Before making its Nasdaq debut, the grocery delivery startup Instacart priced its initial public offering (IPO) at $30 per share. Meanwhile, Google released additional functionality for its AI chatbot Bard. What today’s investors should know is as follows.
1.The IPO of Instacart, a grocery delivery company, values its shares at $30.
Instacart, a grocery delivery service, valued at over $10 billion when it went public in 2008 at a price of $30 per share. Later this morning, the stock is scheduled to start trading on the Nasdaq under the symbol “CART.”
2.Google Releases Updates for Bard Chatbot Despite ChatGPT Traffic Lag
Google Releases Updates for Bard Chatbot Despite Its DelaysIn an effort to rival OpenAI’s ChatGPT in user popularity, Alphabet’s (GOOGL) Google has launched more capabilities for its artificial intelligence (AI) chatbot Bard, including the capacity to fact-check its responses and examine users’ personal information on Google.
Alphabet’s stock increased by 0.3% in pre-market trading. GPT Chat Traffic
3.NIO Stock Drops When EV Manufacturer Issues Convertible Bonds
NIO (NIO), a Chinese manufacturer of electric vehicles, said that it will sell $1 billion in convertible bonds to investors. These bonds have the potential to increase the value of existing stock shares while also being convertible into company shares. The business declared that it will strengthen its balance sheet and pay off debt using the revenues. During pre-market trading, NIO’s American depositary receipts (ADR) decreased by Chapter IV.
4.Stitch Fix Drops Shares as Customer Base Declines
Online clothes delivery service With 3.3 million active clients, down from 3.4 million in the previous quarter and 3.8 million during the same period last year, Stitch Fix reported a 22% decline in sales. Stitch Fix posted revenue of $375.8 million, which exceeded analyst estimates of $371.2 million. The company’s quarterly net loss of $0.24 per share was less than the $0.21 per share analyst had predicted, but it was still better than the $0.89 per share loss from the same quarter previous year. In pre-market trade, Stitch Fix (SFIX) shares dropped by more than 6%.
5.While building permits are predicted to increase, housing starts are predicted to decline.
By August, 1.43 million housing starts are anticipated, compared to 1.45 million in July, according to figures released by the Census Bureau at 8:30 a.m. ET. Building permits, a leading indicator, were also disclosed at that time and are predicted to have increased from 1.44 million in July to 1.45 million in August.
