m. May 24, 2021 - By Steve Goldstein
Solutions 30 shares dive after EY declines to sign off on annual reportShares of Solutions 30 dropped 66% as the auditor EY declined to sign off on its annual report. "We have not been able to obtain sufficient and appropriate evidence supporting the nature, the substance, the value and the compliance with laws and regulations of certain transactions of the Group and to determine if these transactions were made with related parties including with members of Management. Moreover, the Group did not act on our request to perform additional procedures in relation with the investigation performed on behalf of the supervisory board," said the auditor in a statement. Solutions 30 said it strongly disagrees with EY and is considering a new auditor and is considering de-listing.
10:38 a.m. May 21, 2021 - By Tomi Kilgore
S&P 500 companies with more international exposure had greater Q1 revenue growth -- FactSetWith 95% of the S&P 500 components having reported earnings for the latest quarter, year-over-year revenue growth, so far at 10.7%, is on track to be at the highest rate since the third quarter of 2011, according to FactSet senior earnings analyst John Butters. But even with , FactSet data show that companies that generate more than half their revenue from inside the U.S. had revenue growth of 8.9%, or just a little more than half the growth rate -- 16.2% -- of companies with more than 50% of their revenue generated overseas. Of the companies with most revenue from overseas, those with more than 25% of their revenue from the Asia/Pacific region showed growth of 21.6%, while those with more than 25% of their revenue from Europe showed growth of 11.8%. Overall, the sectors with the fastest revenue growth rates were information technology at 21.6% and consumer discretionary at 19.9%, while the lone sector showing at decline was industrials at 0.1%. The S&P 500 , which is up 0.1% in afternoon trading, has rallied 10.8% year to date.
2:46 a.m. May 21, 2021 - By Tomi Kilgore
Yalla stock rallies after $150 million buyback program set, short-seller reports disputed againShares of Yalla Group Ltd. shot up 13.4% in premarket trading Friday, to bounce off a four-month closing low, after the voice-centric social networking platform in the Middle East and North Africa (MENA) announced a $150 million stock repurchase program. The buyback program comes as the company continued to dispute recent allegations by short sellers, saying it "has not placed any robots into any of its chatrooms or otherwise manipulated its MAU [monthly active users] or other operating or financial data." The stock had tumbled 12.9% over the past two sessions, after short seller reports out Wednesday questioned the validity of the company's financial statements. The company responded to the reports late Wednesday, saying the reports contain "numerous errors and distorted, misleading and unsubstantiated claims," and said it stands firmly by the accuracy of its reports. Yalla went public on Sept. 30, at an initial public offering price of $7.50 to value the company at $1.07 billion, with the market capitalization rising to $2.30 billion as of Thursday's close. Since the end of 2020, the stock has gained 11.4%, while the Renaissance IPO ETF has declined 9.6% and the S&P 500 has advanced 10.7%.
7:03 a.m. May 20, 2021 - By Quentin Fottrell
I’ve bitcoin and dogecoin FOMO! ‘I’m too old to sit and hope I can make up for the lost time by safely investing my little bit of money’ ‘I have a $3,000-a-month pension. I am living with my ill father, and I am currently not working and looking for a job. I am going to college using the GI Bill. I am almost 50, and have no 401(k)’‘I have a $3,000-a-month pension. I am living with my ill father, and I am currently not working and looking for a job. I am going to college using the GI Bill. I am almost 50, and have no 401(k).’
4:22 a.m. May 18, 2021 - By Tomi Kilgore
MicroStrategy bought another $10 million worth of bitcoin, now holds over 92,000 bitcoinsMicroStrategy Inc. disclosed Tuesday that it just spent $10.9 million to buy 229 bitcoins, at an average price of $43,663 per bitcoin, including fees. Bitcoin was recently trading up 2.9% at $45,012, according to FactSet, while MicroStrategy's stock was up 1.3% in premarket trading. The enterprise software and bitcoin play, which has said it , said it now holds 92,079 bitcoins, acquired for $2.25 billion at an average purchase price of $24,450 per bitcoin. MicroStrategy shares have tumbled 47.3% over the past three months through Monday, while bitcoin has dropped 12.8%, the SPDR S&P Software & Services ETF has declined 11.4% and the S&P 500 has gained 6.4%.
2:53 a.m. May 18, 2021 - 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%.
