Grocery-delivery company Instacart is considering a direct listing, according to a Reuters report, meaning that the company could come public while bypassing a traditional initial public offering underwritten by investment banks. The company sees risk that a traditional IPO could be underpriced, the Reuters report said. A direct listing would enable the company to go public without raising money and mirror a path taken by Spotify Technology SA , Palantir Technologies Inc. , and some other tech companies that had name recognition prior to making their public debuts. Instacart announced Tuesday that it raised $265 million in new funding, valuing the company at $39 billion. A spokeswoman declined to comment on the company's IPO plans. The Renaissance IPO ETF is up 93% over the past 12 months, as the S&P 500 has gained 25%.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.
White House economist Jared Bernstein on Friday morning talked up the necessity of the Democrats' $1.9 trillion stimulus package that's close to getting enacted, as he was asked why it was needed in the wake of a strong jobs report. "There is a lot of economic pain out there, and that hasn't changed because of this one print," Bernstein said in a Bloomberg TV interview, adding that much of the gains came from the "very volatile leisure and hospitality sector." He also said: "Let's recognize that many, many Americans are still in the throes of this crisis and need the help delivered by the American Rescue Plan." President Joe Biden is slated to meet Friday afternoon on the economy with Treasury Secretary Janet Yellen and then take part in a roundtable on the COVID-19 aid package.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.
Shares of Norwegian Cruise Line Holdings Ltd. tumbled 10.0% in morning trading Friday, after the cruise operator said its public offering of 47.58 million shares priced $30 a share. That price was 8.8% below Thursday's closing price of $32.90. The share offering represents 15.1% of the shares outstanding as of Feb. 16. The company said it plans to use the proceeds from the offering to repurchase all of its subsidiary NCL Corp. Ltd.'s exchangeable senior notes due 2026 currently held by an L Catterton affiliate, with any remaining proceeds to be used for general corporate purposes. The company's cruises remain suspended through May 31 as a result of the COVID-19 pandemic. Norwegian's stock, which closed Wednesday at a one-year high, has rallied 12.6% over the past three months, while the S&P 500 has gained 2.3%.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.
U.S. stocks opened higher on Friday after several days of intense selling prompted by concerns that stronger economic growth would cause the Federal Reserve to start normalizing monetary policy sooner than expected. The Dow Jones Industrial Average gained 278 points, 0.9%, to open near 31,203 while the S&P 500 traded 38 points, 1%, higher, near 3,806. The Nasdaq Composite jumped 1.1% or 137 points to trade near 12,860. Employers added more jobs than analysts had expected in February, the Labor Department said Friday before the opening bell. Stock futures initially weakened, but then rallied. Shares of Big Lots Inc. jumped in early trade Friday, after the discount retailer reported a fiscal fourth-quarter profit that beat expectations and offered a rosy first-quarter outlook. 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.
New research indicates that ivermectin, a type of treatment for parasitic worms, does not help patients with mild COVID-19 recover any faster. The peer-reviewed study, published Thursday in JAMA, examined the findings of a double-blind, randomized trial conducted in Cali, Colombia, in roughly 475 people with mild symptoms of COVID-19. Researchers concluded "the findings do not support the use of ivermectin for treatment of mild COVID-19, although larger trials may be needed to understand the effects of ivermectin on other clinically relevant outcomes." The drug first caught the attention of clinicians in the early days of the pandemic after an in-vitro preprint study said the drug can inhibit replication of SARS-CoV-2, the virus that causes COVID-19. However, the Food and Drug Administration and others [l:cautioned back in April|https://www.fda.gov/animal-veterinary/product-safety-information/fda-letter-stakeholders-do-not-use-ivermectin-intended-animals-treatment-covid-19-humans%7CNEW] that trials needed to be conducted before the drug should be prescribed to COVID-19 patients.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.