Continuing a spree of tech-heavy IPO activity this month, cloud-based software company Sumo Logic, Inc. ($SUMO) made its debut on the Nasdaq Thursday at $22 per share.
The Silicon Valley-based company offered 14.8 million shares for a total potential market cap of $356 million. Shares jumped 21 percent as trading began before scaling back throughout the afternoon.
Sumo Logic is a leader in the burgeoning data operations space, which aims to help companies collect, analyze, and develop tools around their cloud-based data sets. With more and more companies migrating onto the cloud, the company is positioning itself as a needed service for those who want to optimize their data.
"Because of digital transformation, what we see that's happening is the need for companies to innovate in their digital services or else get left behind," Ramin Sayar, president and CEO of Sumo Logic, told Cheddar. "We refer to that as 'get lapped.'"
The executive describes Sumo's product as a "cloud-native analytics platform" that helps companies collect and analyze data across different teams and organizations to "ultimately deliver better digital experiences."
"More importantly, if you look at the volume of data that's being generated today, it's a tsunami of information coming at you," he said.
While the transition into cloud computing is still in the "early innings," Sayar said he's confident data operations such as Sumo will become essential in the near future.
Share prices were up 22 percent at the close of markets.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
As Big Tech reports Q3 earnings, investors await proof that massive AI and cloud investments from Meta, Apple, Microsoft, and Alphabet are driving real growth.
Eric Trump joins us to discuss American Bitcoin’s mission, market strategy, and why he believes the U.S. must lead the next era of digital currency innovation.
Unreal Snacks CEO Kevin McCarthy shares how dye-free candy is leading the sweets revolution—just in time for what could be a record-breaking Halloween 2025.
