Glucose-monitor maker Intuity Medical Inc. has filed for an initial public offering, seeking to sell $70 million worth of shares, according to a filing late Friday. The Fremont, Calif., plans to list its stock on the Nasdaq under the ticker POGO. Underwriters include Goldman Sachs and Jefferies. The company listed a loss of 18 cents a share in the six months ended in June, compared with a loss of 33 cents in the year-ago period. Revenue reached $43,000 in the period. Intuity relies on sales of its POGO automatic blood-glucose monitor to generate nearly all its revenue, it said. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Stocks ended lower Friday, capping a losing week for major indexes as investors awaited next week's meeting of Federal Reserve officials, which may bring more clues to the timing of the Fed's plan to eventually taper its monthly asset purchases. The Dow Jones Industrial Average fell around 168 points, or 0.5%, to close near 34,583, while the S&P 500 lost around 41 points, or 0.9%, ending near 4,433. The Nasdaq Composite finished near 15,044, down 138 points, or 0.9%. Friday's losses left the Dow with a 0.1% weekly decline, while the S&P 500 lost 0.6% and the Nasdaq Composite retreated 0.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Oil futures fell on Friday, with U.S. prices easing back from their highest level since late July. The day's selloff is "mostly attributable to profit taking following the run up earlier in the week," said Marshall Steeves, energy markets analyst at IHS Markit. The crude-oil market surged after the weekly U.S. inventory report Wednesday showed another crude stock draw, as less than 30% of U.S. offshore production in the Gulf of Mexico remains sidelined due to the impacts of Tropical Storm Nicholas and Hurricane Ida, he said. "However, the outlook for global demand growth is diminishing due to the spread of the delta variant." West Texas Intermediate crude for October delivery fell 64 cents, or 0.9%, to settle at $71.97 a barrel on the New York Mercantile Exchange. Prices settled at $72.61 on Thursday, unchanged from Wednesday when they ended at the highest since July 30. For the week, prices still gained 3.2%, FactSet data show. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Credit Suisse analyst Susan Roth Katzke on Friday reiterated her outperform rating and $450 a share price target for Goldman Sachs Group Inc. on a strong trading environment and progress on new initiatives. The investment bank's financial targets "look more easily achievable and sustainable," Katzke said in a note to clients. Analysts currently forecast third-quarter earnings of $9.70 a share for Goldman Sachs, according to FactSet data. Credit Suisse analyst Katzke said the investment bank has benefitted from strong capital market activity and ample fundraising in its asset and wealth management unit. She added that progress against strategic initiatives is outpacing expectations, particularly in trading and banking. Shares of Goldman Sachs fell 1.7% on Friday. The stock is up about 48% so far this year, compared to a rise of 27.4% by the Financial Select Sector SPDR Fund .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Nextdoor Inc. will begin trading on the New York Stock Exchange as soon as it’s acquired by special purpose acquisition company Khosla Ventures Acquisition Co. II KVSB, the companies said Friday. Back in July, the neighborhood social-media company and the SPAC said they were merging in a deal that would value Nextdoor at $4.3 billion. At the close of the deal, the SPAC will delist from the Nasdaq and shares of Nextdoor Holdings Inc., under the ticker symbol “KIND,” on the NYSE. While an exact time for the close of the deal was not given, the companies said that Nextdoor will hold its first investor day on Monday.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.