July 8, 2016 Financial News – Business News – Stock Exchange – Market News

July 8, 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 Monday due to a holiday, and Tuesday brought with it factory orders for May, down 1%, compared to the prior month’s 1.8% gain. The 10 year Treasury yield hit an all-time low of 1.36%, and the U.S. dollar index was up slightly, while the British pound fell to its lowest levels in 3 decades. West Texas Intermediate crude fell 4.9% to $46.60 a barrel. The Dow Industrials ended the day down 108 points.

On Tuesday, the ISM non-manufacturing index for June jumped 3.2 points to 56.5, its strongest growth of the year. The Fed’s minutes from its last meeting showed members were all concerned with the weak numbers in nonfarm payrolls as well as fallout from the Brexit vote. U.S. crude was up slightly, and the Dow Industrials gained 78 points.

On Thursday, the ADP employment report for June jumped 173,000 and jobless claims for the week ending July 2nd fell 16,000 to 254,000. Both numbers were better than expected. The EIA petroleum status report for the week ending July 1st fell 2.2 million barrels, the seventh consecutive weekly decline, however, this drop was less than expected, and U.S. crude oil fell 4.8% to $45 a barrel. Markets didn’t move much on the news.

On Friday, the highly anticipated nonfarm payroll report for June was released and it far exceeded expectations with 287,000 jobs created. The unemployment rate edged up .2% to 4.9% and average hourly earnings increased by .1%. Markets opened up strongly on the news.

Now let’s take a look at some stocks.

Shares of Tesla (NASDAQ: TSLA) fell Tuesday after the electric auto maker announced that it has delivered only 14,370 vehicles during its recently ended three-month period, which is much less than analysts’ estimates of 17,000. This is not the first time Tesla missed its ambitious delivery targets.

Netflix (NASDAQ: NFLX) shares edged up after the popular video streaming company and Comcast announced a partnership agreement. Comcast will incorporate Netflix into its set-top box, which will make it easier for users to switch between the networks. The deal has the potential to increase subscribers for both companies.

AVG Technologies NV (NYSE: AVG) shares surged after Avast Software announced that it will acquire AVG for $1.3 billion, which represents about a 33% premium over AVG’s previous closing price.

Britain’s Melrose Industries agreed to buy the ventilation and home security products maker Nortek (NASDAQ: NTK) for $2.8 billion. The acquisition has attracted the attention of analysts, which say that this might be an example of a new trend of European companies acquiring companies in the United States.

In another example of European acquisitions of U.S. companies, France’s Danone said on Thursday it will buy the American organic foods producer WhiteWave Foods Co. (NYSE: WWAV) for $10.4 billion. The buyout will double the size of Danone’s U.S. business segment. WhiteWave’s shares rose almost 20% on the news.

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Post Author: Technology Media