It's almost Friday.
It wasn't all about Nike Inc.'s (NKE) headline risk concerning an unfortunate sneaker accident on a basketball court Thursday.
At the market close, the Dow Jones Industrial Average declined 104 points, or 0.4%, to 25,851; the S&P 500 fell 0.35% and the Nasdaq was down 0.4%. The Nasdaq snapped a eight-session winning streak.
Pinterest's Goin' Public
Pinterest, Inc., one of the only still-private large social media companies, has confidentially filed for an initial public offering, the Wall Street Journal has reported, citing sources familiar with the matter.
Pinterest, a platform on which users upload pictures of all kinds of items, has filed paper work with the Securities and Exchange Commission. The company is seeking a $12 billion valuation on the offering, and is aiming to go public in June of 2019, according to the Journal's sources. CEO Ben Silbermann said several months ago that he wanted the company to go public in April.
Auto Tariffs Impacting Who Now?
Shares of Volkswagen (VLKAY) are down about 80 basis points to $168.29 on Thursday after CEO Herbert Deiss opened up about the financial implications from the global trade spat, wrote TheStreet's Bret Kenwell.
Deiss said the biggest threat to the company's bottom line are the tariffs from the United States. Currently, the U.S. is working on hammering out a new trade deal with China and one would expect that things can be worked out between the U.S. and Europe as well. But there are worries before that happens.
Canopy Growth's High Is Fading
Canopy Growth Corp. (CGC) shares were down 2.6% at the close Thursday to $45.06 after the Canadian cannabis company filed an amended third-quarter report, significantly widening its adjusted EBITDA loss, wrote TheStreet's Tony Owusu.
The company said it had an adjusted EBITDA loss of $155,154,000 in the nine months ended Dec. 31, 2018, wider than its previous report of $69,006,000.
The company said the error was due to a formula error in the spreadsheet supporting the year-to-date EBITDA loss calculation. The adjusted EBITDA loss for the third quarter remains unchanged.