US stocks rebound

By CNN Business

Updated 6:59 p.m. ET, July 7, 2021
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10:45 a.m. ET, July 7, 2021

Chobani files to go public

From CNN Business' Jordan Valinsky

Cups of Chobani greek yogurt sit on a supermarket shelf in San Jose, California.
Cups of Chobani greek yogurt sit on a supermarket shelf in San Jose, California. (ZikG/Shutterstock)

Greek yogurt maker Chobani has confidentially filed paperwork for an initial public offering.

In a short release, the company didn't disclose the number of shares of stock that will be sold, the price range or what exchange it will trade on. It expects to begin trading following the regulatory approval process.

Chobani is mostly known for its yogurt, but has expanded beyond that recently including coffee.

10:46 a.m. ET, July 7, 2021

Forever 21 owner Authentic Brands files to go public

From CNN Business' Jordan Valinsky

People shop at a Forever 21 store in Manhattan, New York.
People shop at a Forever 21 store in Manhattan, New York. (Giorgia Basso/Shutterstock)

Authentic Brands Group, the parent company of several well-known consumer brands including Aeropostale, Barney's New York, Forever 21 and even Sports Illustrated, has filed to go public.

Its revenue grew nearly 2% compared to the year prior to $489 million in 2020, which the company said in a regulatory filing that its business model has "been resilient throughout the Covid-19 pandemic."

Other financial details, including the number of shares its planning to sell, weren't revealed. However, it plans to trade under the symbol "AUTH" on the New York Stock Exchange.

Authentic Brands Group was founded by CEO Jamie Salter in 2010. 

6:54 a.m. ET, July 7, 2021

US stocks point to higher open

US stock futures were slightly lower after pointing higher after a rough start to the week Tuesday. Tech stocks continued to lead the way, with the Nasdaq pointing to a fourth-straight session of gains – and inching toward a record high.

Stocks gained as bond yields continued to fall and investors remained optimistic that the Federal Reserve’s minutes, due to be released at 2 pm ET, wouldn’t be quite as hawkish as some had feared. 

The S&P 500's streak of record closes ended at seven on Tuesday as US markets finished mostly lower.

Here's where things stand as of 6:00 am ET:

6:18 a.m. ET, July 7, 2021

Didi shares crash as China tightens the regulatory screws

From CNN Business' Michelle Toh

Didi shares plunged almost 20% Tuesday in New York as fallout continued over news of the company's troubles in China.

The company's stock, which made its US debut only last week, closed down 19.6% on Tuesday at $12.49, well below its closing price of $15.53 on Friday.

Tuesday was the first trading day in the United States since Chinese regulators banned Didi's ride-hailing platform from app stores in the country over the weekend. US markets were closed on Monday for the 4th of July holiday.

Read more here.

6:17 a.m. ET, July 7, 2021

Betting against meme stocks could get you seriously burned

From CNN Business' Paul R. La Monica

Many investors are still betting against top momentum and Reddit meme stocks — despite getting burned in the process.

Richard Branson's space tourism company Virgin Galactic is one of the most heavily shorted stocks among customers of online broker TradeZero America.

Shares of Virgin Galactic (SPCE) have nearly doubled this year due to optimism about the demand for suborbital travel.

Another popular short with TradeZero America clients: AMC (AMC), but the movie theater chain's shares have soared an astounding 2,350% in 2021, fueled by massive support from an army of Reddit traders who are betting that Hollywood's triumphant box office comeback will continue.

Marin Software (MRIN), another stock embraced by the Reddit crowd, is a top short pick of TradeZero customers, too. Shares of the online advertising company have shot up more than 1,000% this year.

Read more here.