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
Big Jump: Tezos Jumps 7% on South Korean Volume Spike, Futures Liquidations (Decrypt)
Bad Times: Fragile Global Economy Faces New Crisis in Israel-Gaza War (The New York Times)
Limping Along: IMF hikes U.S. growth forecast for 2023, leaves global outlook unchanged (CNBC)
Staying the Same: Bitcoin Hovers Above $27,000 as U.S. Stocks Advance (CoinDesk)
Win for Equity Crowdfunding: VC funding has taken a nosedive. Crowdfunding rounds? Not so much (PitchBook)
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