*By Christian Smith*
Shares of Anaplan soared after the cloud software company began trading on the New York Stock Exchange on Friday, despite making its debut at the tail end of one of the worst weeks for tech stocks in months.
Frank Calderoni, the CEO of Anaplan ($PLAN), attributed the stock's success to his company's sterling reputation among big businesses.
"It really shows that Anaplan, our platform, is really established in the business community to help them better make decisions in doing what they do," Calderoni said Friday in an interview on Cheddar.
Shares of Anaplan hit a high of over $24 per share after pricing shares at $17 apiece.
The company provides cloud-based enterprise software for financial and operations planning. It primarily targets mid- to large-sized clients, including HP ($HPQ) and Coca-Cola ($KO).
Through the IPO, Anaplan raised over $250 million in capital, which Calderoni said will be used to build new technology and invest in more foreign markets ー which already account for 40 percent of Anaplan's revenue.
"We're continuing to invest in our technology, so that we can keep it fresh and innovative over the next number of years," Calderoni said.
For full interview [click here](https://cheddar.com/videos/anaplan-soars-on-first-day-of-trading).
Stocks closed higher on Wall Street as earnings reporting season got underway and CEOs began to show how well or poorly they’re navigating high inflation and a slowing economy.
Here is a rundown of Cheddar News' top market stories of the day.
Warner Bros. Discovery said it's raising the monthly fee of HBO Max to $16 from $15.
Cassette sales shot up nearly 30% in 2022, with Guardians of the Galaxy Vol 2. soundtrack as the top sale.
Barbara A. Friedberg, CEO at Wealth Media joined Cheddar News to discuss I-bonds, which are issued by the government, and how yields are adjusted.
Walmart is partnering with Salesforce to sell delivery technology to retailers.
Home Depot is changing its hourly pay policy after several pay-related lawsuits.
Subway could be gearing up for a sale that could value the company at $10 billion, according to reports.
Greg McBride, chief financial analyst at Bankrate.com, joined Cheddar News to discuss inflation trends. “I think with strong confidence that peak inflation is behind us, the trend is definitely one towards continued improvement but we've got a long way to go,” he said.
Nick Bodkins, CEO & founder of beverage collection Boisson, joined Cheddar News to discuss how the industry of non-alcoholic is gaining popularity. “This category is growing but it doesn't have that scale yet.”
