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☆ Stocks making the biggest moves midday: Instacart, Disney, Planet Fitness, Rackspace and more
▼ + stars: | 2023-09-19 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Starbucks — Shares fell 2% in midday trading following a downgrade to market perform from TD Cowen. Instacart — The grocery delivery stock roared out the gates as it debuted on the public market midday Tuesday, with shares popping about 12.3% and closing at $33.70. Planet Fitness — Shares of the gym franchise slid 4.2% after JPMorgan downgraded the stock to a neutral rating from overweight. The Wall Street firm also upgraded Carnival to hold from sell, sending shares nearly 0.5% higher. Raymond James earlier upgraded Rackspace to outperform from market perform and said it likes the company management's execution.

Persons: TD Cowen, Andrew Charles, George Wang, Evercore, Chris Rondeau, Lab's, Lazard, Goldman Sachs, Raymond James, — CNBC's Brian Evans, Jesse Pound, Samantha Subin, Yun Li, Lisa Kailai Han, Michelle Fox Organizations: Starbucks, Disney, Barclays, Deere, JPMorgan, Bank of America, Truist, Technology Locations: Alhambra , California, Los Angeles, China, New Zealand

☆ Bank stocks show more signs of life after a tumultuous year. Here's what's causing the run and why we’re optimistic on these financial names
▼ + stars: | 2023-09-19 | by ( Morgan Chittum | ) www.cnbc.com time to read: +9 min

Key Points Club names Wells Fargo and Morgan Stanley still have room to run higher. Morgan Stanley and Wells Fargo were up 6.2% and 5% in the past five days, respectively, as of Monday's close. WFC YTD mountain Wells Fargo YTD Wells Fargo doesn't stand to benefit quite as much as Morgan Stanley on a pickup in investment banking. Wells Fargo Chief Financial Officer Michael Santomassimo said the macroeconomic picture is "much better than people would have expected at this point." A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Morgan Stanley, Wells, Banks, SVB, Wells Fargo, haven't, Chris Kotowski, Oppenheimer, Kotowski, Morgan Stanley YTD, Dan Simkowitz, Simkowitz, Morgan, management's, Michael Santomassimo, Jeff Marks, Jim Cramer's, Jim Cramer, Jim, JPMorgan, Goldman Sachs Organizations: Wall Street, Nasdaq, Venture, Arm Holdings, Wells, Silicon Valley Bank, Federal Reserve, Swiss, UBS, Credit Suisse, CNBC, Barclays Financial Conference, of Investment, Barclays, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: San Francisco, Sequoia, Silicon, Republic, Big, Wells Fargo, Wells

With short sellers looking to profit from the stock, it closed at $55.17 after touching a high of $69 on Friday. Arm shares underperformed the Philadelphia semiconductor index (.SOX), which closed down 0.96% on Tuesday as rising bond yields weighed on growth sectors such as technology. Short sellers need to borrow a stock to short it, and the relationship between shares on loan and shorted is normally quite close, according to Ortex. By comparison, Tesla (TSLA.O), a stock with a similar percentage of shorted shares, has a cost to borrow at 0.48%, Ortex said. Arm's higher cost to borrow "can be an indication that the demand to borrow, and short, the stock is high," Hillerberg said.

Persons: Dado Ruvic, Daniel Morgan, Morgan, Thomas Martin, Ortex, Peter Hillerberg, Hillerberg, Needham, Lewis Krauskopf, Sinéad Carew, Lisa Bernhard, Mark Potter, Matthew Lewis Organizations: REUTERS, Arm Holdings, ARM, Nvidia, GLOBALT Investments, Bernstein, underwriters, Klaviyo Inc, Thomson Locations: Philadelphia, Atlanta, New York

☆ U.S. stocks close lower as investors take cover ahead of Fed decision
▼ + stars: | 2023-09-19 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three indexes ended the session lower in a broad sell-off ahead of the Fed's interest rate announcement on Wednesday, which is expected to culminate in a decision to leave key interest rates unchanged. The Fed is also due to release its Summary Economic Projections, including its dot plot, which should provide a glimpse into the Federal Open Markets Committee's forecast trajectory of interest rates, inflation and economic growth. On the economic front, a jump in Canada's annual inflation rate due to rising gasoline prices, and a bigger-than-expected plunge in U.S. housing starts helped feed investor uncertainty. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Starbucks (SBUX.O) lost ground following TD Cowen's decision to downgrade the coffee chain's shares to "underperform."

