SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
The next three weeks are among the rockiest, on a historical basis, of the entire calendar.Trading Nationread more
An annual survey by Piper Jaffray finds iPhone that users willing to upgrade to newly released models declined from last year.Technologyread more
The UK's Civil Aviation Authority said Thomas Cook had now ceased trading and the regulator would work with the government to bring the more than 150,000 British customers...Europe Marketsread more
New York Fed President John Williams said Monday that the central bank acted quickly during last week's jolt to overnight lending markets and that the issue appears resolved...The Fedread more
The U.S. manufacturing sector recovered in September with activity growth hitting a five-month high, according to IHS Markit.Marketsread more
Harvard economist N. Gregory Mankiw said ultra-wealthy couples could split their fortunes in half through divorce and avoid paying a wealth tax proposed by presidential...Wealthread more
For incoming European Central Bank President Christine Lagarde, the U.S.-China trade war is the biggest threat to the global economy.Marketsread more
Samsung says it will launch the Galaxy Fold in the U.S. on Sept. 27. The launch was delayed from April after reviewers found it broke easily.Technologyread more
The holidays are a critical time for many brands, accounting for as much as 30% of a retailers annual sales. Heading into the gift-giving season, shoppers are expected to...Retailread more
Microsoft is looking for a new way to grab business from retailers as they fend off Amazon.Technologyread more
Elastic, a company that commercializes open-source software for search and data analytics, saw its stock soar as much as 106 percent on Friday, its first day of trading on the New York Stock Exchange, under the symbol ESTC. The stock closed at $70 per share, representing a 94.4 percent rise.
The debut rally is all the more pronounced because it comes on a down day for the broader market, particularly the tech sector. The S&P 500 tech index fell 1.7 percent on Friday. Other companies that went public this year are getting pummeled, including Eventbrite, which is down 10 percent, and DocuSign and Zscaler, which each fell more than 4 percent.
The company ultimately raised $252 million in the IPO, selling 7 million ordinary shares of its stock. Underwriters have the option to purchase an additional 1.05 million shares within 30 days of the offering.
Elastic first filed to go public on Sept. 5. Then, on Sept. 24, the company estimated that it would price shares in the range of $26 to $29 per share. On Oct. 2, the company provided a higher estimated range: $33 to $35 per share. And on Thursday, Oct. 4, the company announced that it had priced shares at $36 per share, above the high end of the latest range.
The stock opened almost two times higher, at $70 per share. At that price, Elastic would have an implied valuation of $4.86 billion, or $4.93 billion if underwriters exercise their option to buy more shares.
"We've been talking to investors over the past two weeks and over the past two months, and the story really resonates," Elastic co-founder and CEO Shay Banon said on CNBC's "Squawk on the Street" on Friday after the stock began trading. "These investors end up talking to customers of ours, and they're very happy using our software and very proud. That effect just means that people put trust in our company."
Competitors include Alphabet's Google, Splunk, Micro Focus and cloud providers such as Amazon. Elastic provides its commercial software atop the Amazon and Google clouds. It's also available for companies to use in their own data centers.
Correction: A previous version of this story incorrectly stated that the stock was trading on the Nasdaq.
— CNBC's Ari Levy contributed to this report.