Stocks ended higher as investors digested positive economic news as the U.S. dollar climbed to a seven month high on Wednesday. A weak Italian bond auction and disappointing data on euro zone factory output hurt the euro.
On the economic front, retail sales in February were strong, up 1.1%, despite payroll tax increases and delayed income tax returns. The bump came from gasoline prices and auto sales.
A heavy build in retail vehicles is a major factor behind business inventories rise of 1.0%. The 1.9% increase in retail auto & parts reflects strong demand for autos.
Executives and guests of Silver Spring Networks, a leading smart grid networking platform technology and solutions provider, will visit the New York Stock Exchange (NYSE) to celebrate the company’s initial public offering. Silver Spring Networks will begin trading today on the NYSE under the ticker symbol “SSNI”.
In honor of the occasion, Chairman, President & Chief Executive Officer Scott Lang, joined by members of the company’s management team, will ring the NYSE Opening Bell.
About Silver Spring Networks (NYSE: SSNI)
Silver Spring Networks is a leading networking platform and solutions provider for smart energy networks. Our pioneering IPv6 networking platform, with 15.8 million Silver Spring enabled devices delivered, is connecting utilities to homes and business...
We have previously partnered with other firms to launch analytical data products, but nothing quite like this. Now we’re venturing into a largely uncharted and exciting new place - social media. To say we’re excited about the possibilities would be an understatement. Social media is just beginning to take hold in financial markets. As an industry we have been watching and listening for a while not quite sure what to do with Twitter… and StockTwits… and bloggers (oh my!)
Now we (the collective we) are also contributing...
From The Trading Floor: Equities fluctuating between positive and negative territory this morning aided by a better than expected Retail Sales number for February, but held in check by investors wanting to book profits
Mortgage applications dropped last week by -4.7% as higher mortgage rates prompted a decline in refinancing and home purchases
Sales at U.S. retailers rose in February by 1.1%, the most in 5 months as an improved job market and stronger household finances cushioned the effect of higher payroll taxes. Sales Less Autos & Gas up 0.4% vs. consensus of 0.3% for the month
The Import Price Index for February rose by 1.1%
Business Inventories rose in January by 1%, the most since May 2011
Silver Spring Networks priced 80.75 million shares at $17.00 last night. The opening print this morning was $22.00 on a print of 570,415 shares.