Tag Archives: Volatile Stocks / Hot Stocks

Fashion

Online luxury fashion retailer Mytheresa jumped 37% in its stock market debut | Instant News


(Reuters) – Mytheresa shares soared more than 37% in their US market debut on Thursday, giving the German online luxury fashion retailer a market value of $ 3.08 billion.

American storage stock Mytheresa (ADS) opened at $ 35.85, well above their $ 26 respective initial public offering (IPO) price. The company had previously targeted a $ 16 to $ 18 price range.

The Munich-based company, which sells products from brands such as Alexander McQueen, Fendi and Gucci, offered 15.6 million ADS in its IPO, raising $ 406.8 million.

The company was founded as a fashion store more than 30 years ago by Susanne and Christoph Botschen, who launched its online version in 2006 and sold the business to luxury department chain Neiman Marcus in 2014.

The IPO comes at a time when restrictions to stop the spread of the COVID-19 pandemic have led to an e-commerce boom, with online luxury retailers seeing a surge in sales.

Mytheresa posted net revenue of 6.4 million euros ($ 7.77 million) from net sales of 449.5 million euros ($ 545.42 million) in fiscal 2020.

The platform has more than 486,000 active subscribers during the same period. (bit.ly/3c33Rcf)

Part of the proceeds from the IPO will be used to pay off debts related to last year’s bankruptcy of former parent company Neiman Marcus.

Morgan Stanley & Co and JP Morgan Securities are the main underwriters for the offering.

($ 1 = 0.8241 euros)

Reporting by Sohini Podder in Bengaluru; Edited by Maju Samuel and Ramakrishnan M.

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Fashion

Online luxury fashion retailer Mytheresa jumped 37% in its stock market debut | Instant News


(Reuters) – Mytheresa shares soared more than 37% in their US market debut on Thursday, giving the German online luxury fashion retailer a market value of $ 3.08 billion.

American storage stock Mytheresa (ADS) opened at $ 35.85, well above their $ 26 respective initial public offering (IPO) price. The company had previously targeted a $ 16 to $ 18 price range.

The Munich-based company, which sells products from brands such as Alexander McQueen, Fendi and Gucci, offered 15.6 million ADS in its IPO, raising $ 406.8 million.

The company was founded as a fashion store more than 30 years ago by Susanne and Christoph Botschen, who launched its online version in 2006 and sold the business to luxury department chain Neiman Marcus in 2014.

The IPO comes at a time when restrictions to stop the spread of the COVID-19 pandemic have led to an e-commerce boom, with online luxury retailers seeing a surge in sales.

Mytheresa posted net revenue of 6.4 million euros ($ 7.77 million) from net sales of 449.5 million euros ($ 545.42 million) in fiscal 2020.

The platform has more than 486,000 active subscribers during the same period. (bit.ly/3c33Rcf)

Part of the proceeds from the IPO will be used to pay off debts related to last year’s bankruptcy of former parent company Neiman Marcus.

Morgan Stanley & Co and JP Morgan Securities are the main underwriters for the offering.

($ 1 = 0.8241 euros)

Reporting by Sohini Podder in Bengaluru; Edited by Maju Samuel and Ramakrishnan M.

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Australia

UPDATE 3-Australian Bingo Industry gets $ 1.8 billion buy offer, stocks soar | Instant News


* CPE Capital led consortium table A $ 3.50 / share offering

* Co says talks with the PE consortium are ongoing

* Stock hit highs since Feb 2020 (Update in last paragraph with CPE Capital declining to comment)

January 19 (Reuters) – Bingo Industries Australia said on Tuesday that it had received a cash purchase offer of A $ 2.29 billion ($ 1.8 billion) from a consortium led by private equity firm CPE Capital, delivering shares of a waste management company. to an 11-month high.

The offer comes at a time when the government is injecting stimulus into the recycling and construction sectors and encouraging infrastructure investment as the economy reopens from the lockdown imposed by the coronavirus.

Under the proposal, Bingo shareholders would earn A $ 3.50 per share, nearly a 28% premium for the last close of the shares, the company said in a statement.

