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Omar Venerio
Omar Venerio
Articles (950) 

CarGurus Gains Nearly 80% in 1st Day of Trading

AcelRx, Blackhawk Network and Juniper Networks fall

October 12, 2017 | About:

On Thursday, the U.S. stock market closed lower, falling from yesterday's record highs.

Shares of CarGurus Inc. (NASDAQ:CARG) jumped nearly 80% on its first day of trading as a public company. The company is an online marketplace that allows users to see how car dealers are rated. CarGurus sold 9.4 million shares at $16 each, raising $150.4 million. While the initial price range was between $13 and $15, the stock is currently trading around $28. CEO Langley Steinert said part of the capital raised will finance mergers and acquisitions in what he calls a "fragmented" car-dealer technology space.

Shares of AcelRx Pharmaceuticals Inc. (NASDAQ:ACRX) tanked nearly 60% on Thursday after the U.S. Food and Drug Administration did not approve its opioid painkiller Dsuvia. The FDA said it could not approve the drug in its current form and provided recommendations for improvement. CEO Vincent Angotti told Reuters the "cash runway is pretty solid, based on the fact that we have $67.9 million in the bank, and we can utilize that to complete the Dsuvia marketing application resubmission."

Shares of Blackhawk Network Holdings Inc. (NASDAQ:HAWK) plummeted 20% after the company projected a disappointing forecast for the year and came short of revenue expectations.The company beat on earnings.

Shares of Juniper Networks Inc. (NYSE:JNPR) continued yesterday's decline. The stock is down more than 5% today after the company posted disappointing preliminary third-quarter results due to cloud vertical. Revenue for the quarter is expected to be between $1.25 billion and $1.26 billion, down from the previous forecast of $1.29 billion to $1.35 billion. Further, non-GAAP EPS is expected in the range of 54 cents to 56 cents, also below the previous guidance of 55 cents to 61 cents.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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