Fashion tech startup raised funding round entirely over Zoom during Covid - Tech Insider

Fashion tech startup raised funding round entirely over Zoom during Covid - Tech InsiderFashion tech startup raised funding round entirely over Zoom during Covid - Tech InsiderPosted: 26 May 2020 03:30 AM PDT E-commerce platform Blackcart is set to launch later this month having raised $2 million in venture funding, solely over Zoom, during the coronavirus pandemic. The try-before-you-buy fashion startup has fast-tracked its launch process with Covid-19 closing physical clothes stores across North America."We were going to keep the platform in beta for a few more months, but then Covid came along," Blackcart founder and CEO Donny Ouyang told Business Insider in an interview. "We messaged all potential investors to fast-track the fundraising process to launch, it was five weeks of back and forth, 100s of emails and five or six meetings every day." Click here for more BI Prime stories.E-commerce platform Blackcart is set to launch later this month having raised $2 mil…

China Tariffs News Boosts Stocks; China ETF Soars - Investor's Business Daily

Stocks opened to brisk gains higher Monday as news reports said negotiators may have set the stage for an easing of China tariffs. The news lifted global trade, and buoyed Dow Jones leaders Caterpillar (CAT) and Intel (INTC).


Biotech stocks also sprung into early action, Nightstar Therapeutics (NITE) spiked 65% after biotech heavyweight Biogen (BIIB) agreed to an $800 million takeover. Another small biotech, Ascendis Pharma (ASND), bolted nearly as high after positive results of a phase 3 trial.

Chip stocks were generally positive, with ON Semiconductor (ON) leading on an analyst upgrade.  China-based IPO Quidian (QD) popped more than 3%. Another China name, International (CTRP), also took a premarket jump ahead of earnings late Monday.

Kraft Heinz (KHC) managed a modest bounce after an upgrade from Morgan Stanley. Facebook (FB) jumped 2% to outpace its FANG stock tech peers. Facebook reportedly launched lawsuits against companies and persons in China it says created and sold fake Facebook and Instagram accounts.

The Nasdaq Composite jumped to an early lead, up 0.6%. The Dow Jones industrials and S&P 500 futures climbed 0.4% apiece.

Applied Materials (AMAT) jumped highest among Nasdaq 100  and S&P 500 stocks.

Dow Jones Stocks: Boeing, Caterpillar Set Early Pace

China-sensitive stocks Boeing and Caterpillar duked it out near the top of the Dow Jones industrials, after news reports said U.S. and Chinese negotiators were nearing a deal that could potentially ratchet down the U.S.-China trade war tensions. Reuters quoted unnamed sources saying the deal could lead to a dismantling of China tariffs imposed by the U.S., as well as duties put in place by China as a response.

Caterpillar jumped 1.3%, Boeing stock rose 0.6% early Monday. Boeing shares finished Friday up more than 50% from a late December low. Its shares extended, up almost 18% after clearing a double-bottom base on Jan. 30. Boeing stock rose nearly 1% before the open while Apple stock advanced 0.5%.

Facebook Sues China Companies, Individuals

Facebook popped 2% in early trade, after announcing it, along with its photo-sharing app Instagram, had launched at least seven lawsuits against China-based companies and individuals. The suits filed in U.S. Federal Court allege that four separate companies and three persons created and sold fake accounts on Facebook platforms. The suits say the entities created and sold fake accounts in large quantities through six websites.

Marijuana Stocks: Cronos-Aurora Deal

Cronos Group (CRON) agreed to sell its 19% stake in organic cannabis producer Whistler Medical Marijuana to larger peer Aurora Cannabis (ACB) for approximately 2.5 million shares in Aurora. The companies valued the shares near $21.7 million, and said the entire deal was worth $154 million. The deal also included potential milestone payments, also in shares, valued at around $6.7 million.

Dow Jones, Nasdaq Eye Pre-China Tariffs Highs

The Dow Jones industrial average and Nasdaq now sit on 10-week advances. For the Dow, it is the longest string of consecutive weekly gains since 1995. The rebound marks the best run for the Nasdaq since 1999. Both rallies are rebounds from losses initiated by U.S. moves in its effort to restructure its trade relationship with China.

The rebound leaves the Nasdaq 7.1% below its peak from August, which occurred just as the U.S. imposed 25% tariffs on China-made imports valued at $16 billion per year. The index traded sideways below that peak until just after the U.S. launched its second round of U.S. tariffs, on Sept. 24. As U.S. and China relations now appear within sight of an accord that would permit a potential release of tariffs, the Nasdaq and S&P 500 are also within sight of returning to their pre-China tariff levels of August and September. The Dow Jones industrials peaked early in October, seven days after the U.,S. imposed its $200 billion round of China tariffs.

The Dow Jones Industrial Average starts Monday less than 4% below its pre-China tariffs high. The S&P 500 is 4.9% below its pre-tariff peak. (For more in-depth analysis of the stock market and its current uptrend, study the Big Picture.)

Chipmaker ON Semi Eyes Buy Point

ON Semiconductor jumped 2.7%, after BMO Capital boosted its rating to outperform, from market perform. The report jacked the stock's price target up 50%, to 30. The gain put ON Semiconductor shares 5% below a 23.44 buy point in a deep cup-with-handle base.

China ETF Climbs; Global Markets Positive

Overseas markets were positive, with benchmarks in Shanghai, Hong Kong and Tokyo ending Monday's sessions sharply higher. Markets in Europe showed firm gains in afternoon trade. The CAC-40 in Paris led the region's benchmarks, jumping 0.8%.

China ETFs continued to rise, with Direxion Daily FTSE China Bull 3X Fund (YINN) and Direxion Daily CSI 300 China A Share Bull 2X (CHAU) each up nearly 4% in early trade. Both funds had peaked in January 2018, when the U.S. launched its initial rounds of tariffs on China products.

The Direxion Daily CSI 300 has spiked 39% over the past two weeks. That's partly due to optimism toward a trade-war resolution, and partly due to news Friday that index manager MSCI planned to increase the weighting of China A share listings in its global benchmarks. A-share stocks traded on the Shanghai and Shenzhen stock exchanges, have traditionally been limited to non-Chinese investors, trade only in China's renminbi currency.


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