Take my money. Blue Apron went public on June 29 pricing its shares at $10. As of Wednesday’s close, it stands at less than half that: $4.67. So of course it’s a good time for another meal delivery company to go public. Germany-based HelloFresh listed on the Frankfurt Stock Exchange in an IPO raising about $369 million.
Exchange set. Cross-border payments startup TransferWise raised $280 million in private backing to expand in Latin America and Asia. The company moves money across borders by matching people and businesses on each side of a transaction and charging just a 1% fee.
MOAR phones. Razer is best known among the video gaming set for its sleek, ultra-high performance PCs and laptops, so why not phones? I’m not sure the strategy is sound but the company, which plans to go public soon, introduced its first smartphone on Wednesday with plenty of gaming-friendly features like an unusually rapid 120Hz refresh rate display.
New day, new record. Bitcoin surged to over $7,000. And what will investors do when they find out that Amazon just registered three domain names linked to the cryptocurrency market? They are amazoncryptocurrencies.com, amazoncryptocurrency.com, and amazonethereum.com, according to Domain Name Wire, which broke the news.
Expensive declaration. It was another busy earnings day for well known tech companies. After getting beat up on Capitol Hill for two days, Facebook demonstrated its financial power. Revenue jumped 49% to $10.3 billion and profits of $4.7 billion were up 79%. CEO Mark Zuckerberg, who didn’t go to D.C., said he’d raise spending on ad reviewers and other measures to block bogus content from spreading in the future. “Protecting our community is more important than maximizing our profits,” Zuck said.
Filling the gap. Qualcomm’s revenue dropped 5% to $5.9 billion, as its legal dispute with Apple continues to cut into royalties. But booming sales in China helped make up for a higher than expected portion of the missing fees, and Qualcomm’s shares gained 1% in premarket trading. A couple of smaller tech companies disappointed Wall Street and saw their stock prices sink. Symantec lost 8%, Fitbit was down 2%, and GoPro plunged 10%.
Reveal the money. The Securities and Exchange Commission warned anyone endorsing so-called “initial coin offerings,” or ICOs, that they must follow federal laws about touting securities for sale. Celebrities like Floyd Mayweather and Paris Hilton, or anyone else who backs an ICO deal, “must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the agency said.