Birkenstock Reveals IPO Price

And, E2open’s revenue drops as CEO exits.

Today is Wednesday, October 11, 2023.

The Early Bird Index today is 54.11.

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Birkenstock Reveals IPO Price

German footwear company Birkenstock (NYSE: BIRK) has priced its initial public offering (IPO).

Details: Birkenstock is expected to price its IPO today at $46 per share, according to the Wall Street Journal. This gives Birkenstock a valuation that exceeds $8 billion. As of now, Birkenstock has not confirmed the price.

Background: The $46 IPO price was at the midpoint of the previously expected range of $44 to $49, according to CNBC.

Powering the Story: Birkenstock’s IPO represents the first big test for the market since the last round of mega IPOs in September. Last month, Arm Holdings (Nasdaq: ARM) went public and so did Instacart (Nasdaq: CART).

Yes, But: Arm is down 8% since its IPO, and Instacart is down 10%.

Final Thoughts: As Arm and Instacart both showed, IPOs can flop weeks later. Keep that in mind if you decide to invest in the Birkenstock IPO.

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Notable Earnings Today: Richardson Electronics (Nasdaq: RELL).

Notable IPOs Today: Birkenstock Holding plc (NYSE: BIRK), Kolibri Global Energy Inc. Common stock (Nasdaq: KGEI), Agape ATP Corporation Common Stock (Nasdaq: ATPC), REX FANG & Innovation Equity Premium Income ETF (Nasdaq: FEPI).

Notable Equity Crowdfunding Campaigns Ending Today: AVACEN Medical (StartEngine), Averroes Software (Netcapital), Unreal Deli (StartEngine), CountSharp (Netcapital), NightRide Thermal (StartEngine).

Notable Economic Events Today: Producer Price Index / Core Producer Price Index (8:30 a.m. ET), EIA Short-Term Energy Outlook (12:00 p.m. ET), FOMC Meeting Minutes (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET)..

E2open’s Revenue Drops as CEO Exits

Supply chain software company E2open Parent Holdings (NYSE: ETWO) dropped by 14.35% in after-hours trading on Tuesday after reporting financial results.

Financials: E2open reported a loss of 12 cents per share in the past quarter and revenue of $158.5 million.

Details: Subscription revenue grew 2.4% and the net loss decreased.

Yes, But: Overall revenue dropped by 1.4%. The company also expects its revenue for the fiscal year to be lower than last year.

Powering the Story: CEO Michael Farlekas is also suddenly stepping down. Andrew Appel will serve as the interim CEO.

Stock Price: E2open is down 25% this year, including a 12% drop in the last 30 days.

Final Thoughts: It’s been a bad year year for E2open, with a record of lackluster financial results. The company needs new leadership to turn things around.

Novo Nordisk Stops Ozempic Trial For Renal Impairment

On Tuesday, Novo Nordisk (NYSE: NVO) announced that it will stop its Ozempic trial for renal impairment.

Details: The company said that its decision to stop the trial was based on a recommendation from the data monitoring committee.

Final Thoughts: Novo Nordisk is up 35% this year thanks in part to the success of Ozempic as a weight loss drug.

Trends to Watch

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