April 1, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2016
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016
On Monday personal income for February rose .2%, consumer spending rose .1% and the PCE price index fell .1%. As a result of weak consumer data, Goldman Sachs cut its first-quarter GDP estimate to 1.7%.
On Tuesday, the Case-Shiller home price index for January was up .8%, the same gain as the prior month, and the consumer confidence indicator for March rose 2.3% to 96.2. Fed Chair Janet Yellen gave a speech indicating a dovish tone by stating that the Fed needs to proceed cautiously due to global risks and weaker foreign economic growth, as well as mixed U.S. economic news. Markets rallied and the Dow Industrials closed up 97 points.
On Wednesday, the ADP employment report for March was down 5,000 to 200,000, and the EIA petroleum status report for the week ending March 25th showed crude oil inventories gaining 2.3 million barrels. The rally continued with the Dow Industrials closing up 83 points.
On Thursday, jobless claims for the week ending March 26th were up 11,000 to 276,000.
On Friday, nonfarm payrolls for March were 215,000 compared to the prior month’s 245,000 gain, and the unemployment rate edged up .1% to 5.0%. Average hourly earnings rose .3% compared to the prior month’s .1% drop. The ISM manufacturing index for March rose unexpectedly to 51.8 based on a surge in new orders. Markets opened lower, but went into positive territory when the ISM index was released.
Now let’s take a look at some stocks.
Lululemon Athletica (NASDAQ: LULU) impressed investors with a stronger than expected end to its 2015 fiscal year. The popular athletic apparel retailer reported revenues grew 17%, reaching $704 million, as a result of double-digit comparable sales growth and aggressive expansion of its store base. Shares jumped more than 10% after the report’s release.
Shares of Acadia Pharmaceuticals (NASDAQ: ACAD) gained more than 21% after a positive advisory committee meeting with the FDA regarding the company’s potential Parkinson’s disease drug candidate, Nuplazid. After a review with a panel of outside experts, 12 have voted Nuplazid’s benefits outweigh the potential risks, while only 2 remained unconvinced. The FDA’s decision is expected by May 1.
Alder BioPharmaceuticals (NASDAQ: ALDR) shares spiked more than 50% after the company announced that its injection to prevent migraines had met the main goal in a mid-stage study. According to Alder, this may be a potentially blockbuster treatment, as about 38 million Americans suffer from migraines.
Chipotle (NYSE: CMG) is diversifying its business operations by applying for a trademark for “Better Burger”, and is moving to open a burger restaurant chain. The announcement comes amid controversy regarding Chipotle’s struggle to recover from its multistate E. coli outbreak crisis, which has resulted in an on-going criminal investigation.
Tesla (NASDAQ: TSLA) unveiled its Model 3 Thursday and within 12 hours consumers placed over 150,000 reservations along with a $1,000 refundable deposit. The Model 3, expected to be delivered in late 2017, will start at $35,000 and increase in price depending on options. The reservations were taken directly online, business to consumer, and did not involve dealerships. Tesla’s stock jumped 6.5% during Friday’s open.
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