GoDaddy, the leading provider of web registration and hosting services with 59 million domains, raised $440 million last night by offering 22 million shares at $20, above its initial range of $17 to $19, valuing the company at around $4.5 billion. Shares start trading on the New York Stock Exchange today. GoDaddy was acquired by a private equity consortium led by KKR and Silver Lake in 2011. The company added more than 1.1 million customers in 2014.
Monsanto, the world's largest seed company, reports second-quarter results before the opening bell. The company, which makes Roundup, the world's most widely-used herbicide, is seeking to allay concerns that a key ingredient could cause cancer after an international health organisation linked glyphosate to the disease. Investors will be looking for more details on that and comments on the company's progress on new products. Analysts are expecting earnings per share of $2.92, down from $3.15 per share in the year-ago quarter, and revenue of $5.78 billion, down from $5.83 billion for the same quarter last year.
Hiring by private companies is expected to have picked up in March, an early indication of a more upbeat overall employment report due on Friday. The ADP National Employment Report, out at 1.15pm BST, is expected to show that private employers added 225,000 jobs last month, up from 212,000 jobs in February.
Car and truck-makers will report US sales for March today. Analysts expect the reading to be flat or slightly down from last year. However, on an annual basis, sales are expected to be strong in the month at 16.8 million-17 million vehicles. Investors and analysts want to see if the industry rebounds from a disappointing February when cold and snowy weather hurt sales.
Construction spending data for February is released at 3pm BST. Analysts expect an increase of 0.3 per cent, against a fall of 1.1 per cent the previous month, as upticks in non-residential and public spending offset a decline in single-family residential spending.
The Institute for Supply Management manufacturing index for February is also released at 3pm. Analysts expect a reading of 53, against 52.9 the previous month, with moderating weather and less disruption from the west coast dock dispute offset by weak exports due to the strong dollar.
Markets: Futures suggest an uncertain day on Wall Street. The Dow Jones is expected to open up 3 points at 17,706, the S&P to fall 1.50 points to 2,059.25, and the Nasdaq to rise 1.25 points to 4,330.75.
Alexandra Frean
US Business Editor
@freanie
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