Stocks capped off a bullish week on a high note, with all three major U.S. indices adding more than 1% on Friday. The S&P 500 finished the day up 1.4% to close at all-time highs.
This comes despite a continuing surge in new U.S. cases that saw daily infections cross 150,000 for the first time. The week’s rally wasn’t totally devoid of substance, however, with the recent news that the late-stage vaccine candidate from Pfizer (ticker: PFE) and German partner BioNTech ( BNTX) was more than 90% effective.
The Dow Jones Industrial Average rose 399 points, or about 1.4%, to finish at 29,479.
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DoorDash to go public. Food delivery app DoorDash filed its prospectus as it gets closer to an initial public offering before the end of the year. The company will issue shares on the New York Stock Exchange and trade under the symbol DASH.
The financials reveal an attractive picture for growth investors especially: Revenue came in at $1.9 billion for the nine months of the year, ending on Sept. 30, tripling from the $587 million top-line figure in the same period a year ago. At the same time, the company trimmed losses in a major way, declining from $533 million in the first nine months of 2019 to $149 million in the first nine months of 2020.
DoorDash reportedly has 1 million delivery drivers and may raise money at a valuation of $25 billion or more in December. That would represent an increase of more than 56% from its last private fundraising round at $16 billion. DoorDash competes with Uber’s ( UBER) UberEats and GrubHub ( GRUB), both of which are already public.
Cisco jumps following earnings. Networking equipment giant Cisco Systems ( CSCO) soared to close the week on Friday, advancing nearly 7.1% on the day following better-than-expected revenue and earnings in its latest quarter.
Although revenue fell 9% year over year, that slowdown is expected to decelerate in the current quarter, with analysts optimistic Cisco can get back to growth next quarter.
Ever the cash cow, Cisco was still able to return $2.3 billion to shareholders last period, and cash flow from operating activities actually grew 14% year over year to $4.1 billion from $3.6 billion.
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Stocks Finish at Record Highs, DoorDash IPO Filing originally appeared on usnews.com
