June 17, 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, markets dropped over nervousness due to the upcoming Fed meeting as well as the U.K. vote to leave the European Union. The Dow Industrials ended the day down 132 points.
On Tuesday, retail sales for May were up .5% compared to the prior month’s 1.3% gain. This was better than expected. Import prices for May were up 1.4% and export prices were up 1.1%. The financial sector was down almost 1.5% over fears of decreasing credit quality, however, markets overall didn’t do much.
On Wednesday, as expected, the Federal Reserve held rates steady, noting the recent decrease in job gains. Also, the tone for future rate hikes became more dovish, with the Fed projecting smaller increases in 2017 and 2018. The Fed also cut the full year’s GDP estimate from 2.2% to 2.0%. In addition the producer price index for May was released and it was up .4% in addition to the prior month’s .2% gain. Industrial production for May showed a decrease of .4%, compared to the prior month’s .7% gain. Finally, the EIA petroleum status report for the week ending June 10th showed a decline of 900,000 barrels. Markets ended the day down slightly, with the Dow Industrials off 34 points.
On Thursday, the consumer price index for May was up .2%, compared to the prior months .4%., and jobless claims for the week ending June 11th rose 13,000 to 277,000. U.S. crude oil futures settled down almost 4% to $46.21 a barrel and the energy sector declined. On Friday housing starts for May dipped slightly by .3% to an annualized 1.164 million units, however building permits rose .7% to an annualized 1.138 million units.
On Friday, markets opened lower as investors remained skittish over the upcoming vote in the U.K. to leave the European Union. Now let’s take a look at some stocks.
LinkedIn (NYSE: LNKD), the professional social network, was acquired by Microsoft for $26.2 billion. Microsoft’s CEO, Satya Nadella, hopes the deal will open new horizons for Microsoft’s (NASDAQ: MSFT) Office suite as well as LinkedIn, as both are considered to be saturated in their markets. LinkedIn stock jumped 47% after the deal was announced.
Walt Disney Company (NYSE: DIS) opened the gates to its first resort in mainland China on Thursday, after years of planning and a $5.5 billion investment. Disney estimates that daily visits could exceed 60,000. The company owns 43% of Shanghai Disney Resort, with the majority controlled by the local government’s Shanghai Shendi Group.
Shares of Nu Skin Enterprises, Inc. (NYSE: NUS) jumped 10% on heavy volume after the developer and distributer of personal care products announced it entered into an agreement with Ping An ZQ China Growth Opportunity Limited. Ping An will make a $210 million strategic investment by purchasing Nu Skin’s 4.75%, four-year convertible senior notes.
Shares of The Kroger Company (NYSE: KR) spiked after reporting better than expected quarterly earnings. Net income for Kroger increased by about 10 percent to $680 million, or $0.70 per share, in the first quarter of the year. Kroger operates retail food and drug stores, multi-department stores, jewelry stores and convenience stores across the United States.
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