March 18, 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
Monday was slow as investors paused while waiting to see the outcome of the upcoming Federal Reserve meeting.
On Tuesday, the producer price index for February was down .2% month over month and retail sales for February were down .1%. The Empire State manufacturing survey for March came in at .62, just barely in growth territory, and the first positive reading after seven straight months of contraction.
On Wednesday, the consumer price index for February was down .2%, housing starts for February rose 5.2% to an annualized 1.178 million units, however, housing permits dropped 3.1%. Industrial production for February was down .5% and crude inventories in the U.S. for the week ending March 11th rose 1.3 million barrels to a new record high. The Federal Reserve concluded its meeting Wednesday and did not raise interest rates. In addition the Fed issued its statement which highlighted global financial risks and downgraded the economy from “solid” to “moderate”. Markets ended the day up modestly.
On Thursday, jobless claims for the week ending March 12th were up 7,000 to 265,000, and the JOLTS job report for January surged 4.9% to 5.541 million. U.S. crude oil futures rose 4.5% to $40.20 a barrel. Markets rallied and the Dow Industrials gained 155 points to close the day in positive territory for 2016.
On Friday consumer sentiment for March fell to 90.0 compared to the prior month’s 91.7. Markets opened modestly higher as oil prices rose.
Now let’s take a look at some stocks.
Shares of Valeant Pharmaceuticals (NYSE: VRX) plummeted by more than 50% after the pharmaceutical company cut its 2016 revenue forecast by 12%. The company also explained that a delay in filing its annual report could possibly cause a debt default. Investor Bill Ackman commented that he still believes in Valeant’s future prospects, and plans to be more proactive in his dealings with the company.
Oracle (NYSE: ORCL) reported quarterly earnings on Tuesday, showing mixed performance. The tech company topped analysts’ earnings expectations, but missed revenue projections. Oracle reported adjusted earnings of 64 cents per share on $9 billion in revenue. Shares of the company increased by more than 4%.
Guess? Inc. (NYSE: GES) released 4th quarter earnings, after which shares of the company fell about 15%. Guess earned $0.57 per share for a total of $47.8 million, significantly lower than the $53.9 million, or $0.63 per share, from the same period a year ago.
FedEx’s (NYSE: FDX) shares surged after the company reported quarterly earnings surpassing expectations. The package delivery company, reported adjusted earnings of $2.51 per share on revenue of $12.7 billion. The company’s stock jumped about 11%.
Google (NASDAQ: GOOGL) Cloud Platform has a new client, Apple (NASDAQ: AAPL), which has decided to reduce spending on Amazon (NASDAQ: AMZN) Web Services. Amazon’s shares dropped 3% Thursday after Apple’s announcement. Apple still remains a customer of Amazon and uses Amazon’s services to run parts of iCloud.
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