Persons: Bill Northey, Helena Montana, Northey, Michael Green, Brendan McDermid, Walt Disney, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: Disney, Dow, Nasdaq, U.S . Federal Reserve, Federal Reserve, U.S, Bank Wealth Management, Federal, Management, Fed, Maplebear Inc, chipmaker, Holdings, New York Stock Exchange, REUTERS, Arm Holdings, Dow Jones, Starbucks, General Motors, Ford Motor, United Auto Workers, NYSE, Thomson Locations: Helena, Philadelphia, New York City, U.S, Bengaluru

☆ Instacart soars 40% in its trading debut
▼ + stars: | 2023-09-19 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Instacart started trading Tuesday, opening at $42 per share and propelling the grocery-delivery company to a market valuation of just over $11 billion. Trading under the ticker CART, Instacart had set a price of $30 per share for its initial public offering. The company might get a warm response from investors, who gave UK-based chip designer Arm a successful Nasdaq debut last week. That stock finished its first day of trading 25% higher, landing the company with a market cap of around $65 billion. Arm was the largest public offering in two years, after Rivian made its trading debut.

Persons: New York CNN — Instacart, Instacart, “, Rivian Organizations: New, New York CNN, Walmart, Nasdaq Locations: New York, Amazon

☆ Instacart's CEO, Sequoia's Michael Moritz and D1's Daniel Sundheim have broken open the locked IPO market. Here's how much money they made.
▼ + stars: | 2023-09-19 | by ( Madeline Renbarger | Samantha Stokes | Vishal Persaud | ) www.businessinsider.com time to read: 1 min

Instacart went public on Tuesday after raising $924 million in its IPO. Many of Instacart's executives, founders, and investors stand to make millions. Instacart's cofounder Apoorva Mehta and CEO Fidji Simo's stakes are worth $1.2 billion and $21.6 million. After a long lull in the IPO market, Instacart has jumped in as one of the first companies to break the tech IPO drought of the past two years and go public. This story is available exclusively to Insider subscribers.

Persons: Instacart, Apoorva Mehta, Fidji, Brandon Leonardo, Max Mullen, Fidji Simo Organizations: Instacart's

☆ Is the IPO market really opening up? Many companies may be unwilling to accept lower valuations
▼ + stars: | 2023-09-19 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Is the IPO market really opening up? Over the weekend, Goldman Sachs' chief U.S. equity strategist David Kostin said the IPO market was becoming more "normalized," meaning issuance was starting to pick up. That means investors are looking for 1) much lower valuations, and 2) profitability. How excited are they about this "reopening" and much lower valuations? Lower valuations for investors and venture capital The good news is, lower valuations give investors on the first day of trading a greater chance at making money after trading starts.

Persons: Goldman Sachs, David Kostin, Kostin, Goldman's Kostin, Eric Bellomo, PitchBook's, FactSet, Nizar Tarhuni, Instacart, Catalyst, Rowe Price, you'll, Goldman, What's, Nizar Organizations: DST Global Locations: IPOs

☆ As Instacart goes public, it's no victory lap for founder Apoorva Mehta
▼ + stars: | 2023-09-19 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +10 min

Mehta was replaced as CEO of Instacart in July 2021 following a messy dispute with some of the company's largest investors. Instacart Founder Apoorva Mehta in his 2003 yearbook photo from Westdale Secondary School. The app started gaining momentum and Mehta put out ads on Craigslist for shoppers to do the grocery runs for him. Whole Foods reportedly broke the news to Mehta and a fellow Instacart executive on an early morning call. In a sworn affidavit, Mehta denies that he misappropriated any trade secrets and says he's since cut ties with Singh.

