April 22, 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
Prior to Monday’s open, West Texas Intermediate crude fell more than 6.5% after producers failed to reach an output freeze agreement at a meeting in Doha. However, by the end of Monday, crude recovered most of its losses, closing at $39.78 a barrel. The Dow Industrials ended the day up 106 points, and closed above 18,000 for the first time since July 20, 2015.
On Tuesday, housing starts for March fell 8.8% to 1.089 million annualized units. Housing permits were also weak, down 7.7% to 1.086 million.
On Wednesday, existing home sales for March rose 5.1%, more than expected, to 5.33 million annualized units and the EIA petroleum status report for the week ending April 15th showed crude oil stockpiles increasing by 2.1 million barrels. U.S. crude finished at $44.18 a barrel, its highest close of the year.
On Thursday, jobless claims for the week ending April 16th fell another 6,000 to 247,000, much lower than expected. The 10 year treasury yield increased for the fourth day in a row to 1.87%, on expectations of higher inflation.
On Friday morning, markets drifted down on weakness in tech stocks.
Now let’s take a look at some stocks.
Shares of ServiceNow Inc. (NYSE: NOW) jumped more than 15% after reporting earnings after the market close on Wednesday, surpassing expectations. The tech company reported earnings per share of $0.09, above Reuters’ expectations of $0.07. Revenue stands at $306 million for the quarter, above the $301 million average analyst estimate.
Under Armour (NYSE: UA) shares were up when the sportswear company beat expectations on first quarter earnings per share, and also saw a jump in revenue of 30% to $1.05 billion. Under Armour CEO, Kevin Plank, heavily emphasized Golden State Warriors guard Stephen Curry during the earnings call, because basketball sneakers, and especially Curry’s signature sneakers, play a major part in the company’s continued growth.
Shares of Netflix (NASDAQ: NFLX), the popular video-streaming service, fell more than 10% Tuesday after the market close due to a lower than expected forecast of net international subscriber additions for the second quarter. Netflix investors are now focusing on international growth instead of domestic growth which has reached maturity. The company moved into 130 new countries in January, and about 42% of its subscriber base is outside the U.S.
Microsoft (NASDAQ: MSFT) reported earnings per share of $0.47, compared to $0.61 per share a year ago, lower than expected. The company reported revenue of $22.1 billion, an increase of 1.7% year-over-year and is in line with analysts’ expectations. Office 365 continues to play a major role in the company’s growth, with that segment showing revenue grow of 63% and the consumer subscriber base increasing to 22.2 million.
Alphabet (NASDAQ: GOOGL), Google’s parent company, saw its shares fell sharply Thursday during after-hours trading when the company reported earnings per share of $7.50, missing expectations by $0.47. Declining ad prices, as well as losses in foreign currency exchange were part of the reason for the disappointing performance.
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