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LinkedIn IPO Shares Double

Discussion in 'Forex Daily News & Outlook' started by MTnews, May 19, 2011.

  1. MTnews

    MTnews Content Contributor

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    Daily Market Commentary for May 19, 2011

    LinkedIn (NYSE: LNKD) shares nearly doubled this morning in a strong public trading debut which highlights investor interest in social-networking companies. (read more at Millennium-Traders.Com)
    http://www.millennium-traders.com/news/newscommentary.aspx

    Amazon.com, Inc. (NasdaqGS: AMZN) reported they are selling more Kindle e-reader electronic books than physical books. this strikes as another milestone as the company moves to reshape traditional media industry toward digital technology. Sales of Kindle surged to $966 Million in 2010 and is expected to triple by 2015. Competition for the Kindle consists of Barnes & Noble (NYSE: BKS) Nook and Apple (NasdaqGS: AAPL) iPad. Amazon reported that since April 1, 2011 company has sold 105 Kindle books for every 100 print books sold, including books for which there is no Kindle edition. Sales of Kindle books so far this year have tripled from the similar period in 2010. The least expensive $114 version of the Kindle is Amazons bestselling device in five weeks since its introduction. The version displays on-screen advertisements on its home page and screen saver.


    GameStop (NYSE: GME) were lower moving into lunchtime hour on Wall Street, down 5. Video-game retailer issued forecast for the current period that was below Wall Street’s expectations.

    Big Lots (NYSE: BIG) shares were lower by 10% or down almost 4 points into the noon hour. Shares fell after failing to attract high enough bids after putting itself on the auction block.

    Advance Auto Parts (NYSE: AAP) shares tumbled lower by 10% and down 7 points, moving into lunchtime hour after company reported Q1 results that missed Wall Street estimates.

    AutoZone (NYSE: AZO) moved sharply lower ahead of lunchtime hour, down almost 7 points.

    Molycorp (NYSE: MCP) shares were on the move, up over 4% moving into lunchtime hour.

    Sina (NasdaqGS: SINA) shares made a move higher by over 4 points or 4% into lunchtime trading.



    Economic data released today:

    Initial Jobless Claims: U.S. Jobless Claims -29K to 409K in week of May 14 compared to Survey -11K; U.S. May 7 Week Jobless Claims Revised to 438K from 434K.

    Continuing Jobless Claims: U.S. May 7 Week Continuing Claims -81K to 3,711,000.

    Bloomberg Consumer Confidence: U.S. Consumer Comfort Index -49.4 Last Week

    Existing Home Sales: U.S. April Median Existing Home Price -5.0% on year to $163,700; U.S. Inventory of Unsold U.S. Homes at 9.2 Months Supply; U.S. April Existing Home Sales -0.8% to 5.05M Rate; U.S. April Existing Home Sales Consensus 5.20M Rate.

    Philadelphia Fed Manufacturing Index: Philadelphia Fed May Inventories -5.4 vs. April 1.7; Philadelphia Fed May Delivery Times -2.3 vs. April 11.2; Philadelphia Fed May Shipments 6.5 vs. April 29.1; Philadelphia Fed May New Orders 5.4 vs. April 18.8; Philadelphia Fed May Employment 22.1 vs. April 12.3; Philadelphia Fed May Price Received 16.8 vs. April 27.5; Philadelphia Fed May Price Paid 48.3 vs. April 57.1; Philadelphia Fed May Business Index Expected 20.0; Philadelphia Fed May Business Index 3.9 vs. April 18.5.


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    Thanks for reading
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