Wish falls 16% in IPO debut after raising price for its shares
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PARIS, FRANCE - APRIL 05: In this photo iIllustration, the logo of the online e-commerce company Wish is displayed on the screen of an iPhone in front of a computer screen showing the Wish website home page on April 05, 2019 in Paris, France. Wish is founChesnot / Getty Images 2019
Shares of the company behind Wish, an e-commerce app known for selling inexpensive goods from China, fell 16% on its first day of trading.
ContextLogic, which trades as WISH, saw its shares begin trading at $22.75 on the Nasdaq on Wednesday below the price of $24 set on Tuesday. The stock closed at $20.05. The poor performance threatened to slow down the roaring season for initial public offerings that saw Airbnb and DoorDash soar in their debuts on the stock exchange.
Boston
Cara Salvatore loves a local corner bodega in Brooklyn, its specialty food items, and the cashiers who work there. But the writer and online entrepreneur rarely goes there anymore because its aisles feel too narrow and cramped to maintain social distance from other people. Instead, Mx. Salvatore’s purchases happen online – for just about everything.
“I don’t love letting somebody else pick what produce I get,” Mx. Salvatore says. Even the writer’s parents in Maryland are grocery shopping online now, “which I never expected. They’re in their 70s!”
It’s a similar story in Tacoma, Washington, for Rick and Sarah Daniel, MBA graduates who are not working as they care for Mr. Daniel’s ailing parents. Men’s deodorant? A click away on Amazon Prime. Bulk household items from Costco? A monthly delivery via Instacart, an online delivery service. The only in-person shopping the couple still does is for fresh food.
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