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Daily Market Review – 23 June 2015

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Daily Market Review – 23 June 2015

Jun 23 2015, 09.30am GMT



Planet Fitness Files For IPO


It is evident that health and fitness are becoming central in many people’s lives and it seems that Planet Fitness Inc. is getting in on the action. On Monday, the New Hampshire-based company filed for an IPO (initial public offering) in the U.S. Planet Fitness, which is well known as the $10-per-month gym chain, shows an offering size of $100 million which is a placeholder amount used in order to calculate fees yet this is likely to change. Planet Fitness applied to list its shares on the New York Stock Exchange under the symbol PLNT. Interestingly, Planet Fitness, which is backed by TSG Consumer Partners, will not receive any proceeds from the IPO. According to the filing, Planet Fitness stated that in the U.S., they are the largest operator of fitness centers by number of customers. The gym giant has 976 stores and 7.1 million customers. This filing comes after a week of fitness related IPOs after Fitbit Inc. started trading last week raising $841 million in a much larger than expected share sale. Also, Mindbody Inc. sold $100 million in shares and this company provides cloud-based software that helps fitness centers with their payments and bookings. It was Planet Fitness which trademarked the phrase ‘Judgment Free Zone’ and in the year through 31 December, the gym chain generated $279.8 million in revenue. The company was started 22 years ago by Chris Rondeau who has also served as the chief executive officer since the beginning of 2013. The offering will be managed by Credit Suisse Group AG, JPMorgan Chase & Co, Jefferies Group LLC and Bank of America Corp.

STOCK.com   Indices

On Monday, gains on Wall Street were led by the Nasdaq Composite Index (COMP) and the small-cap index Russell 2000 with both indices ending the trading session at record levels. The main benchmarks also posted gains and these advances came in response to a potential agreement between Greece and its lenders. The Nasdaq added 0.7%, or 36.97 points, to 5,153.97, which marked the highest level ever for the tech heavy index. The gains were led by biotechnology stocks with the iShares Nasdaq Biotechnology (ETF IBB) advancing 1.5 percent. Meanwhile, the Russell 2000 (RUT, +0.60%) gained 0.5%, or 6.78 points, to 1,292.32. Also on the upside was the Dow Jones Industrial Average (DJIA) which gained 0.6%, or 103.83 points, to 18,119.78 while the S&P 500 index (SPX) ended the trading day 0.6%, or 12.86 points, higher at 2,122.85. This put the benchmark index only several points below its all-time high reached in May.

STOCK.com   Currencies.

In forex trading on Monday, the U.S. dollar (USD) traded lower despite the fact that data showed that existing home sales in the U.S had increased by more than expected in May to reach the highest level since 2009. According to the National Association of Realtors, in May, the existing home sales in the U.S. increased from 5.09 million in April to 5.35 million units in May, up 5.1%. This beat analyst expectations for an increase of 4.4% to 5.26 million units in May. The EUR/USD traded at 1.1398, up 0.42%. This came after euro zone finance ministers failed to reach agreement over Greece’s bailout yet indicated that a final deal could be made later this week. Meanwhile, the USD/JPY traded at 123.20, up 0.40% while the GBP/USD traded at 1.5842, down 0.28%. Also, against the currencies in New Zealand and Canada, the greenback traded mixed with NZD/USD down 0.26% to trade at 0.6891 while the USD/CAD held steady at 1.2273. Also, the U.S. dollar index was at 94.17, down 0.15%.

STOCK.com   Commodities

On Tuesday, crude oil prices declined in early Asian trade. This comes ahead of industry data on stockpiles in the U.S. while a tick up in the Chinese manufacturing data did little to boost the commodity. According to data out of China, the Markit Flash Manufacturing PMI for June rose to 49.6, up from 49.2 in May. WTI crude oil for delivery in August traded at $60.23 a barrel, down 0.24 percent on the NYMEX. Meanwhile, on Monday, Brent crude oil for delivery in August traded at $63.36 a barrel, up 0.55%, or $0.34, on the Intercontinental Exchange (ICE). On Tuesday, the American Petroleum Institute later will release its estimates of crude and refined product stocks in the U.S. at the end of last week.

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