U.S. markets closed
  • S&P 500

    3,934.38
    -29.13 (-0.73%)
     
  • Dow 30

    33,476.46
    -305.02 (-0.90%)
     
  • Nasdaq

    11,004.62
    -77.39 (-0.70%)
     
  • Russell 2000

    1,796.66
    -21.63 (-1.19%)
     
  • Crude Oil

    71.59
    +0.13 (+0.18%)
     
  • Gold

    1,809.40
    +7.90 (+0.44%)
     
  • Silver

    23.68
    +0.43 (+1.87%)
     
  • EUR/USD

    1.0545
    -0.0014 (-0.14%)
     
  • 10-Yr Bond

    3.5670
    +0.0760 (+2.18%)
     
  • GBP/USD

    1.2250
    +0.0012 (+0.10%)
     
  • USD/JPY

    136.5500
    -0.0800 (-0.06%)
     
  • BTC-USD

    17,130.73
    -89.89 (-0.52%)
     
  • CMC Crypto 200

    402.11
    -4.14 (-1.02%)
     
  • FTSE 100

    7,476.63
    +4.46 (+0.06%)
     
  • Nikkei 225

    27,901.01
    +326.58 (+1.18%)
     

Why Poshmark's $1.2B sale is good news for its Bay Area competitors

Why Poshmark's $1.2B sale is good news for its Bay Area competitors

Bay Area consignors The RealReal and ThredUp and styling service Stitch Fix all saw their stock jump at least 16% on Tuesday following news that Redwood City-based Poshmark agreed to be acquired for $1.2 billion by Korean internet giant Naver. Analysts who follow the sector noted that Poshmark's acquisition price — about quadruple its projected gross profit for fiscal year 2022 — could lead to a stock price "floor" for competitors. Poshmark (NASDAQ: POSH) closed up 13% Tuesday to $17.71, near the $17.90 Naver agreed to pay.