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KKR-backed Bountiful Co. files for IPO External Link

The Bountiful Co. has filed for an initial public offering, seeking to sell $100 million worth of shares, although that figure is often a placeholder used to calculate filing fees. The maker and marketer of vitamins, supplements, and other wellness products, backed by private-equity firm KKR & Co., plans to to trade on the New York Stock Exchange under the symbol BTFL. J.P. Morgan and Morgan Stanley are among the underwriters. The company, which changed its name from Nature's Bounty Co. in January, said it earned $54.3 million in the three months ended in December, compared with $6.9 million in the three months ended in December 2019. Sales rose to $629.4 million in the October-December period, from $429.8 million in the same period in 2019, the company said in the filing Monday. The nutrition category has been "resilient" through recessions and that has held through the COVID-19 pandemic, the company said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 12 Apr 2021 21:48:06 GMT
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Stocks close mostly lower with earnings on deck External Link

U.S. stocks finished Monday's session modestly lower as investors await the start of first-quarter corporate results and weigh positive news about COVID-19 vaccines against a discouraging spike in cases. The Dow Jones Industrial Average dropped 55 points, 0.2%, to close near 33,746, according to preliminary estimates, while the S&P 500 was virtually unchanged near 4,128. The Nasdaq Composite fell about 50 points, 0.4%, to end near 13,850. Stocks churned to fresh records last week, and traders likely see little catalyst for big bets before earnings season kicks off. Still, some high-profile stocks made big moves Monday: Tesla Inc. shares gained nearly 4% after more analysts boosted their price target, and Uber Technologies Inc. shares jumped 3.1% after the company reported overall gross bookings at their highest monthly level in the company's history in March.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 12 Apr 2021 20:02:13 GMT
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Alibaba's stock rallies toward biggest gain in nearly 4 years as antitrust fine removes overhangExternal Link

Shares of Alibaba Group Holding Ltd. shot up 9.1% in afternoon trading Monday, putting them on track for the biggest one-day gain in four years, as investors expressed relief following the $2.8 billion fine assessed by China's antitrust regulator. The China-based ecommerce giant's Chief Executive Daniel Yong Zhang said in a conference call after the fine, "we don't expect material negative impact" following changes to comply with the regulator's orders. The company said it will not appeal the decision. "Positively, Alibaba does not expect further investigations on this matter, and we believe the removal of this overhang could be a positive for the shares," Raymond James analyst Aaron Kessler wrote in a note to clients. Kessler trimmed his stock price target to $330 from $350, to reflect increased investments in grocery and local deals categories as China-based ecommerce giant looks to expand in lower-tier cities, but reiterated his strong buy rating. Truist's Youssef Squali reiterated his buy rating and $330 stock price target, saying the long-term prospects of Alibaba remain "highly attractive." The stock, which is headed for the biggest one-day gain since it rose 13.3% on June 8, 2017, has advanced 8.0% over the past three months, while the iShares MSCI China ETF has slipped 3.9% and the S&P 500 has gained 8.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 12 Apr 2021 19:12:11 GMT
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Work from home ETFs rally as case counts spikeExternal Link

Exchange-traded funds with exposure to technologies that enable home-based work and school gained Monday as COVID-19 cases spiked. The Direxion Work From Home ETF gained 0.3%, as did the First Trust NASDAQ Cybersecurity ETF , while the Global X Cloud Computing ETF added 0.2%. In the past week, 28 states have seen cases rates trend higher, according to Johns Hopkins University data, even as vaccine rates charge higher. In the year to date, as enthusiasm for the "re-opening" trade gains steam, the ETFs noted above are mostly lower; WFH has gained 5%, however. But over the past 12 months, they've been big gainers. The WisdomTree Cloud Computing Fund , which slipped lower Monday, is up 106% over the past 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 12 Apr 2021 18:58:03 GMT
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Biden says it 'remains to be determined' whether fatal Daunte Wright shooting was accidentExternal Link

President Joe Biden on Monday said it "remains to be determined" whether a fatal shooting of a Black man by law enforcement in a Minneapolis suburb on Sunday was an accident. Police in Brooklyn Center, Minn., say the officer who fired intended to use a Taser, not a handgun. Chief Tim Gannon described the shooting as "an accidental discharge." Twenty-year-old Daunte Wright died Sunday in Brooklyn Center, and Biden addressed the incident at the White House. "Question is, was it an accident or intentional?" Biden said. The president also said there was "absolutely no justification" for looting but that peaceful protest was "understandable."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 12 Apr 2021 18:56:16 GMT
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