Planet Fitness Makes Market Debut; Tesla, Fox Pressure Markets

Planet Fitness (PLNT) initially fell in its market debut on the New York Stock Exchange Thursday. The gym chain had priced its initial public offering at $16 a share. At its session low, shares had lost more than $1 but have since recovered losses. Stocks extended earlier losses as a series of poor earnings reports pressured markets. Weak results from Tesla (TSLA) and 21st Century Fox (FOXA) pulled the Nasdaq more than 1% lower. Activist investor Bill Ackman confirmed he had taken a $5.5 billion stake in snack company Mondelez (MDLZ), a move likely influenced by talk of a possible takeover. Keurig (GMCR) fell after missing sales quarterly sales estimates and announcing plans to cut its workforce by 5%.