January 22, 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
Markets were closed for a holiday on Monday, and trading Tuesday resumed with volatile trading.
On Tuesday, China reported GDP for 2015 of 6.9%, the lowest pace of growth since 1998, West Texas Intermediate crude fell slightly to close at $28.46 a barrel. The National Association of Home Builders market index for January came in down 1 point at 60, still holding fairly strong, with 50 defined as the line between positive and negative. Markets closed the day mostly unchanged.
On Wednesday, the consumer price index for December dropped .1%, and housing starts for December dropped 2.5% to an annualized 1.149 million units. U.S. crude dropped over 6%, settling at $26.55 a barrel, its lowest since May 2003. The Dow Industrials closed down 249 points, however, Nasdaq just about stayed even.
On Thursday, jobless claims for the week ending January 16th were up 10,000 to a higher than expected 293,000. This was its highest reading since last July. The EIA petroleum status report for the week ending January 15th showed crude oil inventories increasing by 4 million barrels, to the highest levels since 1990. U.S. crude rose to $29.53 a barrel and this helped fuel a rally, with the Dow Industrials closing up 115 points, however, the Nasdaq composite remained unchanged.
On Friday, the PMI manufacturing flash index for January improved slightly to 52.7 and existing home sales for December were up a sharp 14.7% to an annualized 5.46 million units. Markets opened sharply higher, but then pulled back slightly.
Now let’s take a look at some stocks.
Shares of Macys (NYSE:M) jumped 2.6% Tuesday after the manager of the Greenlight Capital hedge fund, told investors that he has made new bets on stocks including Macy’s, which has lost 40% of its value in 2015. Greenlight Capital has faith in the retailer’s current plans for delivering better returns.
Synaptics Inc. (NASDAQ:SYNA) shares surged more than 35% after it was announced that the technology company is close to an agreement to be bought by a state-backed Chinese investment group. The agreement is estimated to value the maker of touch-screen technology at more than $110 per share, and might be finalized by early March.
Verizon Communications (NYSE:VZ) shares spiked more than 3%, after the communications giant reported 4th quarter earnings. Verizon added a net 1.5 million wireless postpaid, or monthly, subscriptions in one quarter. This is a smaller number than the 2 million in the previous year, yet above analysts’ expectations of 1.42 million.
Netflix (NASDAQ:NFLX) gave investors a nice surprise on Tuesday after revealing quarterly revenues of $1.8 billion, compared to $1.5 billion the year before. The video streaming company also reported that it added 5.6 million total net subscribers in the quarter.
Kinder Morgan (NYSE:KMI) shares jumped more than 15% after the pipeline company reported earnings along with plans to reduce spending and potentially increase its dividend or buy back shares.
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