Grocery delivery company Instacart priced its IPO at $30 per share ahead of its Nasdaq debut and Google rolled out new features for its Bard artificial intelligence chatbot. Here’s what investors need to know today.
1. Grocery delivery company Instacart prices shares at $30 in IPO
Grocery delivery company Instacart priced its IPO at $30 per share, valuing the company at around $10 billion. The stock is expected to begin trading on Nasdaq later this morning under the symbol “CART.”
2. Google Rolls Out Bard Chatbot Updates While Lagging Behind ChatGPT Traffic
Alphabet’s (GOOGL) Google has rolled out new features for its artificial intelligence (AI) chatbot Bard, including the ability to verify its responses and analyze users’ personal data on Google, as the search giant rivals the popularity of OpenAI’s ChatGPT. Alphabet shares rose 0.3% in pre-market trading.
3. NIO shares fall as electric vehicle maker offers convertible bonds
Chinese electric vehicle maker NIO (NIO) said it would offer investors $1 billion in convertible bonds, which could be converted into company stock but could also dilute the value of existing shares. The company said it would use the proceeds from the sale to pay down debt and strengthen its balance sheet. NIO’s American depository receipts (ADRs) fell 4.3% in pre-market trading.
4. Stitch Fix shares plunge as customer base shrinks
Online clothing service Stitch Fix reported a 22% drop in revenue as the company’s active customer base fell to 3.3 million from 3.4 million in the previous quarter and 3, 8 million compared to the same period last year. Stitch Fix reported revenue of $375.8 million, ahead of analysts’ projections of $371.2 million, while its quarterly net loss of $0.24 per share was better than the loss of $0.89 per share from the same quarter last year, but lower than the loss of $0.21 per share that the analyst had predicted. planned. Shares of Stitch Fix (SFIX) fell more than 6% in premarket trading.
5. Housing starts should decrease while building permits should increase
Housing starts are expected to have fallen to 1.43 million in August, from 1.45 million in July, when the Census Bureau releases this data at 8:30 a.m. ET. Also released at the same time, building permits, a forward-looking indicator, are expected to have increased to 1.45 million in August from 1.44 million in July.
