The bulls got off to a good start this morning after hearing initial unemployment claims decreased by 29,000 to 409,000 for the week. The news came before the bell and was better than the 420,000 number that had been expected.
The market then came off its highs after hearing Existing Home Sales for April fell nearly 1% to 5 million units. Meanwhile leading economic indicators fell 0.3%, versus expectations for an increase of 0.1%. The Philadelphia Fed’s manufacturing survey was a shocker, coming in at 3.9 and significantly lower than the expected reading of 20.
Despite the mixed economic news, the market is once again pushing its highs for the day.
The Dow is up 44 points to 12,604 while the S&P is higher by 4 points to 1,344. The Nasdaq is showing a 12 point pop and is at 2,827.
Wall Street had a warm welcome for its latest initial public offering (IPO) as LinkedIn (LNKD, $104.00, up $59.00) made its official debut by ringing the opening bell on the New York Stock Exchange this morning. As you can see, the offering was well accepted as shares have nearly doubled in their first few hours of trading as investors are snapping up shares of the online networking company.
Due to strong demand, LinkedIn’s pricing for the IPO was raised to $45 a share following Wednesday’s close which was well above the initial target of $32 to $35 a share. A current prices, LinkedIn has a market value of nearly $10 billion, the highest for a U.S. Internet company since Google (GOOG, $533.41, up $3.60) went public nearly 7 years ago.
Of course, there are no options available on LinkedIn, yet, but this is a name we will be trading down the road. The volatility will likely continue for a few months and when the options list, we will let you know.
Our current trades are getting some nice pops today so let’s get to the action. Subscribers, check the Members Area for the updates.