The week began on a subdued note, comprised of mostly minor chop, leaning on the weaker side. The closing hour saw the SPX break (if fractional) a new multi-month high of 2895. Volatility picked up a touch, but only managed 13.77, before settling +2.8% at 13.18. The s/t outlook offers the sp'2840/30s, which should equate to VIX 15/16s... by late Thursday.
Today saw details emerge on Pinterest (PINS), set to IPO Thursday April 18th. The company is trying to raise 800/900M from the market, but that does value the company less than the last estimate in 2017.
For Q1, the consensus is for rev' of around $202M, with a net loss of -$47.5M. Whilst annual sales/rev' is increasing by an impressive 50/60%, the net loss should be a concern to anyone in retail land. Even some of the cheerleaders are a little twitchy on this, not least after LYFT. Yours truly has no interest in meddling in such loss making IPOs, but it will make for some twisted sideshow entertainment ahead of the three day Easter holiday/break.
|Just another day on the Wonder Wheel|
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Goodnight from London
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