However, this pace of growth was slower than the 134% top-line increase Chewy reported for the 2017 fiscal year. It’s a quiet day ahead on the economic calendar. We feel very good about competitiveness," he said. It offers an Autoship service allowing pet parents to automatically reorder products, and grew the subscription program to $2.3 billion in fiscal 2018, from $115 million four years ago. “We watched the company’s IPO roadshow video and feel bullish on Chewy’s growth prospects, driven by its Amazon-esque focus on customer experience and secular tailwinds from growth in the broader pet food and pet care industry,” MKM Partners analyst Rohit Kulkarni wrote in a note Friday. The U.S. pet industry hit $70 billion in annual sales in 2017, according to data cited by Chewy. Blackouts in Texas where a number of chipmakers have factories and a fire at Renesas Electronics Corp's chip plant in Japan have exacerbated the supply crunch. The unit will embark on its next fundraising round soon, with further investment expected from Baidu and external investors.Chinese smartphone maker Xiaomi has also announced plans to invest about $10 billion over the next decade to manufacture electric cars, though hasn’t disclosed much detail or given a timeframe for deliveries. Chewy derives revenue primarily through pet food, product and medication sales. Chewy Seeks $100 Million In U.S. IPO Quick Take. Regulators have since levied a record $2.8 billion fine on Jack Ma’s flagship firm and made eradicating “pick one from two” one of the main goals of its antitrust campaign, creating room for up-and-comers like ByteDance.For now, the biggest and most immediate boost from ByteDance’s expansion into e-commerce is in advertising revenue, which still accounts for the bulk of its earnings. IPO market. (Bloomberg) -- Sony Group Corp. warned a group of analysts the PlayStation 5 will remain in short supply through 2022, suggesting the company will be constrained in its ability to boost sales targets for its latest games console.While reporting financial results in late April, the Japanese conglomerate said it had sold 7.8 million units of the console through March 31, and it is aiming to sell at least 14.8 million units in the current fiscal year. The platform -- which brings in commission fees from merchants as a new revenue stream -- aims to have more than a thousand brands this year join the likes of Suning.com Co. in setting up stores on Douyin, and that number could increase fivefold by 2022, the company predicted in an internal memo. “It’s in fact a fundamental shift in demand for copper that’s going to drive prices going forward.”Index InfluxBeyond the optimism about copper’s long-term demand prospects, it’s also benefiting from investor cash chasing a broad surge in commodity prices seen in recent months.Commodity-index funds offer another way to invest in metals like copper, as well as energy and agricultural products, and inflows have been surging in recent months. Chewy’s (CHWY) stock soared in its public debut. The Most Underappreciated Reason to Own Chewy Stock The coronavirus pandemic is accelerating macro trends that are favorable to the online pet store, but this one is not widely recognized. The startup is working with advisers on the offering and is choosing between Hong Kong and U.S. as the listing venue, people familiar with the matter have said. Bloomberg News reported in March Zuoyebang, whose backers also include SoftBank Vision Fund, Goldman Sachs Group Inc. and Sequoia Capital China, was set to recruit former Joyy Inc. chief financial officer Bing Jin to aid in its preparations for a potential listing.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Bargain rates are back, at least for now, giving borrowers another chance to strike. In 2017, Chewy was acquired by PetSmart for a reported $3.35 billion. "The pet industry won't fall off a cliff. In fiscal 2021, analysts expect the company to report sales of $7.06 billion, indicating a year over year growth of 45.7%. (Bloomberg) -- Wall Street traders like Trey Griggs are finding a new lease on life in the $2.5 trillion crypto Wild West.After two decades in energy trading, the 51-year-old was lured by a former Goldman Sachs Group Inc. colleague this February into a new world of market-making in digital currencies.Now he’s in fighting spirits -- unleashing old-school finance tricks to exploit the industry’s rampant inefficiencies, volatility and downright weirdness.