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MARKETS LIVE BLOG:

STOCKS RISE AS TECHS REVIVE, WITH NETFLIX EARNINGS ON TAP

Tesla shares slide to 52-week low; stock is down roughly 40% year-to-date

Chewy prices IPO, Broadcom earnings — What to know in markets Thursday

Heidi Chung
·Reporter

Online pet-products retailer Chewy is bringing more heat to the IPO market.

The Dania Beach, Florida–company raised its IPO pricing range Wednesday, and now expects to shares to price between $19 to $21 per share, up from the previous $17 to $19 per share range. At the high end of the new range, Chewy would be valued at about $8.4 billion.

Much like its recent IPO peers, Chewy is not yet a profitable company. According to its S-1 filing, Chewy reported sales of $3.5 billion in 2018, up 67% from the prior year, and a net loss of $268 million. About 42% of total revenue comes from pet food sales, while 25% comes from vet care and 22% comes from supplies and medicine.

PetSmart acquired Chewy in 2017 and is its largest shareholder. PetSmart will own 278 million Class B shares, which will represent approximately 70% of Chewy’s total outstanding shares of common stock and approximately 77% of the combined voting power of both classes of common stock.

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Chewy is expected to price its IPO shares Thursday evening and start trading Friday morning on the New York Stock Exchange under the ticker “CHWY.”

Meanwhile, chipmaker Broadcom (AVGO) is scheduled to release quarterly results after the bell. Analysts polled by Bloomberg are expecting the company to report adjusted earnings of $5.15 per share on $5.67 billion of revenue.

Despite being caught in the crosshairs of the ongoing trade war between the U.S. and China, chip stocks have been holding up better than expected this year. The semiconductor ETF, SMH, rose 20%, as the S&P 500 (^GSPC) is up nearly 16% in the same time period.

Read the latest financial and business news from Yahoo Finance

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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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