Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Federal Reserve Chairman Jerome Powell said the he does not see the Fed using negative interest rates in the future.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Steve Dowling, the head of Apple's public relations department, announced he will be leaving this week.Technologyread more
Tracy Britt Cool is leaving the firm after a decade to start a company that replicates Warren Buffett's business model, the Wall Street Journal reported.Marketsread more
The Dow Jones Industrial Average erased a 211-point drop as investors digested the latest monetary policy announcement by the Federal Reserve.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Powell said on Wednesday that the Fed may have to resume regular balance sheet growth to help ease money markets.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
Casper Sleep Inc, the U.S. online mattress retailer whose investors include actor Leonardo DiCaprio and rapper 50 Cent, is seeking to hire underwriters for an initial public offering (IPO), according to people familiar with the matter.
Casper's IPO comes as the company has been expanding into brick-and-mortar retail, transitioning from temporary to permanent stores. It is betting that its popularity with urban millennials will ensure it does not share the same fate as Mattress Firm Inc, the largest U.S. brick-and-mortar mattress retailer that filed for bankruptcy protection last year.
New York-based Casper, which was valued at $920 million in its latest private fundraising round in 2017, is planning to interview investment banks in April to hire underwriters for its IPO, the sources said, asking not to be identified because the matter is confidential.
Casper declined to comment.
Launched in 2014, Casper is one of a string of online mattress retailers, such as Purple, Nectar Sleep and Tuft & Needle, that have squeezed the industry's old players. Mattress Firm emerged from bankruptcy and closed about 660 underperforming stores.
Having risen to prominence selling its mattresses online and shipping them out in boxes, Casper opened its first permanent store in New York in 2018 with plans to open 200 stores in the coming years.
Led by its co-founder Philip Krim, Casper made its name by selling one "universally comfortable" type of memory-foam mattress, as opposed to offering different firmness options and designs. It now sells three different types of mattresses.
Casper's investors include retailer Target Corp and investment firms Lerer Hippeau Ventures, IVP and NEA.
If it goes ahead with the IPO plans, Casper would be the latest high-profile consumer company to debut in the stock market this year.
Uber Technologies Inc is planning to kick off its initial public offering in April, Reuters has reported.