“All the fun that used to be had 30 years ago in the commodity markets and is no longer fun -- that fun is now in crypto,” says the U.S. chief executive officer at GSR Markets in Houston.Griggs is among crypto newcomers deploying systematic strategies that are tried-and-tested in conventional asset classes -- price arbitrage, futures trading, options writing -- in a booming new corner of finance. With stats limited to investor confidence figures from the Eurozone, FOMC member chatter will also draw interest. For instance, when longer-dated futures in pretty much any asset class trade higher than the spot price -- known as contango -- the former almost always converges to the latter as the contracts mature.That’s popularized the crypto basis trade, where an investor goes long the spot rate and shorts the futures.When Bitcoin last peaked in mid-April, the December contracts were nearly 4% higher than August which were in turn about 2% higher than the spot reference rate, as speculators unleashed bets on rising prices. Preparations are said to be underway for a listing that would be one of the world’s most anticipated debuts. While Japan's biggest automakers report what analysts expect to be depressed earnings this week, investors looking for trading cues will be tuned into any assessment of the future impact of a global chip shortage that has forced a shake-up in production. Meanwhile, total sales jumped 67% to $3.5 billion for the 2018 fiscal year, eclipsing the annual sales of other newly public companies including Lyft. And though its payment service has only just gotten off the ground, ByteDance and its peers were slapped with wide-ranging restrictions on their fast-growing financial operations following a meeting with regulators including the central bank last month.But the same scrutiny could help the TikTok owner make inroads into China e-commerce, the largest online marketplace in the world. Regulations have also meant investment banks have shuttered proprietary trading desks, taking some of the power out of their bold predictions on prices.The rally could also be hobbled if the economic recovery stumbles, eroding demand and undermining some of the commodity investment case.But that’s not to say investors haven’t been piling in.First RespondersAmong the investors to react most forcefully as copper started to rebound last March were a group of technically sophisticated algorithmic traders known as commodity-trading advisers. S&P 500 4,164.66 According to a federal indictment, Mustafa Qadiri, 38, fraudulently obtained millions of dollars to buy luxurious cars and take lavish vacations. (Updates prices in third paragraph and Citi estimate on fund positioning)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. (Bloomberg) -- China is expanding its far-reaching tech campaign into online education, issuing the maximum penalties to two of the country’s fastest-growing tutoring apps for violating competition and pricing laws.The State Administration for Market Regulation imposed fines of 2.5 million yuan ($389,000) each on Yuanfudao, backed by Tencent Holdings Ltd., and Zuoyebang, which has received funding from Alibaba Group Holding Ltd., according to a statement Monday. The firm has also started to let users book hotels and restaurants through Douyin, offering lifestyle services similar to super-apps like Meituan and Tencent’s WeChat.Douyin’s e-commerce foray in China may offer a roadmap for TikTok, which has begun testing the waters in online shopping through tie-ups with WalMart Inc. and Canadian e-commerce firm Shopify Inc. Back in December, Zhang told global employees that e-commerce, when combined with live-streaming and short videos, offers an even bigger opportunity outside China, according to attendees who asked not to be identified. Or so the thinking goes.Read More: Veterans of FX’s Wilder Days Are Loving Bitcoin’s VolatilityWhile crypto die-hards have made merry like this for years, the relentless rallies across the tokensphere this year are drawing more Wall Street converts seeking riches and new thrills.Take Mark Treinkman. This has a lot of room for imagination.”A burgeoning e-commerce business could help the firm surpass its $250 billion valuation when it goes public, countering concerns around Beijing’s crackdown on the country’s internet behemoths. