Wednesday, April 17, 2019
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WHAT TO WATCH
Two highly-anticipated tech companies are expected to price their public offerings this evening, Pinterest and Zoom.
Online pinboard company Pinterest lowered its pricing range to between $15 to $17 per share last week as it kicked off its roadshow. That pricing range values the company at around $11 billion at the high end of the range, below its private valuation of $12 billion in 2017. Pinterest will be listing on the New York Stock Exchange under the ticker “PINS.”
Moreover, videoconferencing company Zoom boosted its IPO price range Tuesday as the tech company prepares to list on the Nasdaq Thursday morning. According to a filing, Zoom plans to list its shares anywhere between $33 and $35 per share, and the stock will trade under the ticker “ZM.” At the high end of that range, Zoom would be valued at about $9 billion. Unlike other unicorns looking to hit the public market, Zoom is a profitable company. The company posted gross profits of nearly $270 million in 2018.
TOP NEWS
Netflix stock whipsaws after weak 2Q guidance: Shares of streaming giant Netflix (NFLX) fell after the company delivered disappointing guidance for the fiscal second quarter, overshadowing strong subscriber additions for the first three months of the year. [Yahoo Finance]
Also: Why Netflix stock deserves to be shredded [Yahoo Finance]
China's economy grew faster than expected: Official figures showed that the world’s second largest economy expanded at 6.4% in the first quarter from a year earlier — beating a Reuters forecast of 6.3%. Industrial output surged 8.5% year-on-year in March and retail sales also jumped by 8.7% year-on-year. [Yahoo Finance UK]
Qualcomm stock jumps 23% on surprise settlement with Apple: Qualcomm Inc. (QCOM) on Tuesday won a major victory in its wide-ranging legal dispute with Apple Inc. (AAPL) as the companies reached a surprise settlement that called for the iPhone to once again use Qualcomm modem chips. [Reuters]
Justice Department tells T-Mobile, Sprint it has concerns about merger: The U.S. Justice Department has told T-Mobile US Inc. (TMUS) and Sprint Corp. (S) that it opposes their planned $26 billion merger in its current form, a source familiar with the matter said on Tuesday, though a final decision has not been made. [Reuters]
Also: T-Mobile CEO defends Sprint merger as opposition mounts [Bloomberg]
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