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From Pfizer ((PFE - Free Report) to Moderna ((MRNA - Free Report) to AstraZeneca ((AZN - Free Report) , Johnson & Johnson ((JNJ - Free Report) and Merck ((MRK - Free Report) , the “Vaccine Rally” continues into pre-market Wednesday. Yes, we’re a little fractured in our sentiment — this rally had run up major indexes to fresh new all-time closing highs — but it does currently underpin bullishness to the extent it exists in the market today. The Dow looks to open up 100 points, the Nasdaq +60 and the S&P 500 +5.
That’s not quite gangbusters, but remember much of the vaccine relief has already been priced into the market. Also consider Covid-19 infection rates, which, while off the all-time highs we saw Thanksgiving week, are still on the upper leg of this second- or third-wave, tallying more than 1000 new cases per day. Currently, the U.S. has over 15 million reported cases, with more than 285K fatalities as a result so far. Worldwide, we’re at 67.5 million cases reported, with more than 1.5 million deaths.
After today’s opening bell, food delivery company DoorDash (DASH) launches its IPO. The company, which has profited mightily during this pandemic period, is pricing its Initial Public Offering at $102 per share, for a valuation of $38.7 billion — making it one of the top IPOs of the year. The 7-year-old company currently owns 50% of the U.S. prepared food delivery market, with only UberEats ((UBER - Free Report) and Grubhub ( as its main competition. DoorDash already owns brand-name competitors like Caviar.
DoorDash is aggressive and optimistic in its pricing for the IPO, coming as it is following several strong months of growth where food delivery is the literal lifeline for many Mom & Pop restaurants in the U.S. Does DoorDash expect to have the same amount of success once the pandemic is behind us? The short answer is: yes. Slightly longer: yes, but augmented. Once more restaurants are back online, a wider swath of delivery opportunities will be open to DoorDash. Besides, some consumers may have grown accustomed to restaurant food delivery as part of their social life, even well beyond the time everyone is wearing masks.
This is the first of two hotly anticipated IPOs entering the market this month; the second being AirBNB (ABNB), which filed its registration paperwork for its IPO Monday of this week, meaning we expect its big day sometime before the end of this month. The online travel marketplace claims 4 million hosts offering a wide array of experiences. But first, AirBNB gets to see how DoorDash performs today and in the trading days beyond.
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IPO Market Set to Thrive in December
From Pfizer ((PFE - Free Report) to Moderna ((MRNA - Free Report) to AstraZeneca ((AZN - Free Report) , Johnson & Johnson ((JNJ - Free Report) and Merck ((MRK - Free Report) , the “Vaccine Rally” continues into pre-market Wednesday. Yes, we’re a little fractured in our sentiment — this rally had run up major indexes to fresh new all-time closing highs — but it does currently underpin bullishness to the extent it exists in the market today. The Dow looks to open up 100 points, the Nasdaq +60 and the S&P 500 +5.
That’s not quite gangbusters, but remember much of the vaccine relief has already been priced into the market. Also consider Covid-19 infection rates, which, while off the all-time highs we saw Thanksgiving week, are still on the upper leg of this second- or third-wave, tallying more than 1000 new cases per day. Currently, the U.S. has over 15 million reported cases, with more than 285K fatalities as a result so far. Worldwide, we’re at 67.5 million cases reported, with more than 1.5 million deaths.
After today’s opening bell, food delivery company DoorDash (DASH) launches its IPO. The company, which has profited mightily during this pandemic period, is pricing its Initial Public Offering at $102 per share, for a valuation of $38.7 billion — making it one of the top IPOs of the year. The 7-year-old company currently owns 50% of the U.S. prepared food delivery market, with only UberEats ((UBER - Free Report) and Grubhub ( as its main competition. DoorDash already owns brand-name competitors like Caviar.
DoorDash is aggressive and optimistic in its pricing for the IPO, coming as it is following several strong months of growth where food delivery is the literal lifeline for many Mom & Pop restaurants in the U.S. Does DoorDash expect to have the same amount of success once the pandemic is behind us? The short answer is: yes. Slightly longer: yes, but augmented. Once more restaurants are back online, a wider swath of delivery opportunities will be open to DoorDash. Besides, some consumers may have grown accustomed to restaurant food delivery as part of their social life, even well beyond the time everyone is wearing masks.
This is the first of two hotly anticipated IPOs entering the market this month; the second being AirBNB (ABNB), which filed its registration paperwork for its IPO Monday of this week, meaning we expect its big day sometime before the end of this month. The online travel marketplace claims 4 million hosts offering a wide array of experiences. But first, AirBNB gets to see how DoorDash performs today and in the trading days beyond.