February 26 , 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 PMI Manufacturing index for February came in weak at 51 and is the lowest reading in three years, while U.S. crude oil soared over 6% to close at $31.48 a barrel. The Dow Industrials closed up 228 points.
On Tuesday, the Case-Shiller home price index for December rose .8%, and consumer confidence for February dropped from 97.8 to 92.2. Existing home sales for January rose .4% to an annualized 5.47 million units. Oil prices drifted back down, and the Dow Industrials ended up closing down 188 points.
On Wednesday, new home sales for January dropped 9.2% to a lower than expected 494,000 annualized units, and the EIA petroleum status report for the week ending February 19th showed crude oil inventories gaining 3.5 million barrels to a record high of 507.6 million. However, oil production in the lower 48 states fell for a third week. The Dow Industrials initially suffered a 266 point drop, but managed to end the day up 53 points.
On Thursday, durable goods orders for January were up 4.9%, compared to the previous month’s 4.6% decline, and jobless claims for the week ending February 20th rose 20,000 to 272,000. U.S. crude oil rose 2.8% to $33.07 a barrel and the Dow Industrials rallied, closing up 212 points.
On Friday, the second revision of the fourth quarter GDP was raised to 1%, as businesses held on to inventory. Personal income for January rose .5%, consumer spending also rose .5%, and the PCE price index rose .1%. Markets opened modestly higher on the news.
Now let’s take a look at some stocks.
Shares of Macy’s (NYSE: M) jumped about 5% on Tuesday after reporting earnings, showing positive signs for 2016 despite a 31% decline in 4th quarter profits. Still, results were better than estimates. Sales of coats and boots were higher in the last weeks of the holidays as cold weather arrived.
Salesforce (NYSE: CRM) shares took off after the cloud computing company beat analyst’s estimates on revenue and earnings for its 4th fourth quarter fiscal 2016. The company has increased its guidance for fiscal 2017, showing optimism with regards to growth.
Fitbit (NYSE: FIT) shares tumbled more than 15%, despite beating earnings estimates for the third quarter in a row after the wearable device maker reduced its 2016 outlook. Revenue expectations were pushed downward from $483 million to a range of $420 to $440 million.
After releasing earnings earlier than intended, Palo Alto Networks (NYSE: PANW) shares jumped more than 9% after reporting that revenue rose to $334 million from $217 million year-over- year, above analysts’ expectation of $318 million. Palo Alto Networks provides networking, firewall, and security solutions.
Baidu (NASDAQ: BIDU) reported 4th quarter results, and shares jumped as strong mobile usage drove profits up. The company said that mobile search monthly active users were 657 million in December of 2015, an increase of 21% year-over-year, and gross merchandise value totaled $2.3 billion for the fourth quarter of 2015, an increase of 397% year-over-year.
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