July 1, 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 post-Brexit selloff continued, U.S. stocks extended their losses as hangover from the U.K.’s decision to exit the European Union continues to weigh on risk assets around the world. Markit’s flash services purchasing manager’s index for June held steady at 51.3, the Dallas Fed’s manufacturing index fell to -18.3 in June.
On Tuesday stocks rallied more than 1.5% higher; the third and final revision of U.S. economic growth in the first quarter of 2016 came in at 1.1%, better than the second revision of plus 0.8%. Consumer confidence in June jumped nearly 6 points to a much higher-than-expected 98.0. This is the best reading of the year.
On Wednesday global markets rallied for a second day from their post-Brexit plunge. Consumer spending rose 0.4 percent in May, Personal income increased 0.2 percent. Pending home sales fell 3.7% in May for the first time in two years. Crude oil inventories fell 4.1 million barrels in the June 24 week to 526.6 million, extending an uninterrupted series of weekly declines to its sixth week.
On Thursday, the last day of June, marks the end of the second quarter. Jobless claims climbed 10,000 to 268,000; the Chicago PMI reading for June came in at 56.8.
On Friday the ISM manufacturing came in at 53.2 for June, the final Markit June manufacturing PMI was 51.3, up from 50.7 in May and the highest in three months.
Mondelez International (NASDAQ: MDLZ) made a roughly $23 billion bid for chocolate giant Hershey Co. in what would be a blockbuster deal uniting two of the world’s best-known candy makers. Hershey’s shares jumped 15% and hit a 52-week high after the bid was reported. But on Thursday Hershey’s board unanimously rejected the offer from its rival Mondelez International.
Micron Technology (NASDAQ: MU) announced plans for layoffs Thursday along with a disappointing earnings report, sending the company’s stock down in late trading. The chipmaker reported a net loss of $97 million, or 9 cents a share, on revenues of $2.9 billion for its third fiscal quarter.
U.S. regulators said on Wednesday that General Electric’s (NYSE: GE) lending arm is no longer a threat to the global financial system and stability by officially removing it from the list of “systemically important financial institution” institutions, in other words, GE capital is finally small enough to get rid of the too big to fail label. The decision follows GE Capital’s efforts to dramatically shrink its footprint by selling off over $150 billion of assets.GE has chipped away at its financial business since last year, when the company announced it was moving away from an operation that once had more than $660 billion in assets.
Nike (NYSE: NKE) reported earnings on Tuesday that topped projections, sales grew 6% for both the quarter and year, but revenue and futures orders fell just short of estimates. Earnings increased 15% for the year due to better margins on slightly better margins and the higher revenues, but fell 2% in the fourth quarter.
Mobileye (NYSE: MBLY) jumped more than 10% after reports surfaced that the company may have secured a deal with BMW and Intel. The three companies are to team up to build self-driving cars as the race to put autonomous cars on the road heats up.
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