Snap's market debut, Shake Shack sinks, Broadcom soars to new high
Investors can finally get their hands on the hottest tech IPO in years today. Snap is set to start trading on the New York Stock Exchange this morning under the ticker symbol “SNAP.” The parent company of the popular messaging app Snapchat sold 200 million shares late yesterday in its initial public offering, above its projected range, at $17 a piece, raising $3.4 billion dollars.
Shake Shack (SHAK) shares slid in early trading after the burger chain reported disappointing same-store sale growth during the holiday period. However, earnings matched estimates and revenue topped expectations, jumping 43% from a year ago as the company opened new stores in the fourth quarter.
Anheuser-Busch InBev (BUD) were sharply lower this morning. The world’s biggest brewer vowed to speed up savings related to its takeover of SAB-Miller and said it won’t pay bonuses to its top managers after delivering weaker-than-expected earnings as it sold less beer in Brazil. That is its second biggest market.
Abercrombie & Fitch (ANF) failed to lure back shoppers during the holiday period despite new efforts to reinvent its brand. The teen retailer also posted a miss on both earnings and revenue as same-store sales declined for the fourth straight quarter.
Broadcom (BRCM) shares opened at a new high. The chipmaker, who is one of Apple’s key suppliers, posted a beat on both its top and bottom lines for the fourth quarter. Revenue shot up nearly 1334% last quarter. The company also said it expects healthy demand for its products to continue this year.