February 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, personal income for December rose .3%, while consumer spending remained unchanged. The PCRE price index fell by .1%. The ISM manufacturing index for January remained in contraction territory for the fourth month in a row, coming in at 48.2. Federal Reserve Vice Chair Stanley Fischer also made remarks indicating that the Fed doesn’t know what it will do at its next meeting in March.
On Tuesday, motor vehicle sales for January increased 1.7% to an annualized 17.6 million units. U.S. crude oil futures settled below $30 at $29.88 a barrel. Markets dropped sharply with the Dow Industrials closing down 295 points.
On Wednesday, the January ADP employment report came in 62,000 lower at 205,000, the ISM non-manufacturing index for January fell 2.3 points to 53.5, its lowest level since December of 2013. The U.S. dollar fell more than 1.6% against a basket of currencies over concerns of a slowing U.S. economy. Markets were mixed, with the Dow Industrials closing up 183 points, but the Nasdaq composite fell 12 points.
On Thursday, jobless claims for the week ending January 30th rose 8,000 to 285,000. Factory orders for December dropped 2.9%, while nonfarm productivity fell 3% for the fourth quarter. Unit labor costs for the fourth quarter rose 4.5%.
On Friday, nonfarm payrolls for January rose 151,000 compared to the prior month’s 262,000 gain and the unemployment rate dropped .1% to 4.9%. Markets opened sharply lower due to fears of further interest rate hikes.
Now let’s take a look at some stocks.
Alphabet (NASDAQ: GOOGL), Google’s parent company, reported earnings on Monday. Alphabet has shown strength all across the board, as advertising drove strong sales growth,with earnings and revenue topping analysts’ expectations. The tech giant reported total sales growth of 18% from the previous year. Shares jumped more 4% during Tuesday’s premarket trading.
Yahoo (NASDAQ: YHOO) shares fell about 2% Tuesday in after market trading when the company revealed that it is considering a reverse spinoff as well as a significant cut of its workforce. In addition, the company outlined restructuring plans that are designed to boost its slowing core business. The company reported $1.27 billion in revenue, and a net loss of $4.44 billion.
GoPro (NASDAQ: GPRO) shares fell to new all-time lows after the company reported disappointing earnings for the 4th quarter, as well as disappointing future revenue projections. GoPro’s problem is the consistently falling demand for their flagship product, the Hero4, and disappointing sales of their latest model, the Hero4 Session.
Shares of Ralph Lauren Corp. (NYSE: RL) dove about 20% on Thursday after the apparel and accessories designer company reported lower-than-expected quarterly earnings. Revenue dropped by 4% to $1.9 billion, and the company also reported lower projections for fiscal 2016 revenue, which is now is expected to decline by 3%.
Royal Dutch Shell (NYSE: RDS.A) announced 4th quarter earnings, revealing a drop of 44% in earnings, due to the collapse in oil prices. Shell also announced a 47-billion-pound takeover deal of BG Group Plc, which will increase the company’s proven reserves of oil and natural gas by 25 percent. Shares jumped more than 4% on Thursday.
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