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Instead, I want to bring your attention to the implications of this IPO for PetSmart and their debt that traded at distressed levels not long ago. And just four IPOs took place at this point in 2018, raising $1.3 billion. That’s a trend worth watching because ETPs offer an easy route in for retail investors, whose numbers have swelled in the past year, and open the door for more institutional investors.Mining companies are surging too as they generate supercharged profits. The co-founder has hired thousands of staff and roped in big-name sponsors like Xiaomi Corp. impresario Lei Jun to drive what he calls his next “major breakthrough” into global business -- selling stuff to consumers via its addictive short videos and livestreams. He was previously the tech lead for ByteDance’s Helo app, one of India’s most-used social platforms for sharing content like videos -- until the South Asian nation shut it down along with dozens of Chinese apps last June on national security grounds.Since Kang took over as e-commerce head, Douyin has banned live-streamers from selling items listed on third-party sites and invited them to open their own in-app stores, preventing rivals like Alibaba and JD.com Inc. from profiting off its traffic. "People are at home. US-listed companies have raised a stunning $14.2 billion through 49 IPOs so far this year, according to Dealogic. By doing so, it hopes to drum up interest in the stock and drive up the price … It’s a sign the industry is growing up fast.“In any emerging market we’ve seen these inefficiencies decrease over time,” said George Zarya, founder of Bequant, a crypto prime brokerage that caters to systematic traders. Follow her on Twitter: @emily_mcck, Buffett on the American economy, capitalism: ‘It works’, Tech companies like Lyft want your money – not ‘your opinion’, Levi Strauss shares jump more than 30% above IPO price at open, Facebook sued by Trump administration for alleged ‘discriminatory’ ad practices, Boeing 737 Max groundings ‘pressure’ U.S. economic data: Wells Fargo. “Investors are indeed hungry for a pure-play online retailer catering exclusively to consumers’ furry friends,” Kulkarni added. It’s shooting for more than $185 billion by 2022. Iron ore is the country’s biggest export earner.Copper, often viewed as a barometer of the global economy’s health, rose as much as 3.2% to a record $10,747.50 a ton on the London Metal Exchange. Shares of Chewy, the online pet product retailer owned by PetSmart, soared as much as 86% Friday after the company made its public debut. 1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from a Swiss-based Coutts unit, and interest payments from all of them, according to the lawsuit. CHWY stock is still near 2021 lows, despite online shopping and pet spending in its favor, plus a strong fourth-quarter earnings report. Chewy is registered under the ticker NYSE:CHWY . Rather, it’s partnering with three Chinese automakers -- BAIC Motor Corp., Chongqing Changan Automobile Co., and Guangzhou Automobile Group Co. -- to make self-driving cars that will carry its name as a sub-brand.Guangzhou Auto will jointly build a “truly unmanned car” that will be produced in 2024, President Feng Xingya said last month. Like other brick-and-mortar retailers, Petco is leveraging its physical presence. The first batch of cars will be based on Zhejiang Geely Holding Group Co.’s pure EV manufacturing structure, while Jidu will collaborate with Baidu’s autonomous-driving unit Apollo, with a special focus on smart cars and the mass production of autonomous driving features. View real-time stock prices and stock quotes for a full financial overview. After. By day's end, the stock closed trading up 59.05% to $34.99. Our valuation methodology takes the calibrated model and rolls it forward to project retention of Chewy’s current customer base, new customers added and retained over time, the cost to acquire new … -2.12% Chewy Inc. CHWY, -2.12% shares surged in the extended session Tuesday after the online pet-products retailer turned in a surprise profit on the quarter. But Petco is also saddled with $3.2 billion of debt, a legacy of its 2000 and 2016 leveraged buyouts. Chewy was spun out of PetSmart in June 2019 with an initial public offering that raised $1.02 billion, pricing the stock at 22. Around-the-clock technical assistance is available: Huang says that whenever her livestream channel goes down, ByteDance technicians immediately come to the rescue.Huang is one of about 1 million creators who have generated e-commerce sales on Douyin as of January, drawn to the platform’s 600 million-plus daily users. GMV may grow to as much as 600 billion yuan this year before doubling to 1.2 trillion yuan in 2022.Read more: Leaked ByteDance Memo Shows Blockbuster Revenue Projections ByteDance’s ambitions aren’t limited to Alibaba. The company lost a key manager overseeing its self-driving car program in February and it’s unclear what impact that may have had on Apple’s progress on delivering a commercially viable car.The rise of smart vehicles and autonomous driving throws up a raft of possibilities for tech companies, not least access to data such as real-time insight into popular destinations and the routes taken to get there. The company issued 48 million Class A shares priced at $18 which meant it raised $864 … Shareholder advisory groups have urged investors to vote against it. Billionaire co-founder Lei Jun in March announced his intention to lead a new standalone division and spearhead the drive into EVs, in what he called his final major startup endeavor.