May 6, 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 ISM manufacturing index for April dropped 1 point to 50.8, and construction spending for March rose .3%, compared to the prior month’s .5% decline. The dollar fell against major currencies and markets rallied with the Dow Industrials closing up 117 points.
On Tuesday, motor vehicle sales for April rose a strong 4.8% to an annualized 17.4 million units. China’s manufacturing PMI for April fell to 49.4, remaining in contraction territory for the 14th straight month. Lackluster economic news, plus concerns over lower profits reported by corporations led to the Dow Industrials shedding 140 points.
On Wednesday, the ADP employment report for April showed an increase of 156,000, below expectations. Nonfarm productivity for the first quarter dropped 1.0%, while unit labor costs rose 4.1%. Factory orders for March increased 1.1% and the ISM non-manufacturing index for April remained strong at 55.7. The EIA petroleum status report for the week ending April 29th rose 2.8 million barrels to a record 453.4 million. Despite some good news, the Dow Industrials ended the day down 99 points.
On Thursday, jobless claims for the week ending April 30th jumped 17,000 to 274,000. Crude oil rallied, however, as wildfires in Canada disrupted production. West Texas Intermediate crude ended the day up 2.2% to $44.74 a barrel.
On Friday, nonfarm payrolls for April increased 160,000, compared to the prior months 208,000 gain, and this was lower than expectations. The unemployment rate remained unchanged at 5.0%. Markets opened modestly lower on the news.
Now let’s take a look at some stocks.
Tesla (NASDAQ:TSLA) shares jumped 4.5% after the company reported earnings Wednesday and surpassed Wall Street’s expectations. Tesla’s first quarter loss was $0.57 per share on $1.6 billion in revenue, just shy of the $0.58 per share loss expected by analysts. The electric automaker gave a bullish outlook for vehicle production on the strength of demand for its upcoming Model 3.
Shares of Alibaba (NYSE:BABA) are up after the giant e-commerce company reported fourth quarter revenue increased by 39%, beating analysts’ estimates. The company specified that growth in gross merchandise volume is the reason for the increase in revenue, which has reached 24.2 billion yuan ($3.7 billion) in the quarter.
Shares of Fitbit (NYSE:FIT) tumbled about 15% Thursday after the company forecast lower than expected second quarter revenues. For the first quarter, however, Fitbit topped expectations, earning $0.10 per share on $505 million in revenue compared to consensus estimates of $0.03 per share on $443 million in revenue.
GoPro (NASDAQ:GPRO) reported first quarter revenue of only $184 million, with a loss of $0.63 per share. Shares of the professional HD camera maker went up as much as 10% during Thursday’s after-market, but shares ultimately ended down 5% below Thursday’s close. Sales of the GoPro Hero product, which was popular when initially released, is struggling now.
Shares of Yelp (NYSE:YELP) were up more than 8% during Thursday’s after-market, when quarterly results showed a 34% increase in revenue to $158 million, surpassing analysts’ expectations of $155 million. The impressive revenue growth came from a higher volume of local advertisers.
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