By Justin Turner CIM, DMS®, CFP®
Twitter (the stock) has finally arrived. The stock opened at $45.10, a whopping 73.5% above the IPO price set less than a day before! It closed right around where it opened at $44.90. It was a pretty incredible day one performance, but investors looking to get in on the action might want to hold off a bit as lower prices could be just around the corner.
As far as the broader markets are concerned, the theme for quite some time has been risk-on with many markets (including Canada) hitting new multi-year highs benefiting from the delay in the US Federal Reserve’s tapering of asset purchases. The talk has gone from government shutdowns and the debt ceiling to the Fed and the ending of quantitative easing (QE). The current view is that tapering is unlikely to start this year due to weaker economic data. Very accommodative monetary policy, combined with increasing global economic growth is providing a strong environment for stocks. We see this strength potentially carrying through the end of the year and into the New Year.
