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4 key takeaways from Reddit’s IPO filing
43 minutes ago
Reddit filed for an initial public offering (IPO) with the New York Stock Exchange (NYSE) this week, trading under the symbol RDDT. The company initially aimed to go public in the second half of 2021.
A filing with the Securities and Exchange Commission (SEC) on Thursday provided insight into Reddit’s finances and business. Investing in cryptocurrencies. He is an artificial intelligence (AI) pioneer and OpenAI CEO Sam Altman’s investment in the company. and shares reserved for users of the platform.
See here for four takeaways from the filing.
-Naomi Buchanan
MercadoLibre stock falls as fourth-quarter profit remains flat
1 hour 37 minutes ago
MercadoLibre (MELI) stock fell on Friday after the Latin American e-commerce giant reported disappointing fourth-quarter results.
MercadoLibre reported net income of $165 million, or $3.25 per share, unchanged from the same period last year. Meanwhile, sales increased approximately 42% to $4.26 billion. The number of unique active users in the last three months of this year totaled 145 million, an increase of 49% from 2022, and the total circulation increased by 40% to $13.45 billion. .
The company reported operating income of $240 million, down from $349 million in the same period last year, with a one-time charge related to Brazilian tax liabilities having a negative impact of approximately $351 million. He announced that he had received it. Excluding these expenses, which the company said did not have a “material impact on cash,” operating income totaled $572 million, the company said. As a result, the operating profit margin will be 13.4%, an increase of 270 basis points compared to the same period last year.
MercadoLibre shares, which have been in free fall since November, fell about 9.4% to $1,646 on Friday afternoon, for a 12-month return of about 44%.
Carvana stock soars after first annual profit announcement, outlook bullish
2 hours 18 minutes ago
Carvana (CVNA) stock soars after the online used car retailer reported its first annual profit and said it expects earnings to improve this quarter as it cuts both costs and debt. .
The company reported net income of $150 million in 2023, compared with a loss of about $2.89 billion a year earlier. The company also expected adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to be “significantly more than $100 million.”
CEO Ernie Garcia said in a letter to shareholders that the company reduced selling, general and administrative expenses (SG&A) by an annualized $1.1 billion last year. Carvana also renegotiated financing agreements with most term bondholders to lower prices to reduce debt and eliminate excess inventory.
Carvana reported a loss of $1 per share in the fourth quarter, down from a loss of $7.61 per share in the same period last year.
Carvana stock was trading 31% higher at $68.83 Friday afternoon, and is up nearly 600% in the past year.
-Bill McCall
SPY becomes the first ETF with over $500 billion in assets
2 hours 53 minutes ago
State Street’s SPDR S&P 500 ETF Trust (SPY) soared to an all-time high on Thursday, becoming the first exchange-traded fund (ETF) to surpass $500 billion in assets under management in the process.
Total ETF assets rose 2.7% yesterday to close at $502.3 billion, according to State Street.
SPY was the first U.S. ETF to trade on a national exchange when it was founded in January 1993. Currently, more than 3,000 of his ETFs are listed on U.S. exchanges, with approximately $8 trillion in assets. In the fourth quarter of 2023, ETF trading averaged more than $160 billion per day and accounted for more than 30% of total stock trading volume.
Block stocks soar on unexpected quarterly profit and guidance beat
3 hours 51 minutes ago
Friday morning, after the payments fintech announced a surprise quarterly profit and provided better-than-expected current-quarter and full-year guidance on growth expectations for its Cash App business and benefits from cost-cutting initiatives. , Block (SQ) stock soared.
The Oakland, Calif.-based company had net income of 2 cents per share in the fourth quarter, compared with net income of 93 cents per share in the year-ago period. Analysts had expected the company to report a loss of 1 cent per share.
Looking ahead, the company expects adjusted earnings for the current quarter to be in the range of $570 million to $590 million, with the lower end of that estimate well above analyst models of $511.76 million. He said that it exceeded the average. For the full year, the company expects adjusted profit of $2.63 billion, beating Wall Street’s estimate of $2.4 billion.
