September 2, 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 personal income for July was up .4% on top of the prior month’s .3% gain, while consumer spending was up .3% on top of the prior month’s .5% gain. The PCE price index remained unchanged.
On Tuesday, the Case-Shiller home price index for June fell by .1%. This was in addition to the prior month’s .1% decline. Consumer confidence for August was up 4.4 points to 101.1.
On Wednesday, the ADP employment report for August showed private payrolls grew 177,000 on top of the prior month’s 194,000 gain. The pending home sales index for July jumped 1.3% and the EIA petroleum status report for the week ending August 26th showed an increase of 2.3 million barrels. This unexpected increase in stockpiles prompted U.S. crude futures to fall 3.5% to $44.70 a barrel, and the Dow Industrials fell slightly on the news.
On Thursday, jobless claims for the week ending August 27th rose 2,000 to 263,000 and nonfarm productivity for the second quarter dropped .6%, while unit labor costs rose 4.3%. The ISM manufacturing index for August was disappointing, coming in at 49.4, in contraction territory, and its weakest number since January.
On Friday, the highly anticipated jobs report came out and it disappointed. For the month of August nonfarm payrolls increased by 151,000 falling short of analysts’ expectations of 175,000. The unemployment rate held steady at 4.9%. Markets were up modestly on the news.
Now let’s take a look at some stocks.
Shares of the Palo Alto Networks Inc. (NYSE: PANW) are down about 9% after the cyber security company reported earnings for their 4th quarter fiscal year and slightly lowered guidance for the first quarter. The company expects sales of about $399 million for the current quarter ending October 31st. This is an increase of 34% year over year, however, less than the $403 million analysts’ consensus.
Shares of Veeva Systems Inc. (NYSE: VEEV) surged after the company posted fiscal second-quarter earnings of 15 cents per share on revenue of $131 million. Analysts expected 13 cents a share on revenue of $127 million.
The European Commission has ruled against Apple (NASDAQ: AAPL), ordering the technology giant to pay Ireland an amount of unpaid taxes equivalent to 13 billion euros, or $14.5 billion. As a result, U.S. stocks opened lower Tuesday as Apple dragged down the tech sector.
Salesforce.com (NYSE: CRM), the cloud computing solutions provider, reported profit of 33 cents per share. The results beat Wall Street expectations, however, the stock was down about 6% as the company reported lower than expected guidance, of about $2.11 billion, slightly lower than analysts’ expectations.
Shares of Lululemon Athletica Inc. (NASDAQ: LULU) fell more than 8% after the company released earnings on Thursday. Earnings met expectations, however, guidance for the 3rd quarter was lower than expected. Lululemon projected about 43 cents per share in earnings and projected about $540 million in revenue.
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