Breaking News
Sep 20, 2023
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Instacart declined 4.3% to $32.65 on the second day of trading after the grocery delivery company priced its initial public offering at $30 a share and struggled to hold its early gains on the first day.
The company sold 30 million shares in the public offering but all shares changed hands on the first day of trading, suggesting that stock may face more headwinds in the next few weeks. -
Pinterest Inc rose 4.3% to $27.34 after the company forecasted annual revenue growth to accelerate following the slowdown in 2022 and 2023.
The company laid out its future plans in its first investor day On Tuesday. -
Coty Inc increased 5.7% to $12.12 after the cosmetic company lifted its full-year 2024 outlook and said comparable sales to grow in the range between 8% and 10% from its previous estimate between 6% and 8%.
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The Federal Reserve said it will hold the fed funds target range at 22-year high between 5.25% and 5.50% but also held out for another rate hike later in the year, after the conclusion of two-day meeting.
Policymakers appeared divided after mixed economic signals, but committee members prefer more restrictive interest rate policy in future.
The Fed's projection released showed that policymakers are likely to increase rates higher one more time at the next meeting in November, but are also estimating fewer rate cuts in 2024.
Policymakers now estimate the fed funds rate at 5.6% by the year's end, the same as in the June forecast, while rates are expected to be higher at 5.1% in 2024, compared to 4.6% estimated at the end of June meeting.
Committee members sharply revised higher economic growth outlook to 2.1% from the previous estimate of 1.0% released in June, and 2024 GDP rate of 1.5% compared to 1.1%. -
Rocket Lab USA Inc dropped 18% to $4.12 after the company's uncrewed launched failed in the early hours of Tuesday morning.
The company confirmed that its 41st Electron rocket launch off the coast of New Zealand failed after two minutes and 30 seconds in flight carrying the Acadia 2 satellite for Capella Space based in San Francisco.
The company also said it plans to postpone its next space launch and will revise lower its third quarter revenue outlook.
Rocket Lab had 19 successful launches in a row since May 2021 and is now the second most active rocket launch company in the U.S., trailing only to Space X owned by Elon Musk. -
Maplebear Inc, parent of the delivery service provider Instacart, priced its initial public offering at $30 a share, at the upper end of its price range, and raise about $600 million.
The offering valued the company at $9.9 billion and and just days before PepsiCo agreed to invest $175 million in the delivery service company with an annual revenue of $2.5 billion in 2022 and net profit of $428 million. -
Walt Disney Co decreased 3.2% to $82.23 after the company said in a SEC filing that it plans to double its investment in theme parks and cruise business to $60 billion over the next decade.
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Adobe Inc declined 3.5% to $533 after the graphic design software developer reported fiscal third quarter results that matched investor expectations.
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Nucor Corporation declined 2.1% to $162.05 after the specialty steelmaker forecasted third quarter earnings to decline primarily because of lower prices and falling volumes.
Nucor expects third quarter earnings per share to be in the range of $4.10 to $4.20 per diluted share, second quarter net earning was $5.81 and $6.50 in the third quarter of 2022. -
Arm Holdings increased 3.6% to $65.89 and extended gains for the second day in a row after the advanced chip design company priced its initial public offer at $51 a share and raised $4.9 billion.
Sep 19, 2023
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