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Square Prices IPO Below Range

Woof. Was originally marked down from last private valuation at $11-13 initial price, now pricing at $9. IPO's tomorrow.

http://www.wsj.com/articles/square-ipo-prices-at-9-a-share-below-11-to-13-range-1447893733

Comments

  • edited November 2015
    AUTHOR DAVEY ALBA. DATE OF PUBLICATION: [email protected]
    TIME OF PUBLICATION: 9:20 PM.

    SQUARE IS GOING PUBLIC AT A PRICE LOWER THAN PLANNED

    Facing yet more investor skepticism

    Square’s IPO announcement comes at a time when the market has become increasingly wary of possibly overvalued tech startups, and some critics have clamored for Silicon Valley to be more realistic about how the companies it prizes will hold up under public scrutiny. Recently, mutual funds including Fidelity and Blackrock marked down the value of their stakes in several late-stage startups, including Snapchat and Dropbox. Square, a six-year-old payments company founded by Twitter CEO Jack Dorsey, has been held up as one of the more highly anticipated tech IPOs over the past few months. But this excitement apparently hasn’t extended to investors.

    Because a provision in Square’s most recent private round of funding guaranteed later-stage investors a so-called ratchet, Square will issue those investors extra shares to make sure they receive a 20 percent return on their investment—further diluting the value of the company’s shares. Square will begin trading under the ticker symbol “SQ” on the New York Stock Exchange tomorrow morning.
    http://www.wired.com/2015/11/square-prices-ipo-9-per-share/

    More Cutting Edge
    By Alexandria Sage Business News | Wed Nov 18, 2015 8:32pm EST

    Toyota Motor Corp's (7203.T) hydrogen fuel-cell vehicles are gaining traction in California, where 22 of the company's Mirai cars have been delivered in its first month of availability, company officials said on Tuesday.

    Toyota has ambitious plans to sell 30,000 fuel-cell vehicles globally by 2020, ramping up from an expected 2,000 next year. Fuel-cell vehicles are a key component of the company's plans to curb polluting emissions to nearly zero by 2050.

    Toyota works with two companies to expand hydrogen filling stations, FirstElement Fuel of California and Air Liquide (AIRP.PA) of France. On Tuesday, Air Liquide said it would buy U.S. peer Airgas (ARG.N) in a $13.4 billion deal.

    Mirai launched in Japan last December and the company is taking orders in Europe as well as in California. Sales will expand next year to five U.S. states - New York, New Jersey, Connecticut, Rhode Island and Massachusetts.

    Mirai, which means "future" in Japanese, is a four-person sedan that has a range of 300 miles. California has pledged $200 million to help build 100 filling stations over the next decade in the state.

    Read more at Reutershttp://www.reuters.com/article/2015/11/19/us-autoshow-losangeles-toyota-idUSKCN0T703J20151119#Fett3AVYRDviq65s.99

    But...Right Now
    In 2014, the year-over-year growth rate for fuel economy was 0.5 mpg.

    That year still saw booming sales of trucks, mini-vans, and SUVs. But while the surge in buying wasn’t enough to offset greater fuel efficiency standards, Americans’ interest in increasing efficiency has clearly fallen off, the Dallas Morning News reported. Data from the University of Michigan Transportation Institute shows that fuel economy ratings of new U.S. vehicles spiked in 2014, but have fallen off for most of this year.

    At the same time, demand for gasoline this year has jumped as prices at the pump have fallen and the economy has improved. Last month, the Federal Highway Administration projected that Americans would push the total miles driven for 2015 past 3.1 trillion, about one billion more miles than in 2014 for the most on record.
    http://fuelfix.com/blog/2015/11/18/cheap-gasoline-spurring-record-truck-sales-hurting-fuel-economy/

    But More Future With EMPHASIS !!
    The UK announced Wednesday plans to close all coal-fired power stations by 2025 and restrict their use by 2023, according to the Department of Energy and Climate Change.
    The announcement came ahead of a major speech on energy policy to be delivered later Wednesday by Climate Change Secretary Amber Rudd.
    "We are tackling a legacy of underinvestment and ageing power stations which we need to replace with alternatives that are reliable, good value for money, and help to reduce our emissions."

    "It cannot be satisfactory for an advanced economy like the UK to be relying on polluting, carbon intensive 50-year-old coal-fired power stations," she said. "Let me be clear: this is not the future."

    "We need to build a new energy infrastructure, fit for the 21st century," she said. "Our determination to cut carbon emissions as cost effectively as possible is crystal clear and this step will make us one of the first developed countries to commit to taking coal off our system."
    http://www.platts.com/latest-news/coal/london/uk-to-close-all-coal-fired-plants-by-2025-26281086

  • Meep. I'm wondering if I should throw out a speculative $5 limit order and see if it fills. :)

    So much for this latest "unicorn" eh?
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