Diamonds and Dogs
New IPO, Dropbox (DBX) is the diamond of the day. The stock is up 39% after being priced at $21 a share, the biggest tech IPO in more than a year. The San Francisco-based company is a free service to share and store photos, music and other large files. With the IPO, the company now has a market valuation of $12.67 billion. Dropbox has yet to turn a profit, but now that it's a public company it may be under pressure to quickly trim its losses.
Profit taking in the chips. DRAM maker, Micron (MU) is down 7% following better than expected earnings. Micron beat earnings by 8 cents, sales rose 58% and the company raised guidance for the current quarter and received four upgrades with price targets as high as $100, but the stock is coming under selling pressure after a 40% rally over the last two months.