Tag: Doubles

Stocks fall as tech slides, Fed projects years of low rates, Snowflake doubles in IPO

S&P 500, Nasdaq finish in the red

The major indexes could not shake off the struggles of large tech stocks and drifted lower in the final hour of trading. The S&P 500 and Nasdaq Composite lost 0.5% and 1.3%, respectively. The Dow, at one time up more than 350 points, notched just a 38 point gain. — Jesse Pound

Powell wraps up

Fed chair Jerome Powell concluded his press conference shortly after 3:30 p.m. With less than half an hour remaining in Wednesday’s session, the Dow was up 125 points, while the S&P 500 and Nasdaq Composite had fallen 0.1% and 0.9%, respectively. — Jesse Pound

Tech struggles drag down market

Continued struggles for major tech stocks weighed on the overall market and erased some of its recent gains. The Dow was up 100 points, while the S&P 500 and Nasdaq Composite turned negative. The Nasdaq lost 0.8%. Shares of

Read More

Snowflake Stock More Than Doubles in IPO Debut

On Tuesday, Snowflake sold 28 million shares for $120 each, a sharp increase from its initial price range of $75 to $85. It raised a total of $3.4 billion in its offering, which was led by Goldman Sachs and Morgan Stanley.

The company’s revenue has been growing quickly, jumping 133 percent in the first six months of the year to $242 million, up from $104 million during the same period last year. But it is also unprofitable, losing $171 million in the first half of this year. In its offering prospectus, Snowflake emphasized that once customers begin using its services, it often gets them to move more of their data onto its platform.

Snowflake’s largest investors include Sutter Hill Ventures, which owns 20 percent of the company, as well as Altimeter Capital, Redpoint Ventures, Sequoia Capital and Iconiq Capital. Last week, Berkshire Hathaway and Salesforce Ventures each agreed to purchase

Read More

US Customs Doubles Down After Seizing Apple AirPod “Fakes,” Which Are Just OnePlus Earbuds

In what appeared to be a mistaken attempt to prevent counterfeit good entering the country, the US Customs and Border Protection has accidentally confiscated a large shipment of what it believes to be fake Apple AirPods. Turns out they aren’t fake at all.

The shipment, mistaken for knock off Apple AirPods, is in fact a legitimate product from Chinese smartphone and electronics maker OnePlus. The OnePlus Buds were announced earlier this year and retail for $79, which brings the total shipment cost of the 2000 pairs confiscated to $158,000. That’s far less than the estimated $398,00 in fakes that the customs officials stated they had discovered.

After the “stash” was shown off on Twitter, OnePlus US had this cheeky reply on hand for their confiscated stock.

Turns out US Customs isn’t backing down though, stating that the confiscation was not an error. In a statement to The Verge, the CBP

Read More