Diamonds and Dogs
Fitbit, Inc. (FIT)
With the launch of the company to the public today, Fitbit had a strong first day of trading. The stock opened up at $20 a share and by mid-afternoon was sitting at $29.99, a $9.99 jump. The company is known for its wristbands, which can track your step count, distance traveled, and the number of calories you burn. The wristband can even handle as complex of tasks as displaying an incoming call on its OLED screen along with the time and current exercise statistics. Fitbit is valued at over $6 billion, with many investors hopping on board with hopes that the prices of its shares will keep rising.
Noranda Aluminum Holding Corp. (NOR)
Noranda Aluminum is down 18.69% ($0.23) today, with its shares sitting at $1.00 apiece. The corporation hired Morgan Stanley today to be their financial advisor, while it evaluates its strategic options. The company decided today to suspend its quarterly dividend, seeking shareholder approval for a reverse stock split, done in order to better combat low aluminum prices. While low aluminum prices are great for Coca-Cola (aluminum cans) and car manufacturers, they are not great for one of their suppliers, Noranda. The aluminum, holding corporation will rely on the reverse stock split to raise their share price.
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