Tag: stock market

Stitch Fix Inc. , a subscription-clothing service startup, filed for an initial public offering Thursday that could test investors’ appetite for subscription models after a tough first few months for Blue Apron Holdings Inc. In its filing with the Securities and Exchange Commission, Stitch Fix said it was targeting $100 million in proceeds, but that is typically a placeholder figure that will be replaced on subsequent filings. The company, which claims it is “reinventing the shopping experience by delivering one-to-one personalization to our clients through the combination of data science and human judgment,” intends to list under the ticker symbol SFIX on the Nasdaq exchange. Financial information shared in the filing show very strong revenue gains, from net revenue of $73.2 million in its 2014 fiscal year to $342.8 million in 2015, $730.3 million in 2016 and $977.1 million in the 2017 fiscal year, which ended July 31. Stitch Fix turned a profit in its 2015 and 2016 fiscal years, $20.9 million and $33.2 million in net income respectively, but slipped back to a loss of less than $600,000 last year. Goldman Sachs and J.P. Morgan will lead the offering, which will offer shares with lesser voting rights than those held by early investors and executives.

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Oil fell Thursday as worries about growth in U.S. crude production offset support from risks to global supplies from Middle East tensions, pulling prices away from their highest level in weeks. November West Texas Intermediate crude fell 75 cents, or 1.4%, to settle at $51.29 a barrel on the New York Mercantile Exchange, marking the contract’s first decline in five sessions.

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The largest exchange-traded fund to track the New Zealand equity market fell on Thursday, following news that its Labour Party has secured a coalition to lead the government after no single party managed to win enough votes for an outright majority in last month’s election. The iShares MSCI New Zealand Capped ETF lost 2.2%, dropping in its biggest one-day percentage decline since June. Trading on the fund was heavy, with more than 33,000 shares changing hands, above the 30-day average of about 24,400, according to FactSet data. The new coalition, led by 37 year-old Jacinda Ardern, is seen as raising questions about the outlook for the New Zealand economy. Separately, the New Zealand dollar sank to a five-month low. Despite the drop on the day, the fund remains up by about 17% for 2017. The S&P 500 is up 14.3% while the Dow Jones Industrial Average has gained 17.1%.

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Gold prices settled higher Thursday for the first time in four sessions, with weakness in the dollar and a decline in U.S. equities buoyed the metal’s haven appeal to investors. The yellow metal also got a boost amid rising political drama in the eurozone. Spain is expected to make a move Saturday to suspend Catalonia’s automony after the region’s leaders failed to drop a push for independence. December gold tacked on $7, or 0.6%, to settle at $1,290 an ounce.

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Tesla Inc. Model 3, the Silicon Valley’s auto maker first electric car aimed at the masses, is likely to earn an “average” reliability score from Consumer Reports, the magazine said Thursday. That’s based on extrapolating data reported by Model S owners, since the Model 3 shares much of its technology with the luxury sedan, Consumer Reports said. Consumer Reports doesn’t yet have data specifically from Model 3 owners, it said. “Electric vehicles are inherently less complicated than gasoline or hybrid alternatives. The Model 3 is the
least complicated Tesla yet, and should benefit from what Tesla has learned from the Model S,” Jake Fisher, director of auto testing at Consumer Reports, said in a statement. According to a statement obtained by The Wall Street Journal, Tesla said the magazine has not yet driven a Model 3 and didn’t know anything substantial about how the sedan was designed and engineered. Shares of Tesla fell 2% on Thursday.

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Sens. Lamar Alexander and Patty Murray announced from the Senate floor that their bipartisan bill that would, among other things, make cost-sharing payments to insurers has 12 Democrat and 12 Republican co-sponsors. “Our purpose is to stabilize and then lower the costs of premiums in the individual insurance market for the year 2018 and 2019,” he said. Alexander noted that the Republican repeal-and-replace bill that passed the House would’ve continued the cost-sharing payments for two years.

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Under Armour Inc. said Thursday that it has launched its first subscription box service, ArmourBox, that will ship product recommendations chosen by a stylist to customers every 30, 60 or 90 days. There are no styling, shipping or return fees, the company said. Customers can try the items for a week, pay for what they want and send back what they don’t. Shoppers get 20% off if they keep the entire shipment. Each box will contain outfits customized to a shopper’s personal style, from running to golf and more, based on a personal profile and help from an “official outfitter,” purchase data from the company’s website and Under Armour’s Connected Fitness program, and its artificial intelligence (AI) system. Under Armour shares are nearly flat in Thursday trading, and down 58% for the last year. The S&P 500 index is up 19.2% for the past 12 months.

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President Donald Trump said Thursday “we have the votes” on a Senate budget plan that would set the stage for passing tax legislation later this year. The Senate is expected to vote late Thursday or early Friday morning on the budget, which would allow tax cuts to pass with only Republican votes. Earlier, Trump had said on Twitter “I think we have the votes, but who knows?” Trump made the comments to reporters in the Oval Office, as he met with Puerto Rico Gov. Ricardo Rossello.

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Adobe Systems Inc. stock hit record highs in Thursday’s session, after the software company provided preliminary forecasts for its 2018 fiscal year Wednesday afternoon. At its annual Adobe Max conference in Las Vegas, executives said they expect revenue to increase 20% in 2018 to about $8.7 billion and adjusted earnings to increase to $5.50 a share from this year’s estimated annual total $3.75 a share. Analysts had expected profit in 2018 to be about $5.20, according to average estimates compiled by FactSet, though that average was quickly moving higher as notes poured in Thursday morning. “Better FY18 guidance, pricing power and pace of innovation reminds us how good a business Adobe is,” praised RBC Capital Markets analysts, who raised their price target to $177 from $157 and maintained an outperform rating. Adobe shares moved as high as $170.29 in Thursday’s morning trading session, 11.3% higher than Wednesday’s closing price and an all-time intraday record. Adobe shares have gained 64.8% this year, as the S&P 500 has increased 14.4%.

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Ride-sharing service Lyft said Thursday it has raised another $1 billion in funding in a round led by Google parent Alphabet Inc.’s CapitalG, the company said in a blog post. CapitalG Partner David Lawee is joining the Lyft board as part of the deal, which has given Lyft a valuation of $11 billion. The Uber rival said its service is now available to 95% of the U.S. population, up sharply from 54% at the start of the year. Uber’s latest valuation is $68 billion, according to The Wall Street Journal’s Billion Dollar club.

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