Market Focus

Box

Box made a big splash in its trading debut. The cloud storage company prices its initial public offering at $14 a share, above the expected range. The company, which has a market cap of $1.6 billion raised $175 million from the stock sale. Shares soared, closing at $23.23, a move of about 66 percent.

State Street

State Street reported earnings and revenue that easily topped Wall Street’s estimates today. The investment firm’s results were powered by the recent surge in volume and volatility in foreign currency markets, but investors focused on its outlook, since the company said that a falling euro is cutting revenue from the region. Shares slumped six percent to $72.40.

GoPro

Shares of GoPro got a lift after the National Hockey League announced a North American partnership with the action camera maker. Fans will now be able to watch hockey live from the players’ perspective. The deal is GoPro’s first with a major professional sports league. The stock rose more than 8.5 percent to $52.51.

Valero

Valero hiked its quarterly dividend by 45 percent. The payout is now 40 cents a share, which will be made to shareholders in March. The yield on that dividend is now around 3.2%. The stock popped 4.5 percent to $50.16.

Deere

The farming equipment marker, Deere, is laying off more than 900 employees at plants in Iowa and Illinois. This is the company’s latest round of job cuts, spurred by a drop in grain prices that’s hurting demand for its machinery. Shares fell more than one percent to $88.35.

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