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The return of extreme couponing
Good morning, coupon clippers. This is your Stock Market Rundown for May 1st, 2024. Thanks so much for reading. Let’s dig in:
TODAY’S TOP STORY: FROM PAPER CUTS TO PUSH NOTIFICATIONS
Well, the couponing days are over—replaced by apps. The recent $577 million IPO of tech company Ibotta reveals just how much how penny-pinching consumers have moved from clipping to tapping.
Ibotta is a platform that uses artificial intelligence to help big retailers like Walmart, Family Dollar, and Kroger digitally deliver promotions and cash-back rewards. It was founded twelve years ago, in the windowless basement of an old fire station in downtown Denver.
Founder Bryan Leach realized that cash-strapped consumers were hungry for deals, and physical coupons were headed for the garbage can. He came up with the name Ibotta, inspired by the phrase “I-bought-a”.
Ibotta’s market debut was a hit: in its first day as a public company, the stock was up 17% as investors clamored for a piece of the discounting action. Apparently, clipping coupons has officially gone the way of floppy disks, fax machines, and VHS tapes.
SO WHAT ELSE IS GOING ON?
AT&T beat estimates as more subscribers signed up for unlimited plans. Nobody wants their data running out in the middle of a Joe Rogan Podcast episode.
Thermo Fisher’s profit outlook is brighter than a lab full of Bunsen burners. The medical equipment manufacturer upped its annual profit forecast on better demand.
One founder’s Bitcoin millions are now going towards bail money. US authorities are pushing for a prison sentence for crypto exchange founder Changpeng Zhao. Meanwhile, he’s free on a $175 million bond.
Index-investing leader Vanguard is recommending that clients add inflation protection to their investment portfolios. Figures: the only things guaranteed in life are death, taxes, and rising prices.
That's the end of today's briefing, pals; let’s reconvene bright and early tomorrow. Yours in capitalism, The Axe
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