The image bookmarking social network priced its initial public offering at $19 a share on Wednesday, above its original proposed price range of $15 to $17 a share.
Shares will begin trading Thursday on the New York Stock Exchange under the ticker “PINS.”
Strong demand may ease investor concerns about the stampede of tech unicorns racing to go public this year after Lyft’s lackluster Wall Street debut.
, which debuted on the Nasdaq in late March at $72 per share, has been hammered because worries over its steep losses. Its stock closed at just below $60 a share on Wednesday.
, a video conferencing company, will also make its public market debut on Thursday. It has priced its shares at $36, above its original proposed price range.
Unlike most of the other brand name technology companies going public this year, Zoom is profitable and still growing sales fast.
2. Vegan success: Unilever posted stronger than expected first quarter sales growth on Thursday. The owner of brands like Ben and Jerry’s and Dove said sales were particularly strong in Asia.
Unilever also highlighted rising demand for healthier and niche food options — such as its new vegan Magnum ice cream.
“Our actions to modernize our portfolio to meet the trends towards authentic, organic and natural, healthy and on-the-go products are working,” the company said in a statement.
Analysts have some concerns over the large proportion of revenue growth that came from price increases, rather than sales improvements. Unilever (UL)
stock was up more than 2% in London.
Rival consumer goods company Nestle (NSRGF)
also reported stronger than expected sales growth on Thursday. Its stock opened 1% higher.
3. Qualcomm soars:
Shares in Qualcomm have continued to skyrocket since the chipmaker announced on Tuesday that it had resolved a patent dispute with Apple (AAPL)
will continue charging Apple royalties for its patents, and Apple will pay Qualcomm a substantial fee as part of the agreement.
The stock has soared by 40% to a 5-year high following the announcement.
4. Global market overview: US stock futures
were lower ahead of the long weekend. Markets will be closed on Good Friday.
opened mostly lower, following a negative trading session in Asia
The Dow Jones industrial average
closed flat on Wednesday. The S&P 500
dipped 0.2% and the Nasdaq
5. Earnings and economics: American Express (AXP)
, Blackstone (BX)
, Honeywell (HON)
, Philip Morris International (PM)
, Skechers (SKX)
and Schlumberger (SLB)
will release earnings before the open.
The US Census Bureau will publish retail sales data for March at 8:30 a.m. ET.
6. Coming this week:Thursday
— American Express (AXP)
, Skechers (SKX)
earnings; US retail salesFriday
— US markets are closed