May 27, 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 PMI manufacturing flash index for May was 50.5, down slightly from the prior month and at its lowest level since 2009.
On Tuesday, new home sales for April surged to an annualized rate of 619,000 units, up 16.6% from the prior month. This was its highest rate since October 2008. This unexpectedly good news, plus a rally in European shares drove the Dow Industrials up 213 points, and the Nasdaq composite up 95 points.
On Wednesday, the EIA petroleum status report for the week ending May 20th showed crude oil inventory decreased by 4.2 million barrels. West Texas Intermediate crude futures increased 1.9% to settle at $49.56 a barrel, its highest level since last October, and gold dropped to its lowest level in seven weeks, settling at $1,226 an ounce. 10 Year Treasury yields ended the day at 1.87% and markets rallied with the Dow Industrial closing up 145 points.
On Thursday, durable goods orders for April increased 3.4%, on top of the prior month’s 1.9% gain. The pending home sales index increased 5.1% for the month to 116.3. Jobless claims for the week ending May 21st dropped 10,000 to 268,000.
On Friday the second revision of the first quarter GDP was increased slightly to .8%. Markets opened slightly higher as traders waited for Fed Chair Janet Yellen’s comments later in the day. Now let’s take a look at some stocks.
Netflix (NASDAQ: NFLX) expanded its partnership with Disney, revealing that from September onward, Netflix will become the exclusive U.S. pay TV home of the latest films from Disney, Marvel, Lucasfilm and Pixar. Shares of the popular streaming company increased in value by 15% after the announcement.
Best Buy (NYSE: BBY) released its first quarter earnings Thursday, on the one hand impressing with a 77% increase in net income to $229 million, but on the hand warning of a slight decline for the second quarter. In addition to the weaker guidance, the announcement of the CFO’s departure made the stock tumble after the report.
Tiffany & Co. (NYSE: TIF) reported disappointing earnings for its first quarter of fiscal 2016. The company posted adjusted quarterly earnings of $0.64 cents a share, a fall of 21% year- over-year. Net sales were $891 Million, a decrease of 7% from the previous year.
The U.S. Securities and Exchange Commission is investigating Alibaba’s (NYSE: BABA) accounting practices. The investigation is focused on how Alibaba accounts for affiliated companies, and also how it reported information from its annual blockbuster Singles Day which takes place in November. In 2015 Singles Day generated more than $14 billion in revenue for the company. Shares of Alibaba were down 7% after the investigation was announced.
Shares of Dollar Tree Inc. (NASDAQ: DLTR) and competitor Dollar General reached new all-time highs Thursday after the companies announced significant growth in first quarter sales. The strong sales of the dollar stores are in stark contrast to the weaker sales of department stores like Macy’s and Target Corp, which reported weaker than expected quarterly sales.
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