Stock futures rose slightly vs. fair value early Monday morning. Nine IPOs are on tap this week, with Blue Apron (APRN) by far the biggest. But how have recent new issues fared?
XAutoplay: On | Off Snapchat parent Snap (SNAP) came public in March with a big market cap and even more hype. But after a strong first two days, Snap shares have been struggling as Facebook have cloned many of Snapchat’s top features. Facebook’s Instagram Stories alone now has 250 million users vs. 166 million for Snapchat in total.
Snap’s stock is now hovering just 3% above its offering price of 17. There are 51 other recent IPOs from the last nine months that are faring better. (The number might have been even higher a week earlier. Trade Desk (TTD) and Everbridge (EVBG) have been doing quite, but had their debuts on Sept. 15 (Everbridge) and Sept. 20 (Trade Desk), just missing the nine-month cut-off.
As for stock futures, S&P 500 index futures were fractionally higher vs. fair value. Dow industrials futures were 0.1% above fair value. Nasdaq 100 futures rose 0.2%.
IBD’S TAKE: Before Snap’s market debut, IBD explained how you should play the social media upstart, and how to trade any new IPO.
Everspin Technologies is a chipmaker working in the magnetic RAM field. Everspin is not yet profitable, but sales growth has accelerated for the past two quarters, though from a low base.
Everspin came public at 8 a share in early October. Shares didn’t wow in their debut and they largely moved sideways for several months. Everspin broke out of a cup-with-handle base on Feb. 14 and advanced for a few weeks. But shares sold off in March, forming a new cup-with-handle cleared in late April. That would took hold, with shares exploding in late May.
Everspin closed Friday at 21.30, up 166% from its offering price.
Ichor Holdings makes fluid- and gas-delivery subsystems for semiconductor capital equipment. Ichor is profitable, delivering huge growth while revenue has doubled in the past two quarters.
Ichor came public in early December at 9 a share. Ichor formed a short IPO base and broke out in early January. Since then Ichor’s trajectory has been higher, with shares hitting a record 29.73 on June 9. After a sharp reversal that day and the next, Ichor has been consolidating, closing Friday at 23.35.
Ichor is up 159% from its offering price.
Floor & Decor
Floor & Decor sells flooring and decorative accessories via its warehouse style locations. Profit and sales growth are strong.
Floor & Decor came public at 21 a share in late April, with shares popping 32% in their April 27 debut and continuing to advance. Shares hit a record 47 on Wednesday. But shares pulled back Thursday and Friday, with other big-box home improvement chains such as Home Depot (HD) and Lowe’s (LOW) also suffering big losses Friday.
Floor & Decor closed Friday at 41.51. Shares are up 98%, making it one of 2017’s top IPO performers.
In Asia trading intraday Monday, Japan’s Nikkei rose 0.1% and China’s Shanghai composite climbed 0.6%.
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