A deal will hand over nearly A $ 460 million to Chief Executive Officer and major shareholder Daniel Tartak, whose parents started Bingo on the outskirts of Sydney in 2005 by acquiring a small skip bin company for less than A $ 1 million.

Bingo said the proposal includes an alternative structure that would give shareholders the option to receive a mix of unlisted cash and scripts at a lower upfront price than the cash offer.

“The proposal is being considered by Bingo’s independent board committee and discussions and due diligence with the consortium are under way,” the company said.

Bingo stock surged as much as 23.7% to A $ 3.39, the highest since February 20, 2020, but is still trading below its bid price.

“(The offer) is just one shot and an opportunity to engage with the family,” said Henry Jennings, senior analyst at the Marcustoday Financial Newsletter.

“The takeover has to be close to A $ 4 to get over the line.”

CPE Capital’s investment portfolio ranges from the food to the auto sector, and includes the Banksmeadow Recycling site, which was purchased from Bingo in 2019.

CPE Capital declined to comment.

$ 1 = 1.3017 Australian dollars Report by Sameer Manekar in Bengaluru, additional reporting by Byron Kaye in Sydney; Edited by Nick Zieminski and Stephen Coates

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Australia

Australian tyro fell after short-sellers targeted payment terminal problems | Instant News


January 15 (Reuters) – Australian Tyro Payments Ltd shares plunged more than 12% on Friday after a short seller said the company was under-reporting the level of outages at its payment terminals over the past week.

Tyro on Wednesday said 30% of its 32,000 customers – mostly using a single terminal – faced outages caused by software problems, and it collects 2,000 terminals daily for repair and return.

Short seller Viceroy Research on Friday said it estimated around 50% of Tyro’s terminals were offline based on “extensive” checks with anonymous customers of Tyro.

Tyro shares, the largest payment terminal provider outside of Australia’s so-called ‘Big Four’ banks, have lost nearly a third of their value since the company first disclosed the outage last Thursday.

Tyro did not immediately respond to a Reuters request for comment on the report and trading in its shares was suspended on Friday after a sharp decline awaiting the announcement.

The stock was last down 11.8% before being stopped at A $ 2.32.

“Many of the stores we have contacted and checked have switched providers,” Viceroy said in his report, adding that the impact on Tyro’s reputation and finances is likely to be “severe and long-lasting.”

In Tyro’s announcement on Wednesday, it said the outages faced by most customers would be fixed by the end of the week while the rest would be operational next week. (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Christopher Cushing)

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Technology

After players demanded refunds, Cyberpunk 2077 sales fell short of analyst expectations | Instant News


File picture: Billboard displayed the Cyberpunk 2077 video game ad on CD Projekt in Gdynia, Poland on December 19, 2020. REUTERS / Peter Pawlowski / File Photo

(Reuters)-Polish video game manufacturer CD Projekt SA said that as of December 20, sales of its “Cyberpunk 2077” game exceeded 13 million copies, which was lower than analysts’ expectations, partly due to complaints about the game’s distribution. Players full of bugs demand a refund.

Cyberpunk 2077 is a futuristic role-playing game produced by Hollywood star Keanu Reeves, widely regarded as one of the biggest premieres this year.

CD Projekt said: “This figure represents the estimated retail sales of all hardware platforms (including returns).”

Piotr Bogusz, an analyst at mBank Brokerage, said the company did not give a sales forecast or reveal how many refund requests it has received, but the sales volume was lower than market expectations of 16.4 million.

“Although this number lists cyberpunk as one of the best-selling games of the year, it implies that PC sales are declining or game console refunds are higher than we expected after launch. This may be due to various types other than high-performance computers. Caused by bugs and performance issues, Jefferies analysts said in the report.

The game was released on December 10, and after strong opposition due to a technical failure caused Sony to withdraw it from its PlayStation store and Xbox maker Microsoft to provide a refund, progress was not going well.

The trouble with the game release caused CD Projekt’s stock price to fall by 40% from its pre-release record.

As of 0805 GMT, the stock has fallen 5% after opening higher.

Reporting by Anna Pruchnicka in Gdansk; Editing by Christopher Cushing and Jason Neely

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