Persons: Apoorva Mehta, Mehta, Safeway Mehta, Hamilton Public Library Mehta, Bing Gordon, Kleiner Perkins, Gordon, he'd, Garry Tan, Tan, Garry, Andreessen Horowitz, catapulting Mehta, Forbes, Instacart, Mike Moritz, Fidji Simo, Simo, That's, Mehta's, he's, Tejasvi, Singh, Sam Bankman, NextMed, it's Organizations: Instacart, Safeway, Westdale Secondary, Hamilton Public Library, The University of Waterloo, Amazon, NPR, Electronic Arts, YC, TechCrunch, Sequoia Capital, Khosla Ventures, Forbes, Foods, Costco, Kroger, Facebook, Sunrise Locations: India, Libya, Hamilton , Ontario, Toronto, Seattle, San Francisco, wallowing, Sequoia, Mehta's, Marin County

☆ It's time for companies with strong cash flows to go public, says early Instacart investor Garry Tan
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's time for companies with strong cash flows to go public, says early Instacart investor Garry TanGarry Tan, Y Combinator CEO, joins 'Closing Bell Overtime' to talk Instacart's IPO, what's ahead for the company, Instacart's founder, the IPO market-at-large and more.

Persons: Garry Tan Garry Tan, Y

Initial public offerings are back, warts and all. After a two-year dearth of new listings, shares of the grocery delivery company Instacart closed their first day of trading on Tuesday at $33.70, up 12 percent from their initial public offering price of $30. The performance signaled that investors were eager to take a chance on young tech companies — but only at the right price. But even with the early stock price pop, the company’s valuation remained a far cry from the $39 billion that investors assigned it in the private market in 2021. “The markets will always ebb and flow,” she said, adding that she was more focused on what she could control.

Persons: Fidji Simo

☆ Big deals are coming in the IPO market, says EY
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBig deals are coming in the IPO market, says EYRingo Choi, Asia Pacific IPO leader at EY, discusses Arm's recent initial public offering and what to expect from Instacart's.

Persons: EY Ringo Choi Locations: Asia Pacific

☆ Instacart shares start trading on Nasdaq at $42
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInstacart shares start trading on Nasdaq at $42Instacart shares popped 40% in their market debut on Tuesday, opening at $42. CNBC's Kristina Partsinevelos has the details.

Persons: CNBC's Kristina Partsinevelos Organizations: Nasdaq

☆ Instacart awaits its first trade as price rests around $42
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInstacart awaits its first trade as price rests around $42CNBC's Deirdre Bosa reports on the latest news from Instacart.

Persons: Deirdre Bosa Locations: Instacart

☆ Instacart begins trading: What investors need to know
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInstacart begins trading: What investors need to knowSam Lessin, Slow Ventures co-founder, Dan Primack, business editor at Axios, joins 'The Exchange' to discuss Instacart as the company started trading on Tuesday, why advertising business matters to the grocery-delivery company, and more.

Persons: Sam Lessin, Dan Primack Organizations: Slow Ventures

☆ Deepwater's Gene Munster is betting on Uber over Instacart
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeepwater's Gene Munster is betting on Uber over InstacartGene Munster, Deepwater Asset Management managing partner, joins 'Closing Bell' to discuss Instacart as the company's stock pops on the first day of trade.

Persons: Deepwater's Gene Munster, Instacart Gene Munster Organizations: Deepwater's, Instacart, Deepwater Asset Management

☆ Cramer examines Instacart's IPO, says he's 'torn' on the stock
▼ + stars: | 2023-09-19 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

"I've got to tell you, I'm kind of torn," he continued, adding that there's a clear bull and bear thesis for the stock. But Instacart's turn toward profitability means its growth has slowed, Cramer added. Its revenue increased 15% in the second quarter, down from 40% growth in the year-earlier period, CNBC reported. Cramer said he wonders whether there's some "window dressing" in the company's pivot to profitability and if it can sustain growth like it did before the IPO. "Instacart's got a good brand name, but it's hard for me to get super excited about it at these levels," Cramer said.

