March 24, 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
This is a holiday week, with markets closed Friday for the Good Friday holiday.
On Monday, existing home sales for February were down 7.1% to an annualized 5.08 million units, below analysts’ expectations.
On Tuesday, a terrorist attack in Belgium had markets opening lower, however, by the end of the day, markets were mixed with the Dow Industrials closing down 41 points and the Nasdaq composite closing up 12 points. Even with the news, trading volume was slow. Also on Tuesday, U.S. crude oil futures remained strong, closing at $41.45 a barrel and the PMI manufacturing index flash for March came in at 51.5, slightly higher than the prior month’s 51.0.
On Wednesday, new home sales for February were 512,000 compared to the prior month’s 502,000. The EIA petroleum status report for the week ending March 18th showed crude oil increased by 9.4 million barrels to another record high of 532.5 million. U.S. crude futures closed at $39.79 a barrel. Markets ended the day modestly lower.
On Thursday, durable goods orders for February fell 2.8% compared to the prior month’s 4.9% gain, and jobless claims for the week ending March 19th rose 6,000 to 265,000. Markets opened modestly lower.
Now let’s take a look at some stocks.
Sharers of Nike (NYSE: NKE) fell more than 4% after the popular sportswear company reported financial results for its fiscal 2016 third quarter. The numbers were mixed with Nike showing earnings per share of $0.55, beating analysts’ expectations, however, revenues fell short of expectations due to the strong dollar hurting sales in some overseas markets.
Red Hat Inc. (NYSE: RHT) shares were down almost 3% after the company announced fourth quarter fiscal 2016 earnings. The provider of open source software solutions reported a better than expected guidance, but the rising backlog and deferred revenue made investors nervous. For the total fiscal year of 2016 backlog crossed $2.1 billion, which represents an increase of 15% from last year.
Sherwin-Williams (NYSE: SHW) announced that it will acquire rival company Valspar Corp. in an all-cash deal valued at $9.3 billion. Sherwin-Williams will pay $113 a share, which represents a premium of about 41% over Valspar’s recent price. The combined company will have revenues of $15.6 billion, and about 58,000 employees.
The data company IHS Inc. (NYSE: IHS) announced this week plans to merge with London-based Markit Ltd (NASDAQ: MRKT) to create a $13 billion company. This acquisition is also another example of the controversial practice of U.S. based companies moving their headquarters overseas for lower tax rates. The new combined company, named IHS Markit, will be based in London, where corporate tax rates are significantly lower.
Merck & Co (NYSE: MRK) won in a legal case against rival Gilead Sciences, claiming Gilead’s hepatitis C treatment drug infringes on Merck’s patents. Merck is seeking more than $2 billion in damages, which the jury will decide in the next phase of the trial.
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