Instacart shares soar on Nasdaq debut and more stocks on the move

Dow Jones2023-09-20

MW Instacart shares soar on Nasdaq debut and more stocks on the move

By MarketWatch

Block's stock falls after management shakeup, while Starbucks shares decline after an downgrade

Here are some of the most notable movers on Tuesday:

Stock gainers:

Maplebear Inc., which is doing business as Instacart, debuted on Wall Street with a bang Tuesday, as the grocery-delivery app's stock opened 40% above where its initial public offering priced. The company said late Monday that its IPO of 22 million shares priced at $30 a share, which was at the top of the expected range. The first trade was at $42.00 at 12:49 p.m. Eastern for 2.59 million shares. At that price, the company would be valued at $14.2 billion, based on 338.8 million as-converted, fully diluted shares outstanding after the IPO.

Avinger Inc. shares $(AVGR)$ were rallying another 39% after surging 47% on Monday, following the launch of an image-guided catheter-based system for the diagnosis and treatment of vascular disease

Shares of Hanesbrands Inc.$(HBI)$ were rising 2% after the apparel company disclosed that was considering options for its Champion brand, which could include a sale.

Stock decliners:

Arm Holdings PLC's stock fell 4%, extending its declines since its well-received initial public offering last week.

Starbucks Corp. shares $(SBUX)$ were moving about 2% lower following a downgrade at TD Cowen that focused on China risks.

Walt Disney Co. $(DIS)$ shares were slipping more than 3% after the entertainment giant revealed plans to invest almost $60 billion in its parks business in the next decade.

Block Inc. shares (SQ) were falling 3% after the company announced the planned departure of Alyssa Henry, who's been leading the company's Square merchant business.

Nio Inc.'s U.S.-listed shares $(NIO)$ were dropping 15% after the company announced a proposed $1 billion convertible offering.

Shares of Rocket Labs USA Inc.$(RKLB)$ were falling more than 7% after the spacecraft and rocket builder's latest flight launch resulted in failure.

UpHealth Inc.'s stock $(UPH)$ was declining 18% after the digital health company said that its UpHealth Holdings subsidiary has declared for bankruptcy.

-MarketWatch

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(END) Dow Jones Newswires

September 19, 2023 13:14 ET (17:14 GMT)

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Instacart shares soar on Nasdaq debut and more stocks on the move

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