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Target Shares Jumped 10%: Why They Are One of Few Retailers Killing It

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It has been rough for many retailers to keep up with online shopping trends in recent years. Amazon has pretty much taken over. However, the larger retailer stores, like Walmart and Target, have seemingly been able to keep up. The latest quarterly report shows that Target shares are up 10 percent. So, how is the retailer still playing ball with the likes of Amazon?

Target Shares Jump 10%

Target shares soared Wednesday after the company released its first-quarter earnings. Sales topped all analysts’ expectations. Not only did the retailer bring even more people into its physical stores, but online commerce increased by 42 percent.

For online shoppers, Target offers something Amazon cannot: curbside pickup for online orders. This and its ability to continue getting shoppers in their stores, Target shares increased by 10 percent. Compared to what analysts predicted, here is how Target performed in the first quarter.

  • Analysts expected to see $1.43 per share. Target saw $1.53 in reality.
  • Target also blew expected revenue numbers out of the water. It saw $17.63 billion versus $17.52 billion in expected revenue.
  • Additionally, Target saw same-store sales growth of 4.8 percent (compared to 4.2 percent expected growth).

Brian Cornell, CEO of Target, believes the company is well-positioned to continue to perform well throughout the rest of 2019, despite the threat of 25 percent tariffs on items imported from China. “We continue to see a healthy economic backdrop for our business,” he said.

Cornell anticipates this to be true for 2019 and beyond. But how is Target keeping up with the likes of Amazon, where you can buy practically anything, and offers same-day shipping in some areas of the country?

Why Target is Still Thriving

When it comes to retail, many investors are becoming nervous. Macy’s, Kohl’s, and Nordstrom are all failing to keep up with the online shopping trend. However, as you can see above, Target is continuing to grow. If you look at Target’s efforts to keep up with online retailers, you’ll know why it is thriving.

First, Target has implemented an ambitious remodeling plan throughout 400 of its stores. It plans to remodel another 300 stores this year and another 300 in 2020. The remodels have focused on improving apparel, cosmetics, electronics, and grocery sections of the stores. In many cases, it includes expanding each of those departments along with online pickup spots.

These fresher looking retail locations have more people wanting to go into Target to shop. Even if customers aren’t coming into the store, it seems their online shopping experience is desirable as well. Target, according to consumers, is offering a seamless shopping experience from online to pick up.

On top of that, Target is offering more competitive pricing in the grocery on food and other household items as well. So, there is no wonder was Target shares are up and there’s no sign of it slowing down any time soon either.

Photo: Mike Mozart

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Is the Stock Market Open on Memorial Day 2019?

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is the stock market open Memorial Day

Memorial Day is on Monday, May 27, for 2019. It’s an official federal holiday, and many members of the American workforce will have the day off. However, because government offices, banks, and other companies close for the holiday, figuring out what is open can be a challenge. Is the stock market open on Memorial Day? Here’s what you need to know before the holiday arrives.

Is the Stock Market Open on Memorial Day?

While the NYSE and Nasdaq are usually open on Mondays, neither are open on Memorial Day. Additionally, since neither of the stock markets is open on weekends, they will also close on the Saturday (May 25) and Sunday (May 26) before Memorial Day.

If you need to handle stock-related transactions before Memorial Day, then Friday, May 24 is when you need to take care of them. On a good note, the NYSE and Nasdaq have their usual trading hours on the Friday before Memorial Day, so you don’t have to worry about an early closure interfering you’re your transactions.

On typical operating days – Monday through Friday – the NYSE starts the pre-opening session at 6:30 am ET. At 9:30 am ET, the official opening auction begins. The core trading session runs from 9:30 am ET through 4:00 pm ET. Between 4:00 pm ET and 8:00 pm ET, the late trading session is underway.

The Nasdaq has similar hours. The only difference is that pre-market trading starts at 4:00 am ET instead of 6:30 am ET.

If you don’t get everything handled on Friday, May 24, you’ll have to wait until Tuesday, May 29 to finish up your trades.

2019 U.S. Stock Market Holiday Schedule

The NYSE and Nasdaq follow the same holiday schedule. If one is closed for a holiday, so is the other. The only time when one of these markets will close while the other remains operational usually involves a technical issue that doesn’t impact both the NYSE and the Nasdaq.