“We have deep pockets for this project,” Lei, who is also Xiaomi’s chief executive officer, said when unveiling the plan. While there is ongoing debate regarding whether Chewy, an unprofitable online retailer, should be worth this much or deserves to be labeled as a “tech unicorn”, this write-up will not be a discussion on Chewy’s valuation and stock performance. Luo Yonghao, a once high-flying entrepreneur who had sought to challenge Apple Inc. with his smartphone business, is another top influencer, shifting more than $17 million of merchandise in his first-ever livestream on the platform.Smaller merchants are following their lead, like Zhou Huang, who set up a Douyin storefront for her jewelry business in October, bypassing conventional platforms like Alibaba’s Taobao. Chewy is preparing to issue 41.6 million shares as the public debut is getting closer. Parsing reams of data, they were a driving force in the early surge in bullish investor positioning.Often their trading strategies are executed with little human oversight, so while money managers were nervously watching as Covid-19 forced major industrial economies into lockdown, CTA buying programs kicked in.“The speculative community made a bet on a global growth recovery,” said Max Layton, managing director for commodities research at Citigroup Inc. “The CTAs didn’t necessarily know why they were doing it -- they were just doing it based on historical correlations and trends -- but they happened to make the correct call.”Other money managers chased the move too, but the largest inflows from traditional hedge-fund investors only came once breakthroughs with Covid-19 vaccines emerged, according to Layton.Collectively, by the end of the year, they’d help lift speculative positioning in London Metal Exchange and Comex copper contracts to a new peak, with their net position accounting for more than 10% of underlying demand, according to Citigroup.ETF InflowsUnlike larger precious-metals markets, exchange-traded products have never gained much traction in copper, but that’s changing rapidly.From a low base, net inflows into the WisdomTree Copper exchange-traded commodity fund, the largest of its kind, have surged $366 million this year, lifting assets under management to a record $841 million. Why Chewy Stock Is the Most Promising IPO of 2019 Chewy carved out a lucrative niche years before this year's blockbuster IPO By Ashley Cassell Jun 28, 2019, 9:55 am EST June 28, 2019 That move has also faded with benchmark yields down about 18 basis points from their 1.77% high in March, denting one of the biggest appeals of the greenback.Betting against the U.S. currency is now back in vogue, with aggregate net short positions versus major peers climbing back to about $10 billion last week from $4 billion in mid-April, according to data from the Commodity Futures Trading Commission. Their stock opened with $22.00 in its Jun 13, 2019 IPO. Recording buying pressures on Ethereum and some altcoins have pushed the crypto market valuation to about 2.5 trillion. That endeavor will test not just Zhang’s magic touch with app creation and ByteDance’s AI wizardry, but also investor reception ahead of one of the tech world’s most hotly anticipated IPOs.His startup is already starting to make waves in an industry long controlled by Jack Ma’s Alibaba Group Holding Ltd. and JD.com Inc. The carmaker will also cooperate with Huawei on big data, smart cockpits, and hardware and electronic chips, Feng said.“China adds 30 million cars each year and the number is growing,” Huawei Deputy Chairman Eric Xu said in April. The biggest one-day slide in five months has also put the greenback at risk of a further decline toward the lowest since February 2018.The data miss is the latest blow to the world’s reserve currency after its first-quarter revival was snuffed out by retreating Treasury yields, improving sentiment toward economies outside the U.S., and a dovish Federal Reserve. Chewy reported that PetSmart would own about 70% of total shares outstanding of common stock and about 77% of voting power following the IPO. Disclaimer. That would cut its debt and interest payments in half, he said. Shares of Chewy have declined ~30% from peaks, a much-needed reset to a very expensive e-commerce stock. Factset: FactSet Research Systems Inc.2018. ByteDance also has an online matchmaking system that helps connect merchants with influencers and their agencies, and it’s set up physical bases to house live streamers and merchandise, similar to what Alibaba