Wall Street investors got a lump of coal in the post-Christmas stocking today after oil prices sank again and, despite the drop, the transports were also weak.
Crude oil slumped more than 3% to fall below $37 a barrel again. The turnaround after a few days of firming oil prices came after a 46-year low in oil sales was reported in Japan.
The Dow Jones Industrial Average was off 0.1%, while the S&P 500 was lower by 0.2%. The Nasdaq was almost at negative 0.2%. Individual sectors were all under water today, and once again it was energy and basic materials stocks which lagged the rest of the market.
However, not all was gloomy on this first day back of another shortened week. Despite a lack of major news, stocks such as Fitbit Inc (NYSE: FIT), FXCM Inc (NYSE: FXCM) and BlackBerry Ltd (NASDAQ:BBRY) managed substantial gains and are three of today’s best stocks.
Here’s your full report:
Fitbit Inc (FIT)
FIT stock was running 3% higher today after the company announced it was the highest-ranked app in the Apple Inc (NASDAQ:AAPL) app store on Christmas, and today was still in second place, only behind YouTube.
This was the second time in a week that a strong sales report pushed FIT stock higher. The maker of fitness-tracking devices has been selling millions of its products over the last few months.
Yet despite the good reports, FIT stock is still in a downtrend, and has fallen from $52 a share in August, to below $28 this past week. Analysts have opined that competition from Apple Inc. (NASDAQ:AAPL), Jawbone and Garmin Ltd. (NASDAQ:GRMN) would hurt sales, but that has not been the case.
FXCM Inc (FXCM)
FXCM stock was the biggest winner of the day after blistering up more than 40% on heavy volume. The stock was up 75% intraday. The online hub for foreign exchange trading is a former $172 stock that hit hard times after the Swiss National Bank eliminated the franc’s cap versus the euro, sending the franc skyrocketing up over 40% in one day.
Recently FXCM was trading around $5 a share, but got a boost after they reiterated they will be buying back $130 million of their own shares and continue efforts to restructure the $300 million debt they have with Leucadia National Corp. (NYSE:LUK).
Since LUK bailed out FXCM, LUK has received three times that amount back in payments. The day after that announcement was made, company insiders at FXCM began buying shares again.
FXCM stock has more than tripled in the last 10 days.
BlackBerry Ltd (BBRY)
BBRY is another stock that has been on a roll lately. While there was no specific news out today, their recent third-quarter earnings and revenue topped the Wall Street estimates and they finally began shipping their PRIV smartphone to stores. That has pushed the stock up about 30% over the last 10 days, and today BBRY finished over 3.5% higher.
Analysts have been raising their estimates for BlackBerry over the past month as well. Recent news that BBRY is now creating software platforms for the automotive and other industries has also helped BBRY stock.
As of this writing, Ethan Roberts did not hold a position in any of the aforementioned securities.
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