Here are the U.S. stock market holiday closures, along with the short-day schedule, for 2019:

  • Tuesday, January 1, New Year’s Day: NYSE & Nasdaq are closed
  • Monday, January 21, Martin Luther King, Jr. Day: NYSE & Nasdaq are closed
  • Monday, February 18, Washington’s Birthday (President’s Day): NYSE & Nasdaq are closed
  • Friday, April 19, Good Friday: NYSE & Nasdaq are closed
  • Monday, May 27, Memorial Day: NYSE & Nasdaq are closed
  • Wednesday, July 3, Day Before Independence Day: NYSE & Nasdaq close early at 1:00 pm EDT
  • Thursday, July 4, Independence Day: NYSE & Nasdaq are closed
  • Monday, September 2, Labor Day: NYSE & Nasdaq are closed
  • Thursday, November 28, Thanksgiving: NYSE & Nasdaq are closed
  • Friday, November 29, Day After Thanksgiving: NYSE & Nasdaq close early at 1:00 pm EDT
  • Tuesday, December 24, Christmas Eve: NYSE & Nasdaq close early at 1:00 pm EDT
  • Wednesday, December 25, Christmas Day: NYSE & Nasdaq are closed

While the NYSE and Nasdaq close on most federal holidays, there are two where the stock markets are open. Neither market shuts down for Columbus Day or Veterans Day.

Additionally, while Good Friday is not a federal holiday, the stock markets are still closed. Some of the short days are also not on the government holiday calendar.

U.S. Bond Market Holiday Schedule

While SIFMA does close on many of the same holidays as the NYSE and Nasdaq, there are also a few others. Plus, early closures for the bond market aren’t at the same time.

Here is a look at the 2019 U.S. bond market holiday schedule:

  • Tuesday, January 1, New Year’s Day: SIFMA is closed
  • Monday, January 21, Martin Luther King, Jr. Day: SIFMA is closed
  • Monday, February 18, Washington’s Birthday (President’s Day): SIFMA is closed
  • Thursday, April 18, Day Before Good Friday: SIFMA closes early at 2:00 pm ET
  • Friday, April 19, Good Friday: SIFMA is closed
  • Friday, May 24, Friday Before Memorial Day Weekend:
  • Monday, May 27, Memorial Day: SIFMA is closed
  • Wednesday, July 3, Day Before Independence Day: SIFMA closes early at 2:00 pm ET
  • Thursday, July 4, Independence Day: SIFMA is closed
  • Monday, September 2, Labor Day: SIFMA is closed
  • Monday, October 14, Columbus Day: SIFMA is closed
  • Monday, November 11, Veterans Day: SIFMA is closed
  • Thursday, November 28, Thanksgiving: SIFMA is closed
  • Friday, November 29, Day After Thanksgiving: SIFMA closes early at 2:00 pm ET
  • Tuesday, December 24, Christmas Eve: SIFMA closes early at 2:00 pm ET
  • Wednesday, December 25, Christmas Day: SIFMA is closed
  • Tuesday, December 31, New Year’s Eve: SIFMA closes early at 2:00 pm ET

Overall, SIFMA closes more often than the NYSE, Nasdaq, and the federal government. Barring the days above, as well as weekends, SIFMA is open. The only exception is when an unexpected technical issue occurs.

Do International Stock Markets Follow the Same Holiday Schedules?

No, international stock markets do not follow the NYSE, Nasdaq, of SIFMA schedules. Instead, each one has its own schedule. However, some closure days do overlap.

For instance, the London Stock Exchange (LSE) also closes on New Year’s Day, Good Friday, and Christmas. However, there are several U.S. holidays where the LSE is open.

International stock markets can also close on days when the U.S. markets are open. Using the LSE as an example again, the LSE closes on Easter Monday, but the U.S. markets are open.

Do you ever wish the stock market was open on Memorial Day? Tell us why or why not in the comments below.

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What Happened to Lyft in the Stock Market?

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On March 29, the Lyft initial public offering (IPO) launched on the Nasdaq. Uber is also gearing up for its own IPO, which should happen during the second quarter of 2019. However, Lyft’s performance hasn’t been ideal. The stock’s value actually tumbled below issuance. As of April 30, things don’t look good for the ride-hailing company. What happened to Lyft in the stock market?

