logo
Smithfield Foods raises $522 million, pricing IPO below expected range

Smithfield Foods raises $522 million, pricing IPO below expected range

Yahoo28-01-2025

This story incorporates reporting from Virginia Business, Investopedia on MSN.com and MSN.Smithfield Foods successfully raised $522 million through its initial public offering listed on the Nasdaq Global Select Market. The company offered 26 million shares at $20 each — a price below the initially anticipated range. This marks a significant milestone for Smithfield, as it returns to being publicly traded after a decade under private ownership by China's WH Group. The company had previously gone public in Hong Kong in 2014 following WH Group's acquisition.
Smithfield Foods is renowned as the largest pork producer in the United States, employing approximately 34,000 people nationwide. The decision to go public on the Nasdaq highlights the company's strategic focus on expanding its presence and visibility in the U.S. market. Shane Smith, President and CEO of Smithfield, noted the historical significance of the moment during a speech in New York City.
As part of its broader strategic initiatives, Smithfield announced its plan to transfer some hog farming operations to a joint venture with Murphy Family Ventures in North Carolina. This move is expected to refine their operational focus while leveraging partnerships to enhance efficiency. The IPO and operational adjustments signify Smithfield's commitment to strengthening its foothold in the competitive meat industry.
Quartz Intelligence Newsroom uses generative artificial intelligence to report on business trends. This is the first phase of an experimental new version of reporting. While we strive for accuracy and timeliness, due to the experimental nature of this technology we cannot guarantee that we'll always be successful in that regard. If you see errors in this article, please let us know at qi@qz.com.
For the latest news, Facebook, Twitter and Instagram.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

CoreWeave reportedly a key player in Google-OpenAI partnership
CoreWeave reportedly a key player in Google-OpenAI partnership

Yahoo

time21 minutes ago

  • Yahoo

CoreWeave reportedly a key player in Google-OpenAI partnership

-- CoreWeave is set to provide computing capacity to Google (NASDAQ:GOOGL) Cloud as part of Google's newly formed partnership with OpenAI, according to a Reuters report on Wednesday. The arrangement involves CoreWeave supplying cloud computing services built on Nvidia (NASDAQ:NVDA)'s graphics processing units to Google's cloud unit. Google will then sell this computing capacity to OpenAI to help meet the growing demand for services such as ChatGPT. In addition to CoreWeave's resources, Google will also provide some of its own computing resources to OpenAI. The deal demonstrates how the high demand for AI computing resources is creating new business alliances, even among the industry's fiercest rivals. Related articles CoreWeave reportedly a key player in Google-OpenAI partnership Dana stock surges amid $2.7 billion Off-Highway business sale to Allison Oklo and Centrus Energy stocks jump after DoD nuclear reactor award Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

Dave & Buster's (PLAY) Stock Trades Up, Here Is Why
Dave & Buster's (PLAY) Stock Trades Up, Here Is Why

Yahoo

time31 minutes ago

  • Yahoo

Dave & Buster's (PLAY) Stock Trades Up, Here Is Why

Shares of arcade company Dave & Buster's (NASDAQ:PLAY) jumped 14.8% in the afternoon session after the company reported first-quarter 2025 results and provided encouraging updates on sales trends, as revenue came in line with expectations. The company noted improved momentum following the reintroduction of the Eat & Play combo, adjustments to menu pricing, and changes to the incentive structure for store managers. Additionally, free cash flow turned positive, which is a significant boost as management attempts to turn around the business. Given that markets are forward-looking, the stock's reaction suggests investors were able to look past the bottom line weakness during the quarter as operating profits and earnings fell short of Wall Street's estimates. The shares closed the day at $30.46, up 17.7% from previous close. Is now the time to buy Dave & Buster's? Access our full analysis report here, it's free. Dave & Buster's shares are extremely volatile and have had 42 moves greater than 5% over the last year. But moves this big are rare even for Dave & Buster's and indicate this news significantly impacted the market's perception of the business. The previous big move we wrote about was 15 days ago when the stock gained 5.5% on the news that the major indices rebounded (Nasdaq +2.0%, S&P 500 +1.5%) as President Trump postponed the planned 50% tariff on European Union imports, shifting the start date to July 9, 2025. Companies with substantial business ties to Europe likely had some relief as the delay reduced near-term cost pressures and preserved cross-border demand. Dave & Buster's is down 0.3% since the beginning of the year, and at $30.20 per share, it is trading 40% below its 52-week high of $50.35 from June 2024. Investors who bought $1,000 worth of Dave & Buster's shares 5 years ago would now be looking at an investment worth $2,064. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Stock futures are little changed after S&P 500 ends three-day win streak: Live updates
Stock futures are little changed after S&P 500 ends three-day win streak: Live updates

CNBC

time34 minutes ago

  • CNBC

Stock futures are little changed after S&P 500 ends three-day win streak: Live updates

Traders wait for Voyager Technologies to begin trading during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., June 11, 2025. Brendan McDermid | Reuters Stock futures were relatively unchanged on Wednesday after the S&P 500 saw its first negative session in four. S&P 500 futures traded down by 0.1%, along with Nasdaq 100 futures . Futures tied to the Dow Jones Industrial Average dropped 44 points, or 0.1%. In extended trading, shares of Oracle surged more than 7% after its fiscal fourth-quarter results beat on the top and bottom lines. The company also indicated more cloud growth ahead, saying in a statement that cloud infrastructure revenue will rise by more than 70% in fiscal 2026, up from a 50% growth rate in the prior fiscal year. Wednesday marked a losing session on Wall Street, with the S&P 500 snapping its three-day win streak, as did the Nasdaq Composite . But the moves were slight. The broad market index fell about 0.3%, while tech-heavy Nasdaq dropped 0.5%. The Dow Jones Industrial Average was flat. While the day's losses put the S&P 500 a bit further away from reaching a new record high, the index is also still just more than 2% below its late February record. Those moves come after consumer prices rose less than expected in May, as the consumer price index increased 0.1% for the month. That's less than the Dow Jones forecast for 0.2%. Core CPI, which excludes food and energy prices, also increased less than expected. "I don't think the market has a lot of faith that we're not going to see at least a little bit higher inflation," Scott Wren, senior global market strategist at Wells Fargo, told CNBC's "Closing Bell" Wednesday. "With all the things going on, the economy slowing, earnings growth likely to slow, lots of trade negotiations to still work through, is there really a good reason to take a run at the record high? I don't know about that. It makes a lot of sense to me that we'd be choppy and maybe see a little downside here." Investors are now looking ahead to May's reading of the producer price index, due out at 8:30 a.m. ET on Thursday. Economists polled by Dow Jones are expecting the index to show a gain of 0.2% for the period. Subtracting out food and energy, core PPI is expected to show growth of 0.3% on the month. The Street is also waiting for more developments on trade, especially between the U.S. and China, as talks between the two countries have been a focal point this week. While officials reached an agreement in London, the deal still awaits approval from U.S. President Donald Trump and Chinese President Xi Jinping. Trump said in a post on Truth Social earlier Wednesday that "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%." However, Commerce Secretary Howard Lutnick later said that U.S. levies on goods from China won't change from their current levels. Rising tensions between the U.S. and Iran will also be in focus. U.S. crude oil futures jumped more than 4% on Wednesday after Trump expressed doubt that the two countries could reach a nuclear deal.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store