Business News

Pitching a fit for Fit Bit

US Stocks closed modestly higher yesterday as investors shrugged off worries about unsuccessful Greek debt talks.  Investors are also awaiting the outcome of a two-day Federal Reserve monetary policy meeting which concludes today.

The maker of Marc Jacobs's fragrance and Sally Hansen nail polish, Coty, was the winning bidder yesterday for Proctor & Gamble division that sells make-up, fragrance, and hair products for $12 Billion.  The deal makes Coty the largest player in the personal care business.  Shares of Coty rose 20% on the news.

Fitbit the maker of wearable fitness trackers is set to go public this summer.  Fitbit's business is booming, in the first 3 months of the year the company sold 21 million devices and have turned quarterly losses into big profits.  The company's IPO is set to raise about $4.2 Billion for the company.

The Paris airshow is currently underway and the 2 largest aircraft makers in the world, Boeing and Airbus have booked over $42 Billion in deals on the first day of the weeklong event.  Both companies received most of their orders for their new larger jets.  Boeing now has an order backlog of 5,700 planes worth over $450 Billion.  Shares of both companies rose on the news.

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