The First Four Weeks

April 28 signaled the end of Lyft’s first four weeks on the Nasdaq. While many were optimistic about what the company could accomplish after going public, investors don’t seem very keen to put their money into the ridesharing service.

Demand for Lyft stock was high on the company’s first trading day in late March. The stock debuted at $72. Once it hit the open market, shares hit above the $87 mark on day one. However, Lyft was at $78 by closing.

While Lyft didn’t end on a high note that day, it was still a more than 8 percent gain. However, that modest success didn’t stand the test of time. On day two, it appeared that disaster had struck, with the stock opening around $75 and closing at about $69. That was a fall of 11.5 percent just in that session.

Lyft did seem to rally over the next couple of days but, by April 10, the stock closed near $60, marking a 31 percent decline from the opening prices.

Overall, the stock’s value fell by 4.9 percent during the first week, then tumbled a startling 19.5 percent in the second. The third week wasn’t as dramatic of a fall, but there was a 2.6 percent drop in price.

By the end of the fourth week, the price was down an additional 1.9 percent. While this is the smallest decline, investors likely aren’t thrilled overall.

Bullish Analysts

One of the more surprising points during this period is that many experts were rather bullish about Lyft’s potential. In one case, an analyst stated that he projected Lyft’s annual revenue growth at 32 percent through 2021. On April 23, 14 of 21 analysts covering Lyft considered the stock a “buy” or stronger. Seven of them had a “neutral” stance, while only one offered a “sell” recommendation.

Even with analysts being largely favorable, it wasn’t enough to stop Lyft’s price from declining.

Investor Skepticism

While it isn’t entirely clear what went through investors mind when Lyft’s IPO landed, something left them skeptical.

One possibility is that Lyft didn’t need to go public. The company wasn’t struggling financially, and its future growth doesn’t depend on the stock’s success. Investors might not feel as if they have their hands on an opportunity to get into something amazing.

Another point worth considering is if Lyft didn’t come in at the right price. Maybe the company was overly optimistic, figuring that name recognition and its reputation would spur more interest than it did. Putting a valuation on a ridesharing company is also challenging on its own so Lyft might have shot for the fences or made a judgment based on data that didn’t pan out.

However, if a price doesn’t seem “fair” to the masses, they’ll let the company know, mainly by avoiding the stock or waiting for the cost to tumble before getting involved.

Finally, Lyft may be growing fast, but that doesn’t mean the company is profitable. In 2018, Lyft lost nearly $1 billion. That’s hard to ignore. Between paying driver’s incentives, subsidizing rider costs, and spending a ton on other initiatives (like self-driving technology and electric bikes), Lyft sent a startling amount of money out of the door.

Unless a catalyst gets Lyft’s stock price moving up, it could keep falling. The initial performance isn’t going to leave investors enthusiastic, so it’s hard to say where the price may go if they won’t get on board.

At some point, Lyft’s stock will settle. Essentially, the market is going to dictate what investors deem an acceptable price, and it is something that Uber needs to watch.

Will Lyft’s IPO Debacle Affect Uber’s IPO?

Uber is probably watching Lyft’s stock carefully. After all, Uber is launching its own IPO in the coming months, and avoiding Lyft’s mistakes is likely a big priority.

The Uber IPO valuation may have already gone down. According to some rumors, the company’s aim was $100 billion with share prices between $48 and $55. However, it appears that $80 billion to $90 billion is what Uber is thinking now.

Plus, Uber’s growth rate is behind Lyft’s. Between the less than enthusiastic reception of Lyft hitting the market and a slower growth rate, Uber may have a tougher road ahead than they originally anticipated.

Do you invest in Lyft? Is Lyft’s stock price a concern? Share your thoughts in the comments below.

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Trump Tweet Sends Workhorse Penny Stock Surging

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President Trump is known for tweeting about just about everything. However, it seems when he tweets about the economy, it can have a profound impact. Today, electric truck company Workhorse saw a 200% surge in stock prices after a tweet from Trump.

GM Plans to Sell Plant to Workhorse

General Motors is in talks with Workhorse to sell its Ohio plant to the electric truck company. This comes after GM announced plans to close the Lordstown, Ohio plant, along with three others in the United States.

GM is doing this to free up more cash for the development of its own electric and self-driving cars. Instead of allowing the plant to go used, GM began talking with Workhorse about a possible sale.

