U.S. stocks are trading up today but investors have taken off some early gains. The biggest news is the IPO of LinkedIn (NYSE: LNKD), which saw shares jump over 140 percent after making its market debut as a public company. The first U.S. social network to complete its public offering significant interest from Wall Street and even increased its IPO price earlier this week to add an extra $1 billion to its valuation. LinkedIn shares broke the $100 mark, and traded as high as $122.70 today. LinkedIn's stock price is currently trading around $109. As for the rest of the market, analysts are anticipating a potential sell-off as the summer months approach and the end of the Federal Reserve's QE2 strategy approaches. In addition, there are also concerns of institutional investors and hedge funds may be looking to reposition and take some profits.
Major U.S. Stock Indices
DJIA: 12,590.49 (+0.24 percent)
S&P 500: 1,343.52 (+0.20 percent)
NASDAQ: 2,822.61 (+0.28 percent)
Russell 2000: 832.68 (-0.09)
In other news:
- Disgraced IMF chief Dominique Straus-Kahn has resigned from his position amid the alleged sexual assault charges and a host of other scandals coming out of the woodwork. [WSJ]
- The search for Kahn's replacement may not be so simple, but could French finance minister Christine Lagarde be the next to head the IMF? [NY Times]
- Citigroup (NYSE: C) CEO Vikram Pandit essentially worked for free last year. The same couldn't be said for the top guys at other banks like Bank of America (NYSE: BAC), JP Morgan (NYSE: JPM) and Wells Fargo (NYSE: WFM). [The Street]
- Massey Energy (NYSE: MEE) is catching a lot of heat for negligence that led to the "deadliest mining disaster in 40 years." [Bloomberg]
Check back for more news.
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