Vita Coco Company Inc
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Company profile

The Vita Coco Company, Inc., formerly All Market Inc., is a plant-based functional hydration platform, which provides packaged coconut water. The Company's portfolio is led by Vita Coco, which is focused on global coconut water category with additional coconut oil and coconut milk offerings. It operates in two reporting segments: Americas and International. The Company's product categories include Vita Coco Coconut Water, Private Label and Other. Vita Coco Coconut Water consists of all branded coconut water product offerings under the Vita Coco labels. Private Label product category consists of all private label product offerings, which includes coconut water and oil. Other product category consists of all other products, which includes Runa, a plant-based energy drink; Ever & Ever, a packaged water, and PWR LIFT, a flavored protein-infused water. The Company's products also include Vita Coco Sparkling, coconut milk products and other bulk products.

Closing Price
$10.27
Day's Change
-0.29 (-2.75%)
Bid
--
Ask
--
B/A Size
--
Day's High
10.69
Day's Low
9.89
Volume
(Above Average)
Volume:
597,886

10-day average volume:
528,851
597,886

U.S. stocks end at records after Fed says economy recovering and tapering of bond purchases will start this month

4:27 pm ET November 3, 2021 (MarketWatch)
Print

By Joy Wiltermuth and William Watts

Dow, S&P 500 and Nasdaq end 4th day at records, most since Oct. 5, 2017

U.S. stocks finished higher in record territory Wednesday, after the Federal Reserve acted as expected by announcing its plans to start tapering its $120 billion in monthly bond purchases later this month.

In a statement Wednesday, the Fed said it would reduce the pace of purchases by $15 billion per month, but said tapering is not on a preset patch.

How did stock index trade?

On Tuesday, the Dow closed above 36,000 for the first time, while the S&P 500 and Nasdaq Composite also closed at records. They were joined in record territory by the small-cap Russell 2000 , which logged its first record finish since March 15.

Need to Know: The 'Dow 36,000' authors weren't just 17 years late. Here's the key mistake they made

What drove the market?

Stocks pushed further into record territory, after the Federal Reserve's decision on Wednesday to join other central banks in starting to reduce pandemic monetary aid.

The decision by Chairman Jerome Powell and his colleagues was no surprise, with investors largely expecting confirmation of the start of a reduction in its bond purchases.

To kick things off, the Fed plans to start reducing its footprint in financial markets later this month, by trimming $15 billion off its prior $120 billion monthly rate of bond purchases. The central bank also indicated it will be flexible in its path of tapering going forward, while anticipating its balance sheet, currently near $8.6 trillion, would cease growing by mid-next year.

U.S. Treasury debt yields ticked up, in reaction, while the three major U.S. stock indexes swept to a fourth straight day of record closes, the most since Oct. 5, 2017, according to Dow Jones Market Data.

"That's in anticipation of tighter monetary policy," said Michael Arone, managing director of State Street Global Advisors, in a phone interview.

Small cap-stocks also expanded their gains, he said, noting the this segment of the stock market also performed well the the last time the Fed announced tapering. "The Fed is signaling to investors they anticipate the economy to be on pretty firm footing and likely to be better," Arone said.

Powell, in an afternoon news conference, said the central bank can be patient on increasing policy interest rates, while also noting that maximum employment could be achieved by the second half of 2022, a requirement for any rate hike.

The Fed Chair also said inflation, a key concern for investors, was tied less to higher wages than supply-chain bottlenecks.

See: Fed still thinks surging U.S. inflation won't last, but it's now hedging its bets

Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, said that Powell has "a difficult job" to walk the line between balancing the risks of inflation and a job market recovery that may not be achieved as quickly as initially expected, in a phone interview.

"Inflation is the big worry," said David Petrosinelli, senior trader at InspereX, but he also pointed to concerns about whether U.S. consumers and businesses feel the Fed can adequately deal with inflation pressures going forward, particularly as a host of companies in the third-quarter earnings season suggest that higher prices could continue through 2023.

"It's a very different time, and I wonder if monetary policy is as effective when it comes to addressing supply-side dynamics," Petrosinelli said. "What does a rate hike have to do with someone coming back to work? Or container ships piled up out of Long Beach?"

In U.S. economic data, privately run U.S. businesses created 571,000 new jobs in October, an ADP survey found. Economists surveyed by The Wall Street Journal had forecast a rise of 395,000.

The Institute for Supply Management's closely watched services index for October jumped to a record 66.7% from 61.9% in September, surpassing expectations for a reading of 62%. A reading of more than 50% signals expanding activity.

In the same vein, IHS Markit said its U.S. services sector purchasing managers index came in at 58.7 in October, up from 54.9 in September and above its earlier "flash" estimate of 58.2.

What companies were in focus?

Read:It's not a typo, the Dow transports really rose more than 1,000 points, because of Avis' stock

How did other assets trade?

Barbara Kollmeyer contributed reporting

- Joy Wiltermuth

	

(END) Dow Jones Newswires

November 03, 2021 16:27 ET (20:27 GMT)

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