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IPower Inc. received a nice reception in its public debut Wednesday, even after the seller of hydroponic equipment’s initial public offering priced below the recently lowered expected range. The stock’s first trade was at $5.66 at 11:37 a.m. ET for 228,400 shares, which was 13.2% above the IPO price of $5 a share. The IPO was priced below the expected range of between $7 and $9 a share, which was lowered last week from a previously expected range of between $9 and $11 a share. At that opening price, the company was valued at $139.3 million. The stock has added slightly to its gains since the open, to recently trade up 15.0% at $5.75. The stock’s positive open occurred on a day that the Renaissance IPO ETF slumped 3.0% and the SP 500 dropped 1.2%.
The U.S. lags far behind other countries in installed wind capacity, but more wind farms off the East Coast may now move forward.
This isn’t a return to the 1970s.
‘I blocked my ex-in-laws, and now I received a threatening voicemail from a blocked number, so I’ve taken it upon myself to notify the authorities.’
Prominent investor Bill Ackman offers a rather muddled take on digital assets during a virtual event on Wednesday, but the upshot may be that he views them as a challenge for some investors because they have “no inherent value.”
Lithuania-based Vinted has been valued at €3.5 billion ($4.2 billion) in its latest fundraising round, highlighting growing investor appetite for sustainable fashion.
The Energy Information Administration reported Wednesday that U.S. crude inventories edged lower by 400,000 barrels for the week ended May 7. On average, analysts polled by SP Global Platts forecast a decline of 4.1 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 2.5 million-barrel decline, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub down by 400,000 barrels for the week. The EIA reported that gasoline supply rose by 400,000 barrels, while distillate stockpiles fell 1.7 million barrels for the week. The SP Global Platts survey had expected a weekly supply climb of 700,000 barrels for gasoline and 2 million-barrel decline for distillates. Oil prices held onto their earlier gains, with June West Texas Intermediate crude up $1.20, or 1.8%, at $66.48 a barrel on the New York Mercantile Exchange. Prices were trading at $66.36 before the supply data.
IPower Inc. is set to go public Wednesday, after the California-based supplier hydroponic equipment, which are used by its consumers to grow vegetables, fruit, flowers and cannabis, said its initial public offering priced at $5 a share, which was below the recently lowered expected range of between $7 and $9 a share. The company raise $16.8 million as it sold 3.36 million shares in the IPO, that’s up from an expected 3.00 million share offering as of May 7. When the company initially set terms for its IPO on April 27, the company said it was offering 5.00 million shares at an expected pricing of between $9 and $11 a share. With 24.6 million shares outstanding after the IPO, the pricing values the company at $123.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol “IPW.” D.A. Davidson, Roth Capital Partners and Tiger Brokers were the underwriters. For the six months ended Dec. 31, 2020, the company reported net income of $1.34 million on revenue of $26.21 million, after income of $577,222 on revenue of $15.51 million in the same period a year ago. The company is going public on a day that the Renaissance IPO ETF was shedding 2.2% and the SP 500 was down 1.0%.
Domino’s Pizza trades in record territory Wednesday, popping into positive territory after Bill Ackman, who runs hedge fund Pershing Square Capital, said he had taken a 6% stake in the pizza retailer. Ackman was speaking at a virtual event hosted by the Wall Street Journal, called the Future of Everything Festival. Shares of Domino’s were at $437, surprassing its May 4 record at $433.99, FactSet data show.
Grocery Outlet stock slumped nearly 12% in Wednesday trading after earnings.
The global tally of confirmed cases of the coronavirus-borne illness COVID-19 edged closer to 160 million on Wednesday, as an independent panel said the crisis was preventable if world leaders had better coordinated their response and moved faster to limit illness and deaths.
Shares of Array Technologies Inc. plummeted 32.8% to pace all Nasdaq decliners, putting them on track to close below their IPO price for the first time, after the maker of ground-mounting systems used in solar energy projects missed first-quarter profit expectations and withdrew its full-year outlook citing continued increases in steel and freight costs. The company went public on Oct. 15 at an IPO price of $22 a share, and the stock closed as high as $51.05 on Jan. 22 before starting to sell off. The company reported late Tuesday net income that fell to $2.9 million, or 2 cents a share, from $73.7 million, or 61 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 19 cents, below the FactSet consensus of 20 cents. Revenue dropped 44% to $245.9 million, due primarily to a reduction in the amount of investment tax credit (ITC) safe harbor-related shipments, but beat the FactSet consensus of $238.8 million. Gross margin decreased to 18% from 27%, amid higher input costs due to a “rapid increase in commodity prices and greater freight costs resulting in part from disruptions caused by the winter storm in Texas, as well as port closures and congestion.” The stock has now tumbled 62.2% over the past three months, while the Renaissance IPO ETF has shed 26.2% and the SP 500 has gained 4.8%.
Stocks opened lower Wednesday, with the tech-heavy Nasdaq Composite leading major benchmarks to the downside after data showed a stronger-than-expected jump in the April consumer-price index. The Dow Jones Industrial Average dropped 79 points, or 0.2%, to 34,190, while the SP 500 fell 0.5% to 4,130. The Nasdaq dropped 1% to 13,244. April CPI rose 0.8% to match the biggest monthly increase since 2009, the government said. Economists had expected a reading of 0.2%. The rate of inflation over the past year jumped to 4.2% from 2.6% in the prior month – the highest level since 2008.