NEW YORK, NY / ACCESSWIRE / October 4, 2018 / Tempur Sealy shares spiked over 10% on Wednesday on the news that rival Mattress Firm is planning on declaring bankruptcy. Shares of Upwork Inc. were also in the green, soaring over 40% as the stock had its first day trading in the market.
RDI Initiates Coverage on:
Tempur Sealy International, Inc.
Tempur Sealy International, Inc. shares were up nearly 11% on Wednesday on almost 2.9 million shares traded on Wednesday. The company saw its shares spike not because it had good news, but because rival Mattress Firm is planning to file for bankruptcy soon according to Reuters. Mattress Firm is the country's largest mattress retailer with about 3,000 brick-and-mortar locations. It was last year that Tempur Sealy stopped doing business with Mattress Firm, announcing in January of 2017 that it terminated the company's contracts. According to unidentified sources who spoke to Reuters, once the company declares bankruptcy, the process would be complete in just a couple of months and the company's vendors are expected to be paid in full.
Access RDI’s Tempur Sealy International, Inc. Research Report at:
Upwork Inc. shares closed up 41.20% on nearly 8.3 million shares traded as the company made its debut in the market. The freelance marketplace had its first day of trading on Wednesday and was priced at $15 a share with 12/48 million shares were sold. "We think the market is ready for us and we're ready for the market," CEO Stephane Kasriel said to CNBC. She added, "There is a big shift happening in the work force today. The baby boomers are retiring and are much less likely to be freelancers. Millennials are now the largest generation in the workforce, almost half of them do some form of freelancing today." Kasriel said on CNBC's "Squawk Box" ahead of the stock's debut, "We spend a lot of time figuring out how we can convince more businesses to use Upwork." She continued, "This IPO event is not about raising money. We have cash in the bank. We make more money when freelancers make more money. It's absolutely in our best interest that people are as busy as they're willing to be and earn as much per hour as they're willing to do."
Access RDI’s Upwork Inc. Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered
For any questions, inquiries, or comments reach out to us directly at:
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.