Persons: CNBC's Jim Cramer, he's, Cramer, I've, Instacart's, you've Organizations: CNBC Locations: Tuesday's, U.S

☆ Instacart's biggest IPO twist: Tech trying to go public as a value stock
▼ + stars: | 2023-09-18 | by ( Tim Mullaney | ) www.cnbc.com time to read: +9 min

At the top of the latest IPO price range, the enterprise value would be 16x EBITDA. The right valuation for Instacart depends on where the ultimate rate of sales growth falls, Einhorn said. Including the cash on the company's balance sheet, that values Instacart at about three times EBITDA – way below DoorDash's valuation. Even that would value the company at only seven times 2025 EBITDA, and about 14 times EBITDA from the last four quarters, still a sharp discount to DoorDash. So in a twist few would have predicted in 2020 or 2021, Instacart is trying to go public as a value stock, carefully managed to wring the best results from potentially modest growth.

Persons: Instacart, –, Einhorn, Matt Einhorn, Mark Mahaney, DoorDash, Nicholas Cauley, Cauley, Covid, Nick Giovanni, Giovanni, EBITDA Organizations: Renaissance Capital, San Francisco, ISI, Walmart, Kroger, Aldi, Omicron, Gross Locations: DoorDash, EBITDA, York

Instacart on Monday priced its initial public offering of stock at $30 a share, raising $660 million for the grocery delivery company. San Francisco-based Instacart sold 22 million shares in the IPO. The price gives Instacart a market value of around $10 billion. Instacart is the market leader among third-party grocery delivery companies, according to YipitData, a market research firm. Political Cartoons View All 1167 ImagesInstacart provides delivery and pickup from 85% of U.S. grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers.

Persons: Instacart, Uber Organizations: Nasdaq, Instacart, Arm Holdings, Walmart Locations: San Francisco, U.K, U.S

☆ Klaviyo raises IPO price range, aiming for $9 billion valuation
▼ + stars: | 2023-09-18 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

Klaviyo is targeting a fully diluted valuation of up to $9 billion in its initial public offering after it raised the proposed price range of its shares in a filing on Monday. The marketing automation company estimated in the filing that its IPO price will fall between $27 and $29, up from the $25 to $27 range it previously estimated. Klaviyo's IPO comes after a yearslong stretch of very few significant venture-backed tech offerings. It follows Instacart's IPO announcement and Arm's debut, showing an early sign that tech offerings could be making a comeback. WATCH: Tech firm Klaviyo files for IPO

Persons: Klaviyo, —, Annie Palmer Organizations: New York Stock Exchange, Shopify

☆ I wouldn't touch the Instacart IPO 'with a 10-foot pole', says David Bahnsen
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI wouldn't touch the Instacart IPO 'with a 10-foot pole', says David BahnsenDavid Bahnsen, The Bahnsen Group founder, and Chris Harvey, Wells Fargo Securities head of equity strategy, joins 'Closing Bell Overtime' to talk Instacart's possible pricing, the day's market action and more.

Persons: David Bahnsen David Bahnsen, Chris Harvey Organizations: Bahnsen, Wells, Wells Fargo Securities Locations: Wells Fargo

☆ The tech IPO market is back and deal valuations are rising. Don't get fooled again
▼ + stars: | 2023-09-18 | by ( Mallika Mitra | ) www.cnbc.com time to read: +2 min

As tech startups test the IPO market again, they are pushing up their valuations. In upping IPO ranges, tech stocks are still coming out humbled by the post-2021 IPO market slump. Instacart and Klaviyo are both expected to make their debuts on the public market as soon as this week. Arm's jump of nearly 25% during its first trading day Thursday marked the end of a quiet two years for tech IPOs. "This has been the slowest IPO market in over a decade and we seem to be finally coming out of that."