Tom Colton, the head of investor relations for Workhorse, confirmed the talks were in the preliminary stage. It currently does not know when the plant will open, when jobs would start, or how many people the company will look to employ.

Not everyone is excited about the sale though. The United Autoworkers Union has made it known it isn’t in favor of the plant being sold. “The UAW’s position is unequivocal: General Motors should assign a product to the Lordstown facility and continue operating it,” the union said in a statement.

The UAW filed a federal lawsuit against GM in February to keep the Lordstown plant open. Union representatives hope to push GM to begin building its new vehicles there. Those talks will not commence until July, making it unsure whether Workhorse will be moving there or not (yet).

Despite the lawsuit and pushback from the Union, GM does not plan to have a future in Lordstown. It does plan to hire another 450 workers at three other locations in the state of Ohio though, investing $700 million into its Ohio plants.

Mike DeWine, the Governor of Ohio, said the news from GM is still good for the three cities with plants (Parma, Moraine, Toledo). If Workhorse buys the plant, DeWine said, Ohio could still expect hundreds of jobs to be added in Lordstown.

Workhorse Stock Prices Soar

Workhorse is a growing company and would be a great addition to Ohio. The company is currently working on switching from traditional vans and trucks to electric. Later this year, it will begin production on electric delivery vans for the United Parcel Service (UPS).

“Based on media reports and comments from the US Postal Service, testing for the next generation vehicle is done and a request for production is due later this year,” Cowen analyst Jeffrey Osborne stated.

After Trump tweeted about the potential talks to move Workhorse to the Ohio plant, shares surged more than 214 percent. The company opened on Wednesday at 82 cents and closed the day at $2.65. The daily volume of shares increased as well. On average, it has been at 345,127 daily shares over the past month. By the end of the trading day, the volume was up to 45.9 million shares.

“This potential agreement creates a positive outcome for all parties involved and will help solidify the leadership of Workhorse’s role in the EV community,” Workhorse CEO Duane Hughes stated in a press release.

How Trump’s Tweets Have Impacted The Market

This isn’t the first time a tweet from President Trump has had an impact on the stock market. In fact, it happens so often, Bloomberg created an interactive graph to see what tweets were sent out when the DOW goes up or down.

There are few things that have been traditional about Trump’s presidency, but his presence on Twitter makes it doubly so. If you’re investing, it may be a good idea to keep an eye on POTUS’ tweets.

Readers, what do you think about GM’s decision to sell its Ohio plant and the Workhorse surge?

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Is Putting a 20% Down Payment on a House Realistic?

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I understand the argument behind the advice of putting at least a 20% down payment on a house purchase. No one wants to pay private mortgage insurance and the idea of getting two different loans to avoid it isn’t that great either. I imagine if you are a previous homeowner and have some equity from a previous house to put down on a new one, a 20% down payment is very feasible, but what about first time home buyers?

Saving Up The 20% Down Payment has Huge Opportunity Costs

In the area that I currently live, the average home price is about $175,000 for a decent starter home. That’s actually a pretty low price compared to where I grew up across the state, where you can’t get a decent starter home for under $275,000. Let’s say someone wanted to buy a home for the first time. A 20% down payment for an average house in each area would be $35,000 and $50,000 respectively (and that doesn’t even include closing costs) Who has that kind of cash readily available? Not many people. So the advice many are given is to save up and wait.

Let’s look at what that would look like. Say you are able to save $500 a month towards your down payment. You are able to knock down your costs and pull aside that much every month. It would take you almost 6 years of saving $500 a month in order to afford the 20% down payment in the less expensive city and over 9 years to afford the one in the pricier area.

What if you were able to save $1,000 a month? Then it would take you 3 years and 4.5 years respectively. But saving $1,000 a month is quite difficult when you are trying to fund a retirement account and live day to day. Especially for up to 9 years. Most first home buyers are younger – probably in their 20s. In the best case scenario, you need to save for 3 years – in the worst case, it would be 9 years (this is assuming you already have a sizable emergency fund to take care of unexpected expenses).

It is even harder when you start looking at this from a market standpoint. House prices will rise. I don’t care what the housing market looks like now – eventually, the values will rise again. Let’s say values rise at a conservative 1% per year. In 3 years, each “average” house will cost at least $5,500 and $8,500 more, respectively. In 9 years, each house will cost at least $16,000 and $25,000 more, respectively.

