7 Hours Ago
Square CEO to depart company
The CEO of Square is set to depart the company, according to regulatory filings released Monday.
Alyssa Henry is slated to leave the unit of fintech company Block on Oct. 2 after more than nine years at the company.
Shares of Block dipped nearly 2% in extended trading.
— Samantha Subin
7 Hours Ago
Cathie Wood stands by her wildly bullish call on Tesla
Ark Invest’s Cathie Wood reiterated her massively bullish call on her EV darling Tesla, seeing it hitting $2,000 in five years driven largely by a robotaxi boom.
“About a third of our valuation is associated with electric vehicles,” Wood said on CNBC’s “Fast Money” Monday. “Two thirds of our evaluation is around autonomous [driving] and autonomous taxi platforms.”
Wood’s bear case on Tesla is a $1,400 target by 2027 and $2,500 as her bull case. Tesla is the biggest holding in her flagship Ark Innovation ETF (ARKK) fund, with a 11.5% weighting. Shares of Tesla have mpre than doubled this year after losing 65% in 2022.
— Yun Li
8 Hours Ago
Instacart prices IPO at $30 a share
Instacart priced its IPO at $30 a share Monday evening, valuing the grocery delivery company at roughly $10 billion.
The company is set to debut Tuesday on the Nasdaq under the “CART” ticker symbol.
The puts the offering at the top end of the $28 to $30 a share range expected.
— Ari Levy, Samantha Subin
8 Hours Ago
Stock futures open little changed
Stock futures opened little changed on Monday evening as Wall Street looked ahead to the start of the Federal Reserve’s policy meeting.
Futures tied to the Dow Jones Industrial Average added 13 points, or 0.03%, while S&P 500 futures and Nasdaq 100 futures inched up 0.02% and 0.06%, respectively.
— Samantha Subin