Some of the biggest business news nuggets come from Casper, which slashed its IPO range, Pershing Square, which announced that it’s exiting its Starbucks position and Take-Two Interactive (TTWO) - Get Take-Two Interactive Software, Inc. Report.
The sleep company announced Wednesday that it’s estimated range at which it plans to go public will be $12 to $13 a share. Originally, Casper had been looking for $17 to $19 a share.
The company plans on offering around 8 million shares, and has offered underwriters an option on another 1.25 million shares.
The top of the new range estimates the company at $520 million. The previous range had put the company at $760 million.
The company will list on the New York Stock Exchange under the ticker CSPR.
In its filing, the company said, “We believe sleep is rapidly becoming the third pillar of wellness and is poised to undergo the same massive transformation that fitness and nutrition have as they became major consumer categories.”
It has also said that the market size for the categories and geographies it addresses is around $67 billion in 2019.
The hedge fund managed by Bill Ackman updated clients Wednesday on the portfolio.
According to the slide shown to clients, Pershing Square said that the coffee company should continue to generate robust earnings growth.
They also noted that Starbucks is now firing on all cylinders after a successful turnaround.
Pershing Square said that it exited the investment after the prospective returns became more modest, following a return of 73% in the 19 months that they held Starbucks.
Take-Two was down throughout the trading session Wednesday after it was announced that Rockstar co-founder and Creative Vice President Dan Houser will be leaving the company next month.
For the non-video game nerds out there, Rockstar is the studio that developed both Red Dead Redemption and Grand Theft Auto.
Houser worked as the lead writer on both Red Dead Redemption 2 and Grand Theft Auto 5.
Houser’s brother Sam, who helped co-found Rockstar in 1998, will stay on with the company.
Take-Two reports earnings after the bell Thursday, Feb 6.