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Market Update

Wall Street Marches On, Fitbit Soas 50% on Debut


Author: Nichole Harper
ticker.com
Last Update: 1:31 PM ET June 18 2015

1:30 PM – Market indexes on Wall Street advanced and extended weekly gains after jobless claims dropped to nearly 15-year low and the consumer price index increased at the fastest pace in two years. Fitbit completed its initial public offering to raise $732 million and stock soared 50%.

Stocks were empowered after the latest Fed statement and economic data.

Weekly jobless claims at the end of last week dropped to nearly 15-year low and the U.S. consumer prices rose at the fastest pace in two years.

Seasonally adjusted weekly jobless claims declined 12,000 to 267,000 from the previous week’s unrevised claims of 279,000, the Department of Labor said.

In a separate report, the department announced the index of consumer prices increased 0.4% in May from April.

The U.S. preliminary current account deficit widened to $113.3 billion in the first-quarter from the revised $103.1 billion in the fourth-quarter, the Department of Commerce reported today.

On Wall Street, Tollbooth Strategy Index climbed 1.1% or 116.92 to 10,879.76.

S&P 500 index gained 0.9% or 20.68 to 2,120.94 and the Nasdaq Composite Index increased 1.4% or 68.83 to 5,133.71.

Crude oil in New York rose 49 cents to $60.41 a barrel and gold soared $27.90 to $1,204.70 an ounce.

U.S. Movers

The exercise-tracking device company based in San Francisco sold 36.6 million shares at $20 each. The stock soared to $30.45, valuing the company at $6 billion in the first day of trading.

The wearable device maker’s sales in 2014 soared to $745 million and sold 10.9 million devices, a three-fold jump from the prior year’s revenue of $271 million.

Kroger Co (KR) increased 1.6% or $1.07 to $73.98 after the food and drug stores operator reported total sales in the first-quarter ending on May 23 edged up 0.3% to $33.1 billion from a year ago period.

Net income in the quarter increased 1.9% to $619 million or $1.25 per diluted share compared to $501 million or 98 cents from the same quarter last year.

Oracle Corporation (ORCL) plunged 8.4% or $3.76 to $41.15 after the software developer said total revenues in the fourth-quarter ending in May decreased 5% to $10.7 billion from a year ago period.

Net income in the quarter declined 22.2% to $2.8 billion or 62 cents per diluted share compared to $3.6 billion or 80 cents from the same quarter last year.

Oracle''s total software and cloud revenues in the fourth quarter declined 6% to $8.4 billion and software license updates and product support revenues essentially flat at $4.7 billion. Hardware systems revenues for the quarter fell 4% to $1.4 billion.

European Markets

U.K. retail sales volume in May rose 0.2% from April. Amount spent in the retail industry jumped to £28.3 billion and online sales climbed 7.4% from a year ago month, the Office for National Statistics said.

In London trading, FTSE 100 index edged up 2.87 to 6,683.52 and in Frankfurt the DAX index slipped 0.4% or 47.35 to 10,928.56.

In Paris, CAC 40 index dropped 0.9% or 42.79 to 4,764.97.

Bilfinger SE tumbled 14.2% to €32.15 after the Germany-based engineering and service group plans to sell its loss-making power business segment.

The recently appointed chief executive forecasted a net loss in the first-half in the mid-double-digit million euro range.

Credit Agricole SA fell 0.4% to €12.92 after the France-based financial services provider and Societe Generale announced plans to launch initial public offering of joint subsidiary Amundi.

Amundi assets under management at the end of March were €954 billion and the company is one of the leading asset manager in Europe and ranks among the ten largest players in the world.

Amundi is 80% owned by Crédit Agricole Group and 20% by Société Générale.

Telecom Italia SpA gained 0.5% to €1.12 after the Italy-based phone company announced the sale of a stake in its wireless infrastructure subsidiary Italiane S.p.A.

The telecom company is set to raise up to €875.3 million through initial public offering from the bourse listing of its tower unit INWIT and stocks were priced at €3.65 per share.

Asian Markets

Market indexes in Japan and in Asia declined more than 1% on the worries that the U.S. rates will begin rising later this year.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc