August 5, 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 first day of August, U.S. stocks were mixed amid falling oil prices. The ISM manufacturing index came in at 52.6, slightly below estimate, but any number above 50 indicates expansion. The Markit PMI manufacturing index reading for July came in at 52.9. Construction spending for June declined 0.6 percent. Oil prices were under pressure Monday, with U.S. crude futures settling 3.7 percent lower.
On Tuesday stocks extended losses but even with the falls, stocks moved less than 1% for a record-breaking 14th straight day. Oil dropped below $40 for the first time since April. Auto sales came in at 17.88 million on an annualized basis, beating expectations. Personal income rose 0.2% in June, while personal spending rose 0.4%.
On Wednesday sharp rebound in oil prices gave stocks a lift, as the Dow finally snapped its 7-day losing streak. ADP Private Payrolls increased by 179,000 jobs. The reading on the non-government labor market was higher than the 176,000 expected by economists.
On Thursday stocks were flat despite a rise in oil prices. Jobless claims jumped 3,000 to 269,000, but claims have been below the key 300K benchmark of a healthy labor market for 74 weeks. New factory orders fell 1.5% in June.
On Friday job creation crushed estimates as the U.S. economy added 255,000 jobs in July. The unemployment rate remained unchanged at 4.9%. The Dow was up triple digits after the jobs report.
Kate Spade (NYSE: KATE) shares fell over 18% after the company reported a lower-than-expected profit. While net sales increase 13.7 percent to $320 million, comparable-sales growth still came to an abrupt slowdown during the latest quarter and fell short of analysts’ estimates. The company also slashed its full-year profit and sales forecasts.
Verizon (NYSE: VZ) will buy GPS vehicle tracking company FleetMatics (NYSE: FLTX) for about $2.4 billion in cash. Verizon hopes the purchase will help the company expand into the connected vehicle and fleet management market. Verizon will pay $60 per FleetMatics share; the deal is expected to close in the fourth quarter of 2016.
Pfizer (NYSE: PFE) this week announced it had acquired a private biotech firm Bamboo Therapeutics. The $150 million deal hopes to highlight Pfizer’s presence in the research of gene therapy. Along with this payment, Bamboo may also receive potential payment of as much as $495 million if Bamboo’s therapies clear various testing and regulatory benchmarks.
Amkor Technology (NASDAQ: AMKR) jumped more than 15% on Tuesday after the company reported better-than-expected earnings and guidance, thanks to stronger Android smartphone demand and a quicker recovery from their earthquake-damaged factories in Kumamoto, Japan. Net income was $4.7 million, and revenue rose 24.5% to $917 million.
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