6:19 a.m. May 13, 2021 - By Tomi Kilgore
Apple stock bounces back above the 200-day moving average, like it did 13 months agoShares of Apple Inc. rallied 2.4% in morning trading Thursday, to bounce back above the 200-day moving average (DMA), one day after closing below the widely watched technical level . The stock was trading recently at $125.72, after closing Wednesday $122.77, while the 200-DMA rose to $123.12 from $122.96. J.P. Morgan analyst Samik Chatterjee reiterated the overweight rating he's had on the stock for at least nearly four years, citing data showing April iPhone sales in China were better than usual seasonal trends, pointing to continued market share gains. The last time Apple's stock spent time below the 200-DMA was during the post-pandemic lows of late-March to early-April last year. At that time, the stock's first close below the 200-DMA was March 16; the stock bounced 4.4% the next day to close back above it, then closed back below it for the next six sessions, and for the next 10 of 13 sessions. The stock has lost 7.1% over the past three months, while the Nasdaq 100 has declined 4.3% and the Dow Jones Industrial Average has gained 8.2%.
5:13 a.m. May 13, 2021 - By Tomi Kilgore
Amazon hiring 75,000 people, at an average pay of more than $17 an hourAmazon.com Inc. said Thursday that it is hiring 75,000 people in the U.S. and Canada for work in its logistics and fulfillment network. The ecommerce and cloud giant said new hires will be paid an average of more than $17 an hour, and will receive sign-on bonuses of up to $1,000. The new hires will also receive an additional $100 if they show proof of COVID-19 vaccination. Amazon said its locations with the most job openings include Arizona, California, Colorado, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, Pennsylvania, Tennessee, Washington and Wisconsin. The stock, which rose 1.2% in premarket trading, has slipped 3.2% year to date through Wednesday, while the Nasdaq Composite has edged up 1.1% and the S&P 500 has gained 8.2%.
4:16 a.m. May 13, 2021 - By Tomi Kilgore
MicroStrategy buys more bitcoin, stock sinks as bitcoin selloff weighsShares of MicroStrategy Inc. sank 7.5% toward a four-month low in premarket trading Thursday, as the enterprise software company and bitcoin play is being weighed down by the selloff in the cryptocurrency. The company has been seen as a bitcoin play, because the company has been acquiring bitcoin and said it . The company disclosed that it spent $15.0 million to buy about 271 bitcoins on Thursday at an average price of $55,387 per bitcoin, including fees. The company said it now holds about 91,850 bitcoins, purchased for $2.24 billion at an average price of $24,403 per bitcoin. Bitcoin , after Tesla Inc. Chief Executive Elon Musk surprised investors when he said . MicroStrategy's stock has run up 39.5% year to date, while bitcoin has soared 73.0%, the SPDR S&P Software & Services ETF has slipped 2.6% and the S&P 500 has gained 8.2%.
12:03 p.m. May 12, 2021 - By Tomi Kilgore
Apple's stock closes below 200-day moving average for the first time in 13 monthsShares of Apple Inc. fell 2.5% to $122.77 on Wednesday, to close below the widely watched 200-day moving average (DMA) for the first time in 13 months. The 200-DMA is viewed by many chart watchers as a dividing line between uptrends and downtrends. Apple's 200-DMA extended to $122.96 on Wednesday, up from $122.82 on Tuesday, according to FactSet data. The last time the technology giant's stock closed below its 200-DMA was April 3, 2020, to end a 15-day period in which the stock closed below the 200-DMA 11 times. After the first close below the 200-DMA on March 16, 2020, the stock fell another 7.3% to bottom out at a 6-month closing low of $56.09 on March 23, which was 31% below the record close at the time of $81.80 on Feb. 12, 2020. On Wednesday, the stock is 14.2% below the Jan. 26, 2021 record close of $143.16. Meanwhile, the Nasdaq Composite closed at 13,031.68 and the Dow Jones Industrial Average ended at 33,587.07, both well above their respective 200-DMAs at 12,451.78 and 30,215.15.
8:08 a.m. May 12, 2021 - By Tomi Kilgore
Global-e stock opens below IPO price, then bounces back above itGlobal-e Online Ltd. received a less-than-enthusiastic reception on its public debut, as the direct-to-consumer, cross-border ecommerce platform company's stock opened 3% below its initial public offering price before trading higher, on a big down day for the broader market. The stock's first trade was at $24.25 at 11:56 a.m. Eastern for 1.7 million shares. The , which was at the top of the expected range of between $23 and $25 a share, as the company raised $375.0 million. At the stock's first trade, the company was valued at $3.45 billion. The stock has bounced above the IPO price since the open, as it was recently trading up 1.2% at $25.29. The company went public on a day that the Renaissance IPO ETF dropped 3.7% and the S&P 500 sank 1.5%.
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%.
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