Source: TradingView.com.
In early January, the block’s 50-day moving average broke above its 200-day moving average, forming a golden cross buy signal. Recently, in the lead up to the company’s earnings report, prices were unified between his two closely watched metrics.
Over the next few days, it’s worth keeping an eye on the $80 level, which could provide some resistance from the trendline connecting some notable swing highs of the past 18 months. A breakout supported by volume above this key resistance area could be the start of a new uptrend.
-Timothy Smith
Stocks of intuitive machines soar after spacecraft achieves historic moon landing
4 hours 43 minutes ago
Intuitive Machines (LUNR) stock soared in early trading Friday after the commercial space startup’s lander completed a historic moon landing.
The Houston-based company’s spacecraft (named Odysseus after the Greek mythological hero) landed on Thursday night, with the company posting on social media platform Started sending,” he posted.
The landing will be the first time a U.S.-built spacecraft has made full contact with the moon’s surface since 1972, when NASA completed the last Apollo astronaut visit. It is also the first time that a private company has successfully landed an intact spacecraft on the moon.
Intuitive Machines stock was trading 22.6% higher at $10.28 on Friday morning, more than tripling in value since the beginning of the year.
-Nisha Gopalan
Nvidia’s market capitalization exceeds $2 trillion
5 hours 32 minutes ago
Nvidia (NVDA) stock rose more than 4% on the move, pushing its market cap to more than $2 trillion.
Nvidia’s path to $2 trillion took 25 years, but the first $1 trillion was the most difficult. The company went public in January 1999, and over 24 years he reached $1 trillion, an amount he reached in May of last year. His rise from $1 trillion to his $2 trillion took just 270 days.
Nvidia’s stock price has more than tripled in the last year amid soaring demand for artificial intelligence and, later, advanced semiconductors, which Nvidia specializes in.
Nvidia is the fourth U.S. company to reach $2 trillion. Apple (AAPL) was the first to get there, closing at over $2 trillion on August 20, 2020. This was followed by Microsoft (MSFT), which crossed this threshold on June 22, 2021. Google Parent Alphabet (GOOGL) briefly reached that watermark on November 8, 2021, but has never closed above $2 trillion.
The only company in the world to achieve such a high rating is Saudi Aramco, Saudi Arabia’s national oil company.
Stocks that move the most before the market
6 hours 26 minutes ago
Profit:
- Intuitive Machines (LUNR): The company’s stock soared 40% after its Odysseus lander successfully landed on the moon, becoming the first American-made lander in more than 50 years.
- Carvana Inc. (CVNA): Shares of the used car retailer rose 25% after the company said its fourth-quarter loss was narrower than a year ago. The company also predicted that it will achieve EBITDA of $100 million this year.
- Block Inc. (SQ): Shares of the fintech company gain 15% after reporting a surprise profit in the fourth quarter and giving a positive full-year outlook due to growth in its Cash App business and the effectiveness of cost-cutting measures It has risen.
loss:
- Warner Bros. Discovery (WBD): Shares fell 10% after the company reported a bigger-than-expected loss and disappointing earnings in the fourth quarter.
- MercadoLibre Inc. (MELI): Shares fell more than 8% as the Latin American e-commerce giant reported lower-than-expected profits due to the impact of two one-time taxes, overshadowing 42% revenue growth.
- Booking Holdings (BKNG): Shares of the online travel services company fell 7% after the company reported lower-than-expected gross bookings and profit guidance for the current quarter, overshadowing fourth-quarter profit growth.
Index futures gradually rise from all-time highs
7 hours 3 minutes ago
In premarket trading Friday, futures contracts tied to the Dow Jones Industrial Average rose 0.1%.
S&P 500 futures also fell 0.1%.
Nasdaq 100 futures were little changed about an hour before the market opened.
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