The markets saw a wild day of trade again today, ultimately finishing lower as the trading range opened up to its widest for the week. The Dow 30 lost 168, completely erasing all the gains from yesterday. The S&P 500 lost 20, trading similarly to the Dow, erasing all of yesterday's gains. The Nasdaq 100, however was the weakest of the group losing 90, or 1.44% as tech stocks continue to get sold off. Tomorrow marks the last trading day of the quarter and many analysts expect more volatility.
Blue Apron (NASDAQ: APRN) shares went public today in what will be labeled as a pretty disappointing offering. The internet food service company was forced to lower the price range for its IPO due to weak demand. Questions surrounding customer acquisition costs and competition drove away the typical IPO investors from this deal. Due to this, shares opened at $10 which was on the low end of the revised range, traded up to $11 but ultimately finished the day back at $10.
Staples (NASDAQ: SPLS) shares finished higher today as news came out that the office supply chain agreed to be acquired by Sycamore Partners for about $6.9 billion or $10.25 per share in cash. We reported on speculation last week that this deal would take place, and today it was confirmed. Last year Staples tried to do a deal with Office Depot (NYSE: ODP) but regulators ultimately did not allow it.
Constellation Brands (NYSE: STZ) shares traded to new highs today as the owner of Corona announced earnings that were better than what Wall Street had expected. The release showed that Cinco-de Mayo, and Memorial Day helped sales of the company's high end beer brands. Spirits sales were the only negative in the release which showed a decline of 4%. Shares of the company are now higher by almost 25% on the year.