Persons: Matt Kennedy, Ray Wang, Wang Organizations: Renaissance Capital, Constellation Research Locations: Silicon

☆ Instacart prices IPO at $30 a share, valuing grocery-delivery company at about $10 billion
▼ + stars: | 2023-09-18 | by ( Ari Levy | ) www.cnbc.com time to read: +4 min

Instacart, the grocery-delivery company that saw its business boom during the pandemic, priced its long-awaited IPO at $30 a share on Monday, and will become the first notable venture-backed tech company to hit the U.S. public market since December 2021. There were 22 million shares sold in the initial public offering, with 14.1 million coming from the company and 7.9 million from existing shareholders. Instacart co-founder Apoorva Mehta owns shares worth over $800 million, and is selling a small portion of them in the IPO. The company said co-founders Brandon Leonardo and Maxwell Mullen are each selling 1.5 million, while Mehta is selling 700,000. Former employees, including those who were in executive roles as well as in product and engineering, are selling a combined 3.2 million shares.

Persons: Instacart, Andreessen Horowitz, Rowe Price, Apoorva Mehta, Mehta, Fidji Simo, Simo, Goldman Sachs, JPMorgan Chase, Brandon Leonardo, Maxwell Mullen Organizations: Nasdaq, Kroger, Costco, Sequoia, Fidelity, Target, Walmart, Facebook, JPMorgan Locations: Amazon

☆ Instacart planning to sell shares in IPO for $30 or more - Bloomberg News
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

Sept 18 (Reuters) - Grocery delivery app Instacart is planning to sell shares in its initial public offering (IPO) for $30 apiece and perhaps more, Bloomberg Newsreported on Monday, citing people familiar with the matter. The company is heading to the bourse almost three years after it kicked off preparations for going public. Instacart on Friday raised its proposed price range for its IPO, offering to sell 22 million shares now at $28 to $30 each compared to its previous price range of $26 to $28 each. San Francisco-based Instacart is in talks to price the shares at the top of that range or potentially higher at $31, according to Bloomberg. Instacart, which filed for the IPO as "Maplebear," declined to comment.

Persons: Bloomberg Newsreported, Instacart, Arunima Kumar, Shweta Agarwal Organizations: Bloomberg, bourse, Arm Holdings, Instacart, Thomson Locations: San Francisco, Bengaluru

☆ Getir emerged as a tentative winner in Europe's pandemic-fueled rapid-delivery sector. But it still faces sizable threats.
▼ + stars: | 2023-09-18 | by ( Riddhi Kanetkar | Callum Burroughs | ) www.businessinsider.com time to read: +8 min

In March 2022, Nazım Salur invited thousands of Getir employees to a Zoom meeting to celebrate its newfound "decacorn" status. However, as soaring inflation and rising interest rates began to hobble the tech sector, investors became far less forgiving of businesses that had oriented themselves more toward growth than sustainability. In December 2021, The Guardian reported that Getir had offered customers a deal where they could get £15 off if they spent £16. About 21 rapid-delivery startups were operating across Europe in 2021, with Getir joined by the German outfits Gorillas and Flink, as well as the British startup Zapp. Getir tentatively emerged as the winner in the rapid-delivery sector when it bought its main competitor, Gorillas , in a heavily discounted deal for $1.2 billion in December.

Persons: Nazım Salur, Nazım, Getir, Blok, London's, Alexi Rosenfeld, they've, Adam Neumann, Michael Moritz Organizations: Tiger Global, Mubadala, Financial Times, Getir, TechCrunch, Guardian, DST Global, Gorillas, Abu Dhabi Growth Fund, Google, PayPal Locations: Spanish, Berlin, Turkey, Turkish, Germany, Netherlands, Istanbul, Turkey's, Europe, British, Abu Dhabi

Instacart on Monday priced its shares at $30 each for its initial public offering, at the top of its expected range, in a sign of renewed demand for tech stocks. The San Francisco-based grocery delivery company had estimated that its shares would be priced at $28 to $30 a share. Instacart raised $660 million in the offering and was valued at $9.9 billion, significantly below its last private fund-raising round in 2021, which valued the company at $39 billion. Many companies that raised money during the boom times of 2020 and 2021 have slashed their soaring valuations over the last year. Before last week, this had been the worst year for I.P.O.s since 2009, according to EquityZen, a marketplace for private stocks.

Persons: Instacart Organizations: Nasdaq, I.P.O.s Locations: San Francisco

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