Consumer Brands Eye Public Markets
Allbirds and Panera are looking to cash in on investor interest in business models pitched for postpandemic habits.
By Andrew Ross Sorkin, Jason Karaian, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni
Exclusive: Allbirds is interviewing banks for an I.P.O.
Five NFL prospects who could be surprise first-round draft picks
For all of its preceding months of projections and prognostications, the NFL draft is always ripe for a few surprises.
While the early portion of the first round is dominated by known entities and names that have become fixtures of mock drafts, the back half of the first day can lend itself to some unforeseen developments. That trend could continue Thursday, as a year shaped by the COVID-19 pandemic and its corresponding complications in the scouting process could yield even more uncertainty. And with several position groups in this year's draft lacking a clear pecking order, some players could hear their names called earlier than many expect.
Here are five players who could be surprise first-round picks in this year's NFL draft:
Silicon Valley's favorite sneakers brand, Allbirds, is preparing to go public, according to a report
- Allbirds is reportedly interviewing banks as it prepares to go public on the New York stock Exchange.
- The New York Times was first to report the news.
- Allbirds – known for its low-key, comfy sneakers – has grown rapidly in the last five years.
- See more stories on Insider’s business page.
Sustainable sneaker brand Allbirds is making plans to go public, according to a New York Times DealBook report early Wednesday.
The company, which is famous for its unbranded, comfy shoes that have become a Silicon-Valley staple, has grown rapidly since it launched in 2016.
After raising $100 million in funding last September, the company was valued at more $1 billion.
Insider contacted a spokesperson from Allbirds for more details but did not immediately hear back.
Ryder System Inc. Q1 adjusted earnings Beat Estimates
Below are the earnings highlights for Ryder System Inc. (R):
-Earnings: $51.6 million in Q1 vs. -$109.1 million in the same period last year.
-EPS: $0.97 in Q1 vs. -$2.09 in the same period last year.
-Excluding items, Ryder System Inc. reported adjusted earnings of $58.2 million or $1.09 per share for the period.
-Analysts projected $0.57 per share
-Revenue: $2.22 billion in Q1 vs. $2.16 billion in the same period last year.
Next quarter EPS guidance: $1.25 – $1.35
Full year EPS guidance: $5.50 – $5.90
Gold Dips Ahead Of Fed Decision
Gold prices fell on Wednesday to hover near one-week low as yields rose and the dollar strengthened ahead of a Federal Reserve meeting later in the day.
Spot gold was down 0.6 percent to $1,766.98 per ounce, after having dipped to its lowest since April 20 at $1,762.50. U.S. gold futures were down 0.7 percent at $1,766.20.
Benchmark U.S. 10-year Treasury yields jumped to their highest since April 13 and the dollar rose against its rivals, denting the appeal of the safe-haven asset.
The Fed is widely expected to maintain its ultra-easy monetary policy, but traders will be paying close attention to any changes to the accompanying statement that may signal a shift in the near future.
Market participants expect Chair Jerome Powell to continue to defend the dovish stance of the Fed and dismiss any suggestions of tapering bond purchases in his press conference.
Investors also await U.S. President Joe Biden’s address to a joint session of Congress for clues on further stimulus measures.
Tesla is now sitting on $2.5 billion of bitcoin
Tesla is sitting on roughly $2.5 billion worth of bitcoin, according to a securities filing, giving the automaker a significant gain on paper just a few months after investing.
The automaker said its investment in the volatile cryptocurrency was worth $2.48 billion at the end of March. The company announced earlier this year that it had purchased $1.5 billion worth of bitcoin and planned to accept it as payment for vehicles.
Tesla said on Monday that it registered a net gain of $101 million from sales of bitcoin during the quarter, helping to boost its net profits to a record high in the first quarter. Tesla does not account for bitcoin as a mark-to-market asset, meaning it only recognizes an earnings benefit if it sells to lock in the gains.
Bitcoin was trading near $59,000 on the final day of March, slightly above where it was trading on Wednesday morning. The crypto asset has swung widely in the intervening weeks, trading well above $60,000 before falling sharply to below $50,000.
Shares of Tesla were down slightly in premarket trading on Wednesday. The stock, which has been one of the best performers in recent years, has dropped more than 15% over the past three months.
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Final NFL Mock Draft: Broncos trade down twice to add more picks, select Miami’s Jaelen Phillips – The Denver Post