Hello friends and Coins2Day readers.
Wall Street stock futures are trending down this morning.The U.S. Stock market enters the second quarter without notching much gains compared to the start of the year, even though it posted record highs mid-quarter. European shares are trading up, while Asian markets closed the day mixed.
Beware of what you read today — it may be anApril Fools’ prank!
Here’s what else you need to know to start your day.
1. GoDaddy goes public today.
GoDaddy, the Internet domain registration company with a history of sometimes offensive and risque advertising, debuts on the New York Stock Exchange Wednesday morning after raising $440 million in its initial public offering. GoDaddy ended up pricing its shares at $20 a pop, above its expected range of $17 to $19 a share. At its IPO price, the company has a market value of just over $3 billion. GoDaddy has been repositioning itself from just a place to buy website domains to an all-service guide to the Internet for small businesses.
2. Monsanto reports earnings amid cancer scrutiny.
Monsanto, the world’s largest seed company, will report its quarterly earnings Wednesday morning almost a week after the World Health Organization issued a scathing report that said its Roundup pesticide “probably” causes cancer. The company is already likely to report suppressed earnings due to declining prices of corn and soybeans, which affects the profits it gleans from its genetically-altered seeds. Monsanto (MON) has denied WHO’s claims and said that glyphosate, the ingredient that WHO pointed to as the culprit, was approved by the U.S. Government for use on crops. The company is projected to report earnings of $2.94 a share, according to FactSet.
3. Etsy sets a price range for its IPO.
Etsy, the Brooklyn-born online marketplace for handmade and vintage goods, is looking to raise as much as $266.7 million in its IPO after setting a price range for its shares at $14 to $16 each. At the mid-point of that range, Etsy would have a market cap of about $1.2 billion or 52 times its adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) over the last year. For comparison, eBay trades at about 14 times Ebitda. Etsy’s public debut is one of the best known offerings so far, though the company has struggled to post profits. The company lost $15 million last year, according to widely accepted accounting methods.
4. RadioShack lives to see another day.
Following nearly a week of debate at its bankruptcy auction, RadioShack (RSH) won court approval of a lender takeover that will save the retailer, albeit in a much smaller form. Hedge fund Standard General, a senior lender to RadioShack, stepped in and saved 1,743 stores and 7,500 jobs in a move to keep the electronics retailer operating. RadioShack had nearly 4,000 outlets and overwhelming debt when it filed for Chapter 11 bankruptcy earlier this year. Standard General plans to operate the remaining RadioShack stores in partnership with Sprint (S).
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5. Sotheby’s and eBay launch their first joint auction.
The centuries old auction house is teaming up with online-native eBay to launch a live-streaming auction for its New York showroom. Participants can access real-time video via eBay to bid on photographic works by the lives of Terry O’Neil and Ansel Adams. Sotheby’s (BID) and eBay (EBAY) have tried to make a partnership work previously without success. Online sales has been a weak point for the storied auction house, especially compared to its primary competitor Christie’s, which sells select items on its own website. Sotheby’s has five more sales lined up in partnership with eBay, including one of New York-themed art that launches today and another of vintage jewels by Cartier and others that goes live later this month.