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October 7, 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 motor vehicle sales for September rose 4.7% to an annualized 17.8 million units, construction spending for August was down .7%, while the PMI manufacturing index for September fell one-half a point to 51.5. However, the ISM manufacturing index rose more than 2 points to 51.5, higher than expected. On
Tuesday, the dollar rose to its highest level in almost two months, while gold futures were off more than 3% to settle at ,269 per ounce. The volatility was attributed to potential rate hikes by the Federal Reserve. The 10 year U.S. Treasury note closed yielding 1.68%.
On Wednesday, the ADP employment report for September was 154,000, compared to the prior month’s 175,000, and a bit below expectations. Factory orders for August rose .2%, and the ISM non-manufacturing index for September soared 5.7 points to 57.1, much higher than expectations. The EIA petroleum status report for the week ending September 30th showed crude oil inventories declining 3 million barrels, and U.S. crude rose 2.3% to settle at .83 a barrel.
On Thursday, jobless claims for the week ending October 1 fell 5,000 to 249,000.
On Friday, non-farm payrolls for September came in at 156,000 at the low end of expectations, unemployment ticked up slightly to 5%, and average hourly earnings increased by .2%. Markets opened slightly lower on the news. Now let’s take a look at some stocks.
Twitter as of late, has been the subject of many buyout rumors. Sources told technology and media company Recode that both Alphabet and Disney have determined not to bid for the social media platform and that a bid from Apple is unlikely as well. Shares of Twitter plummeted over 18% on the report.
Salesforce has appeared as a potential buyer for Twitter. However, when Salesforce CEO Marc Benioff was asked about rumors of an acquisition, he responded by telling CNBC that he was not willing to start a precedent by revealing specific deals, and that he looks at everything, but passes on most. Shares of Salesforce rebounded over 4%.
Shares of x. Yum Brands reported earnings per share of .09 on revenues of .3 billion, missing expectations of .10 a share on .5 billion revenue. Yum’s China division took a hit, with depressed same store sales in China due to protests caused by a UN court’s July ruling against some of China’s claims in the South China Sea.
On Thursday, Wal-Mart Stores, Inc. stated that earnings next year are expected to be flat, as heavy investments in digital and technology segments continues. The giant retailer announced it will open fewer stores than management originally planned, and will “significantly slow its pace in fiscal 2018.” The company now expects adjusted earnings per share of .15 to .35 in 2017.
Recently, the cloud-based software platform provider, Coupa Software, publicized the pricing of its IPO of 7.4 million shares common stock at a price to the public of per share. After trading commenced, shares soared over 90%, and continue to trend higher.
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