Shares of Data Company Elastic Nearly Double in NYSE Debut
*By Bridgette Webb*
A market downturn couldn't hold back Elastic's public debut on Friday.
The Dow , NASDAQ, and S&P 500, all closed in the red, as mixed employment data pushed interest rates higher. But shares of data service provider Elastic ($ESTC) opened at $70 per share, almost double its listing price of $36.
The company raised $252 million in the offering, but founder and CEO Shay Banon said that's not why he decided to take his company public.
"We view \[the IPO\] as a maturity event for a company ー it's time to stop being an adolescent and start to become a real company that's arch goes beyond a few years," Banon said in an interview on Cheddar Friday.
The Silicon Valley-based company's search tech finds information and gleans insights after reviewing large amounts of data, which is available for a diverse set of applications and uses.
Some of Elastic's clients include Uber, Facebook ($FB), Lyft, Microsoft ($MSFT), and Match Group's (MTCH) Tinder.
Competitors include Amazon($AMZN), Alphabet's ($GOOGL) Google, and Splunk ($SPLK).
For full interview [click here](https://cheddar.com/videos/elastic-has-strong-market-debut).
Nancy Clark, President of Verizon Value, on Total Wireless’s rebranding and its commitment to top speeds, network quality, and value for prepaid customers.
"Your Money Playbook" by Brandon Copeland offers practical advice on earning, managing, and building wealth, drawing from his NFL career and business education.
Stocks fall for a second day on Wall Street due to weak job data and recession fears. The VIX surges over 60, showing high anxiety and a potential rebound.