Everyone who finally reached their 20% down payment goal will now need more money than originally thought for the down payment of a home that is now more expensive. Not to mention the money lost on throwing away rent rather than building equity (however small that amount may be in the first few years). Add to that the tax deductions missed and the missed opportunity to profit from the market’s increasing values. Ouch! Those numbers aren’t pretty. You have to spend money on housing either way – why not get some benefits from it?

Chances are, if you are saving a huge chunk of money each month for a large house down payment, you aren’t contributing the max to your retirement account. Your early investing years are the most critical for your future because of the wonderful concept called compounding interest. You could lose some very valuable interest time by waiting to invest (or increase your investment amount).

It Is Perfectly Reasonable To Buy A Home For Less Than 20% Down

Perhaps there are some people for which putting a 20% down payment on a house is not only possible but also a perfect fit for them. I personally don’t know any of those people and am not one of them. We chose to buy our house with no money down and use our monthly extra to invest more, stock up our retirement fund, fund our emergency savings, and make improvements to our house that will increase the value when we go to sell.

The funny thing is that our mortgage is not outrageous, we are not struggling to keep up with our payments and we are not in jeopardy of defaulting on our loan. The fact of the matter is that there are people who are a high risk to mortgage companies who will likely default on their loan if they get into a house with no money down. But there are also responsible people who will pay their mortgage on time every month who just want to have a choice of what to do with their extra money and how to best use it.

Can You Get A Mortgage For Less Than 20%?

Yes. You can get a mortgage for less than 20% down. The best way to find out if you can do this is to start making calls. You’ll want to talk with a mortgage broker. Probably you’ll want to talk with several. A good starting place might be USAA (they have great customer service) as well as your local credit union. Stay away from the bigger banks, they sometimes have incentives that are perverse (for example, by pushing low money down loans or adjustable rate mortgages).

Beyond Lyft: IPOs to Watch for in 2019

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Beyond Lyft IPOs to Watch for in 2019

Watching the Lyft IPO and its effect on the market has been fascinating. It was the first ride-hailing app to go public, which it did in late March. Initially, everything looked great. The company had ambitiously priced its IPO at $72 per share. Right after the launch, shares soared to $87.24. This meant that the company’s valuation was nearly $30 billion, a surprisingly huge amount.

However, in just the short weeks since that launch, Lyft’s value has dropped considerably. In fact, the drop happened fast. Shares fell below IPO price by the second day of trading. By April 15th, they were down to just $56.57 per share. That’s a 27% decline from the close of the first day of trading. Moreover, it’s 35% below that opening price of $87.24. Watching this saga has everyone curious about what’s going to happen with all of the other big IPOs set to happen in 2019. In particular, market analysts can’t stop making predictions about Uber.

What Will Happen When Uber Goes Public?

Lyft beat competitor Uber to the public offering. However, Uber is poised for its launch. People everywhere are speculating on what will happen with Uber’s IPO. Moreover, there are diverse opinions about how Uber’s launch will affect Lyft’s value. Uber is a bigger company with about five times the revenue of Lyft. It’s expected to open to the public at about that same ratio, with a valuation of around $100 billion or about $95 per share.

Most market analysts seem to expect Uber to follow a similar trajectory, starting off really strong but then fading quickly in terms of value share. However, some analysts are already coming out to say that Uber isn’t worth nearly as much as that projected launch number. CNBC reports that valuation expert Aswath Damodaran values the company at somewhere between $58 and $62 billion or between $51 and $54 per share. Moreover, initial investors may be more cautious after seeing the early days of Lyft’s IPO.

Uber has a lot working against the company. They continue to face a variety of legal battles. Recently several women have come forward with frightening tales of sexual harassment/ assault from their drivers. Moreover, they’ve reported that the only help the rideshare has given them is a $5 credit for the “trouble.” Uber tried hard to turn its image around with its new CEO, but it’s just not working quite as expected. Moreover, in addition to the legal troubles, Uber still isn’t a profitable company.

What Will Happen to Lyft with Uber IPO?

Lyft is a smaller company. It tends to have a better reputation than Uber, although it’s had its problems over time. The company recently had to pull many of its electric bikes out of service after reports of potential brake problems. That said, it’ll be interesting to see the effect that Uber’s IPO has on Lyft shares. Some people say that Lyft’s stocks may improve once Uber launches.