does.The initiative gained traction from celebrity endorsers like Lei, the Xiaomi founder who has hosted livestreams promoting his Mi TVs and smartphones. The report said it would be difficult for steel to continue rallying.The government has scheduled nationwide inspections on steel-capacity cuts, with the National Development and Reform Commission calling on the state asset regulator and provincial level working groups to complete self-checks by May 15. Earlier this year, Yuanfudao was seeking at least $1 billion in fresh funding ahead of a possible initial public offering in 2022, people with knowledge of the matter have said. A famous example is the kimchi premium, the tendency for Bitcoin to trade higher in South Korea thanks to strong demand and the difficulty of moving money around to profit from the gap.With no one-stop prime broker to centralize trading books and offer clients leverage across venues, traders like Treinkman face plenty of challenges in their bid to arbitrage price gaps, but say the rewards are commensurate.And the opportunities pop up everywhere. Online pet-product retailer Chewy became the latest company to hit the public markets on Friday. It sold about $26 billion worth of make-up, clothing and other merchandise in 2020, achieving in its maiden year what Alibaba’s Taobao took six years to accomplish. The U.S. IPO market continues to fire on all cylinders. The legendary investor says these are the key lessons for investors and consumers. In online tutoring, regulators have sought to rein in excess marketing and competition is fierce against a slew of deep-pocketed startups like Alibaba-backed Zuoyebang.In April, Zhang’s firm was one of 34 corporations ordered by the antitrust watchdog to conduct internal investigations and rectify excesses. He grew a team of customer support staff from just one hundred to about 1,900 to fight counterfeits and is hiring for more than 900 other positions to support the business. Chewy is funded by 9 investors. As well as the Arcfox S sedan, a Seres SF5 coupe equipped with Huawei Inside was on display, along with Huawei’s HiFin Intelligent Antenna Solution, a new generation in-vehicle communication system plus 4D-imaging radar that’s used to monitor roads and traffic.One of the biggest challenges for new entrants to the automotive sector is how capital and resource intensive it is to make cars. But despite the intense interest, the era of the new car is a hyper-competitive one in China, and tech giants have a lot to prove.“There’s a big element of faith in the tech companies’ bets,” said Stephen Dyer, managing director of consultancy AlixPartners in Shanghai and a former Ford Motor Co. executive. Citigroup estimates show assets held in such funds rose about 8% to $249 billion in April, helping to lift overall assets under management in commodities products to a record high of $684 billion.As a basket, commodities tend to do well in periods of rapid economic growth, and also tend to act as a hedge against inflation that can erode returns elsewhere.With inflation concerns rising, further inflows into commodities index funds could add fresh fuel to the metal fire. More than two-thirds of U.S. households, or about 85 million families, have a pet, according to the American Pet Products Association. New York (CNN Business)Petco is hoping the third time is the charm. (Bloomberg) -- Iron ore futures surged more than 10% and copper jumped to a record amid increasing bets they’ll be among the biggest winners from a commodities boom that’s stoking concerns about inflation around the world.While market participants struggled to pinpoint a trigger for Monday’s gains in iron ore, they cited several ongoing trends including optimism that central banks will retain supportive policies even as the global economy recovers. The lure is an industry that’s becoming increasingly high tech as it pivots away from the combustion engine, with sensors and operating systems making cars more like computers, and the prospect of autonomy re-envisioning how people use will them.As the world’s biggest market for new-energy cars, China is a key battlefield. Chewy priced its initial public offering Thursday at $22 a share. Shipmakers and household-goods manufacturers will eventually be unable to withstand elevated steel prices, the country’s state-run Xinhua News Agency reported on Sunday, citing analysis from the China Iron & Steel Association. The company is using its stores for not just grooming salons but as micro distribution centers with curbside pickup and ship-from-store. Visitors queued for hours to access the pavilions of Huawei and Baidu, thronging their displays and snapping pictures of sensor systems, high-tech dashboards and model vehicles.