August 19, 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, the Empire State manufacturing survey for August came in at -4.21, weaker than expected, compared to the prior month’s. 55 level. Ten year Treasuries traded at 1.55% and U.S. crude increased by 2.8% to $45.74 a barrel. The Dow Industrials, S&P 500 and Nasdaq all closed at record highs, on light volume.
On Tuesday, the consumer price index for July remained unchanged, due to weakness in energy prices and industrial production for July was up .7%, compared to the prior month’s .4% increase. Housing starts for July were up 2.1% to an annualized 1.21 million units, in addition to the previous month’s 5.6% increase.
On Wednesday, the EIA petroleum status report for the week ending August 12th showed crude oil inventory dropping 2.5 million barrels. The FOMC minutes from its last meeting were released and policy makers were mixed with some feeling that the economy is strengthening enough that rate hikes will soon be necessary. However, most were still satisfied with waiting a little longer before tightening resumes. Investors seemed to interpret the Fed’s uncertainty in a positive light, as a sign that rates will not increase until economic results are stronger.
On Thursday, jobless claims for the week ending August 13th fell 4,000 to 262,000 and U.S. crude was up over 3% to $48.22 a barrel. Markets ended the day up slightly, on low volume, and it also marked the 29th straight day that the S&P 500’s closing number didn’t move at least 1%.
On Friday, markets opened modestly lower as oil held steady.
Now let’s take a look at some stocks.
Reports emerged Monday that social media giant Twitter (NYSE: TWTR) will announce a deal with Apple (NASDAQ: AAPL) to live stream popular Thursday-night football games with the National Football League. The company beat out competitors such as Amazon, Facebook and Yahoo for the deal. Shares climbed over 7% during early afternoon trading after the news was released.
Shares of American multinational clothing corporation, Urban Outfitters (NASDAQ: URBN) continued to rally well over 15% after the company announced impressive quarterly performance during after-hours on Tuesday. The popular retailer posted second-quarter fiscal earnings of 66 cents per share on $891 million in revenue surpassing analysts’ expectations.
On Wednesday, Target (NYSE, TGT), America’s second-largest discount retailer company, cut its fiscal-year profit forecast after the company reported sluggish quarterly sales that fell by 7.2%, and earnings that fell by 9.7% . Demand for electronic devices was weak, as well as the company’s grocery business. Shares were down over 6% after the announcement.
Shares of Popeyes (NASDAQ: PLKI) plunged 10% during early trading hours on Wednesday after the company released weaker-than-projected same-store sales growth during its second quarter and also lowered its future estimates for same-store growth. The company met analysts’ expectations of $0.47 per share but missed revenue by $1.7 million.
Retail home improvement and appliance store, Lowes (NYSE: LOW) released second quarter earnings of $1.31 per share on $18.2 billion in revenue, missing consensus estimates of $1.42 per share on $18.4 billion in revenue. The company also lowered its full-year outlook. Shares were down 5% after the release.
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