It really depends on what Lyft does shortly and how the public perceives its changes. They’re expected to launch their version of Uber Eats, which could increase their value considerably. Likewise, they’re making headway with driverless cars, which may or may not lead to improved profitability in the future. It’s hard to say which company will dominate the industry in the years to come, even though Uber is the bigger company at this time. Therefore, if you have shares in Lyft, you just might want to hang on to them.

More IPOs to Watch for in 2019

Lyft and Uber drew a lot of attention for their public offerings this year. After all, they were in a race to go public first. They’re natural competitors in a market where no other similar competitors really exist, let alone have gone public. Therefore, all eyes have been on them. However, there are a lot of other big IPOs to watch for this year. Although, with Lyft’s IPO struggles, along with other changes in the marketplace, there has been a delay of many of the IPOs anticipated for the year.

Will Airbnb Go Public?

In the frenzy of news about big companies going public in 2019, Airbnb was on everyone’s radar. However, as we have gotten a little bit further into the year, it’s become increasingly unclear whether or not they’ll have a 2019 IPO after all. Recode points out that the company hasn’t gotten any investment money in more than two years, which is a long time for a Silicon Valley startup. Therefore, interested investors have to carefully eye everything they can find out about the company’s financials.

Airbnb recently sold common stock at a price that would value the company at about $35 billion. However, the share value is unclear if they go public. Forbes reports that Wealthfront CEO Andy Rachleff accepts a current market valuation of $31 billion for Airbnb. Nasdaq reports that Airbnb has made some key acquisitions in the buildup to their IPO. Nevertheless, the company says that while they may go public before year’s end, it doesn’t necessarily mean that they will do so. Therefore, this remains one to keep an eye on.

Slack Will Go Public with a Direct Listing of Shares

If you work in the Bay Area, you’ve almost certainly used Slack to communicate with coworkers. Of course, people use it elsewhere as well, but it’s become particularly popular in the Bay Area. Email is out. Slack is in. So it’s no surprise that the company plans to go public.

Slack isn’t planning the usual IPO though. Instead, they plan to directly list their shares on the New York Stock Exchange. It’s not a common approach for startups going public. However, Spotify successfully used this approach when they went public. Most likely, Slack will go public this summer.

Bloomberg reports that in advance of that, investors are betting big on Slack’s value. During the company’s last fundraising round in August, the company had a value of approximately $7 billion. Investors are currently paying between $24 and $27 per share, which places valuation closer to $16 billion. Notably, high prices like that don’t always translate to a high value when the company goes public. Again, this will be an interesting one to watch.

Pinterest Manages IPO Expectations

Pinterest is a popular company. In certain niches, if you don’t have a Pinterest account, then you can’t effectively market your business. However, The New York Times reports that the company is working to manage expectations in advance of going public. Pinterest conservatively priced shares at $15 – $17. This gives the company a valuation of around $11 billion.

High Hopes for Palantir IPO

Peter Thiel is no stranger to making money from startups. His data mining company Palantir is no exception. Although it’s not as flashy as Airbnb or Uber in the public’s mind, it just might be the best IPO to invest in this year. For one thing, the company just won one of its biggest contracts ever, beating out Raytheon for an $800 million military contract. The company works with at least 12 differentl government agencies, which bodes well for its continuing value.

Palantir is frequently listed with a valuation of $20 billion. However, that amount is from a 2015 funding round. It’s no small valuation, but Bloomberg reports that it could be less than half of the company’s actual valuation. That $41 billion valuation came even before the news about that huge military contract.

Other IPOs to Keep an Eye on in 2019

Uber, Airbnb, Slack, Pinterest, and Palantir are the companies you’ll definitely want to keep an eye on as they go public. However, you might also want to follow IPO news about:

  • PagerDuty and Zoom are both going public before Easter.
  • Stock-trading app Robinhood is looking good for a 2019 IPO.
  • Postmates has increased marketing efforts in advance of a likely IPO.
  • Beyond Meat is likely to be the first plant-based “meat” maker to go public.
  • Dating app Bumble hopes to get an edge up on competitor Tinder by going public but has not set an IPO date.
  • Cloudfire was expected to go public this year, but a new round of funding may push that back.
  • WeWork was a highly anticipated 2019 IPO, but a big drop in value may delay them from going public.

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