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.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
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.
