December 24, 2015 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 2015
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2015
Monday was a rollercoaster ride for the three benchmarks, but U.S. stocks managed to close slightly higher from a sharp sell-off last week. Trading volume was light as many investors took advantage of a holiday week and there were no major economic reports in the U.S. for Monday.
On Tuesday the final estimate of third quarter GDP showed U.S. economy grew at a 2% pace during the third quarter while personal consumption rose at a 3% pace. Existing Home Sales fell 10.5 percent to a much lower-than-expected rate of 4.76 million. The Dow picked up triple digits, helped by some stabilization in oil prices and recovery in hard-hit areas of the market this year.
On Wednesday stocks rallied and the Dow again posted triple digit gains. Rising construction is bringing supply into the housing sector and helping to lift New Home Sales, which rose 4.3 percent in November to a rate of 490,000. Personal Spending rose 0.3% in November, and Durable Goods Orders were flat, both better than expected.
On Thursday Jobless Claims, which had edged higher over the past few weeks, are moving back down 5,000 to a 267,000. Markets close early on Thursday for Christmas Eve and will be closed on Friday for Christmas Day.
Now let’s take a look at some stocks
Shares of Nike (NYSE:NKE) hit record-highs on Wednesday, a day after the company delivered quarterly earnings that topped projections. The fitness giant posted second-quarter earnings of 90 cents per share; future orders jumped 20 percent excluding currency impacts, blowing past the 14.1 percent estimate. In a move that boosted the company earlier in December, Nike signed NBA star LeBron James to a lifetime deal. The stock has climbed about 36 percent so far this year.
Micron Technology (NASDAQ:MU) reported first quarter revenue which fell 27% to $3.35 billion, as weak demand for personal computers continues to hurt the chipmaker’s business. Micron stock slipped 2 percent in extended trading following the forecast.
SunEdision (NYSE:SUNE) plunged an incredible 31 percent on Tuesday. The first stage of SunEdison’s collapse had to do with its acquisition binge. It acquired Vivint Solar for $2.2 billion which got investors worried about funding. Now a hedge fund is accusing SunEdison of pressuring its yieldcos to overpay for assets. SunEdison has $11.7 billion in debt and needs billions more to fund the projects it’s building over the next few years.
Steelcase (NYSE:SCS) reported earnings on Monday, and the results were not what investors were looking for. The company’s revenues slid 1.6% year-over-year. Steelcase is very active internationally; the company is trying to reinvent its business model and redefine the company’s sales strategy in the European market.
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