(Reuters/Stephen Lam)Īpple will have to change the charger for its iPhones in the European Union from autumn 2024 to comply with new rules introducing a single charging port for most electronic devices. Including consideration for Poshmark's cash, Naver's total investment is $1.6 billion, a Naver spokesperson said.ĪirPower wireless charger along with other products during an Apple launch event in Cupertino, Calif., Sept. The enterprise value of Poshmark is about $1.2 billion. market in online fashion "re-commerce" is expected to grow by 20% annually to $130 billion by 2025. With Millennials and Gen Zers leaning toward value-driven consumption such as environmental protection, and with inflation squeezing wallets, Naver and Poshmark seek to lead "re-commerce" or consumer-driven resale - expected to be the next global trend after convenient e-commerce, or fast fashion, Naver CEO Choi Soo-Yeon told Reuters.Īccording to Activate Consulting, the $80 billion U.S. Poshmark is the largest fashion consumer-to-consumer platform in North America, with 80 million registered users led by Millennial and Gen Z active users, Naver executives said in a conference call on Tuesday. Naver, which is also South Korea's top search engine, will pay $17.90 cash for each Poshmark share and acquire all of its outstanding stock in a foray into the U.S. fashion resale platform Poshmark Inc but investors questioned the timing of its biggest acquisition amid a slowing economy and sent its shares tumbling. South Korean e-commerce company Naver Corp announced a $1.2 billion purchase of U.S. "Instead, futures - and by extension, stock markets - expect the Fed to be setting rates at year end within 25 – 50 basis points of where they are today.Īlexandra Semenova is a reporter for Yahoo Finance.Poshmark logo during the company's IPO at the Nasdaq Market Site in Times Square in New York City, Jan. "Markets are roundly and decisively ignoring the Fed’s rate guidance, less than one month after they published it," Colas wrote in a note. According to CME FedWatch Tool, the odds for rates of 4.75% or higher have fallen an aggregate 13.7 percentage points. However, DataTrek's Nicholas Colas points out a "distinctly dovish" tilt in federal funds futures’ expectations since the start if 2023. And JPMorgan ( JPM) CEO Jamie Dimon predicted in an interview with Fox Business Network aired Tuesday that rates could reach 6%. Several Federal Reserve officials, including San Francisco Fed President Mary Daly and Atlanta Federal Reserve President Raphael Bostic, have asserted this week that rates will likely go somewhere above 5%. The latest economic forecasts from the Fed's December gathering showed officials project their key overnight lending rate rising to 5.1% in 2023. 1, while offering hints on how much higher rates are likely to go in subsequent meetings. The report is likely to sway bets on whether the Federal Reserve will raise interest rates by 0.25% or 0.50% at the conclusion of its next meeting Feb. The meme stock jumped 68% after rising more than 50% across the prior two sessions.Ĭoinbase ( COIN) shares clawed back to close up 1.3% after a drop earlier in the day that followed a downgrade by Bank of America to Underperform from Neutral after the company said Tuesday it would slash nearly 1,000 jobs as part of a restructuring plan. Bloomberg News reported the company has sought funding for a potential Chapter 11 bankruptcy, citing people with knowledge of the preparations.Įmbattled retailer Bed Bath & Beyond ( BBBY) again ripped higher one week after announcing the company was considering bankruptcy due to its financial struggles. Shares of Party City ( PRTY) plunged 37% after surging around that much earlier in the day and spiking 118% in Tuesday's session. The stock price was little changed.Įlsewhere, shares of two retailers on the brink of extinction continued to see intense trading. The move by Wells Fargo, once a leading mortgage lender, comes amid a slowdown in the housing market as sky-high interest rates put a damper on property purchases and refinancing agreements. Wells Fargo ( WFC) was among companies in focus in early trading after the megabank said late Tuesday it would scale back its home lending business.
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