Wall Street got in on the action, buying up shares of GoPro. Shares of the company that makes wearable cameras used by sky divers and surfers, surged sky-high in its trading debut. GoPro offered nearly 18 million shares priced at $24 a piece, valuing the company at about $3 billion, making it the biggest initial public offering of a consumer electronics company in more than 20 years. The stock jumped 30 percent to $31.34.
Lennar posted earnings that beat on both the top and bottom lines. The home builder sold more homes at higher prices with new order and deliveries increasing from last year. Its average selling price was also higher due to a tighter supply of homes. Despite the good report, shares were of a fraction to $41.32.
ConAgra Foods shares benefited from solid quarterly earnings and a better than expected increase in revenues. The food company is also forecasting a modest recovery in its under-performing private brands unit and it’s expecting that its healthier options will help its consumer brands business this year. Shares rose a fraction to $28.97.
Spice maker McCormick saw its revenue come in slightly below forecasts, which sent shares lower. The company is seeing stronger international performance because of its acquisition of an overseas condiment maker last year, but results in its Americas region have been weak. The stock fell more then one percent to $70.27.
Alcoa & Firth Rixon
Alcoa is taking a plunge into the aerospace industry with a new merger it announced today. The steel giant is spending almost $3 billion to buy the British jet engine company Firth Rixon. The deal will up Alcoa’s aerospace revenue by 20 percent. Shares popped, up more than 2.5 percent to $14.94.
Shares of Elizabeth Arden plunged on news South Korea’s LG Household is no longer interested in buying the cosmetics company. This come just days after Elizabeth Arden announced a sweeping restructuring due to mounting losses. The stock fell 17 percent to $22.41.