initial public offerings (IPOs) trading on American exchanges

Monday, November 23, 2020

Warner Music Group (WMG) reported earnings on Thur 19 Nov 2020 (b/o)

  ** charts after earnings **




Warner Music Group Corp. reported Monday a breakeven fiscal fourth quarter, missing expectations, although revenue rose slightly above forecasts. The stock rose 0.8% in premarket trading. Net income for the quarter to Sept. 30 fell to $1 million, or $0.00 on a per-share basis, from $91 million, or 18 cents a share, in the year-ago period. The FactSet consensus for net earnings per share was 5 cents. Adjusted net income, which excludes non-recurring items related to the initial public offering, fell to $20 million from $125 million. Revenue rose 0.2% to $1.13 billion, just above the FactSet consensus of $1.11 billion, as "robust" digital revenue growth was partially offset by a decline in recorded music artist services, and the effects of the COVID-19 pandemic on its music publishing business. "We're essentially flat against a record-breaking prior year and, during the quarter, we grew 11% on an as-reported basis, excluding the revenue streams most impacted by COVID," said Chief Executive Steve Cooper. "Our streaming growth has stayed strong, and we've also seen an acceleration in a whole spectrum of emerging revenue streams such as social media, gaming, and in-home fitness." The stock has lost 3.7% over the past three months through Friday, while the S&P 500 has gained 4.7%.

Thursday, November 19, 2020

Workday (WDAY) reported earnings on Thur 19 Nov 2020 (a/h)

  ** charts after earnings **



 









Workday beats by $0.19, beats on revs, raises FY21 subscription revenue guidance

  • Reports Q3 (Oct) earnings of $0.86 per share, $0.19 better than the S&P Capital IQ Consensus of $0.67; revenues rose 18.3% year/year to $1.11 bln vs the $1.09 bln S&P Capital IQ Consensus.
  • Reports subscription revenue backlog of $8.87 bln, up 23.4% yr/yr.
  • Outlook: "Based on our strong third quarter, we are raising our fiscal 2021 subscription revenue guidance to a range of $3.773-$3.775 billion. As we enter Q4, we are increasing our pace of investments to capitalize on the long-term opportunity that we see ahead."
  • Co commented during its call that it expects remaining headwinds due to COVID to be more fully evident in next year's subscription revs, weighing on co's growth in the near term.
  • Telos (TLS) began trading on the Nasdaq on Thur 19 Nov 20

    • Telos provides cybersecurity services mainly to the U.S. government, including the CIA and the Defense Department, as well as to large businesses like Amazon.com (AMZN), Microsoft (MSF), and Citigroup (C). Nearly 94% of Telos revenue in 2019 came from government contracts or subcontracts, its prospectus said.
    • Telos swung to a profit this year. The Ashburn, Via., company reported $4.1 million in income for the nine months ended Sept. 30 on $135 million in revenue, the prospectus said. This compares with a loss of $1.2 million on $112.7 million in revenue for the period in 2019. 
    • The company employs 808 employees, but has only eight sales people. 

    Telos upsized and priced previously announced IPO of 14,968,859 shares of common stock at a price of $17.00 per share


    Shares of Telos, one of the first companies to tap the public equity markets since the election, surged in their first day of trading.

    The stock opened at $21.90 and hit a high of $22.20, before closing at $20.29, up 19.35%.

    Telos (ticker: TLS) is one of four companies to make their market debut on Thursday: Olema Pharmaceuticals (OLMA), NeoGames (NGMS), and Yatsen Holding (YSG) also began trading. The group is the first to go public via traditional initial public offerings since the Nov. 3 presidential election.

    “It’s been a long time in the making, and we are really happy to be here,” said John Wood, chairman and CEO of Telos. “We had a tremendous amount of demand. We’re very pleased with the market’s response to our story.”

    Telos raised $254.5 million after boosting the size of its deal. The company sold 14,968,859 shares at $17 each, up from 12,352,942 shares at $16 to $18 it had planned to offer. Underwriters on the deal include B. Riley Securities, BMO Capital Markets, and Needham & Co.

    With 59.84 million shares outstanding, Telos now has a $1.16 billion market capitalization.

    Tuesday, November 17, 2020

    GDRX : 2-month performance

    • Concerns about industry competition weigh on the stock and on drug store names generally after Amazon (AMZN) announced the launch of Amazon Pharmacy, which allows customers to complete pharmacy transactions digitally and which offers unlimited, free two-day delivery and certain savings perks for orders placed by Prime members. Falls to record lows.

    Monday, November 16, 2020

    Lordstown Motors (RIDE) releases business updates

    Lordstown Motors (RIDE) released updates on commercial, operational, and strategic developments; as a highlight among those updates, co indicated that it remains on track to begin production of its full-size, all-electric pickup truck, the Lordstown Endurance, in September 2021, with full production ramping through 2022. Co has received approx. 50,000 non-binding production reservations from commercial fleets for the Lordstown Endurance.



    IPOs this week : November 16 - 20, 20 (wk 47)

     IPOs expected to price

    • Aspire Real Estate Investors (ASPI)
    • NeoGames (NGMS), 
    • Telos (TLS), 
    • Sotera Health (SHC) and 
    • Maravai LifeSciences (MRVI) 
    Maravi appears to be the largest of the bunch, with the biotech looking to raise $1.275B. There is also some speculation that e-retailer Wish and kids gaming company Roblox (RBLX) could file for an IPO next week to follow on DoorDash's (DOORD) filing from Friday. 

    IPO quiet period expirations
    • Guild Holdings (NYSE:GHLD), McAfee (NASDAQ:MCFE) and Datto (NYSE:MSP) on November 16. 
    IPO lockup expirations
    • Chewy (NYSE:CHWY) and 89bio (NASDAQ:ETNB) on November 16, 
    • Avantor (NYSE:AVTR), Futu Holdings (NASDAQ:FUTU) and SelectQuote (NYSE:SLQT) on November 17.