Business Today 30th August 2016 – [Part 1] Business news around the world
4 months ago 2
Business Today 30th August 2016 – [Part 1] Business news around the world.
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January 15, 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, stocks managed to just about hold even, stemming losses from the prior week which was the worst week for markets since 2011. Oil continued trending down as concerns over slowing growth in China point to less demand for commodities.
On Tuesday the Labor Department’s JOLTS report for November showed job openings were up 1.5% to 5.431 million. Oil remained weak, and reports surfaced indicating that the People’s Bank of China intervened to help strength the yuan. Markets rallied on the news.
On Wednesday, the Federal Reserve released its Beige Book, stating that consumer spending growth is moderate, held down by weakness in apparel sales. Auto sales were mixed, and wage and price inflationary pressures were low. Overall growth was rated as modest in 9 of the 12 districts. Brent crude briefly fell below a barrel and then recovered to close at .31 a barrel. Markets ended the day sharply lower with the Dow Industrials shedding 364 points. All three U.S. averages closed more than 10% below their 52-week highs, making the market correction official.
On Thursday, jobless claims for the week ending January 9th increased 7,000 to 284,0000. Import prices for December fell 1.2% and export prices fell 1.1%. Markets rallied strongly with the Dow Industrials gaining 227 points.
On Friday, the producer price index for December was down .2%, retail sales were down .1%, and industrial production was down .4%. Oil also dropped and the Dow Jones Industrial average fell more than 350 points in the open.
Now let’s take a look at some stocks.
Shares of Cyberark Software Ltd (NASDAQ: CYBR) jumped 20% Wednesday after it was reported that Check Point Software Technologies is in initial talks to buy Cyberark. Officials from both companies declined to comment. If the deal goes through, it would be Check Point’s largest acquisition to date. Cyberark’s market cap currently is .2 billion.
Chipotle’s (NYSE: CMG) stock jumped more than 6% Wednesday after the popular burrito chain announced to investors and the public that they are confident that steps taken to tighten food safety will prevent future food poisoning outbreaks. Chipotle’s shares were down more than 44% within 3 months after the outbreak of E-Coli in its restaurant chain.
GoPro (NASDAQ: GPRO) shares dived about 16% during mid-day trading on Thursday after the company reported to investors that they are going to miss revenue forecasts for the fourth quarter of 2015. The company’s cameras did not sell as well as predicted during recent holiday sales, and GoPro is hoping to improve its revenue with the release of new products in the virtual reality and drone markets.
Netflix (NASDAQ: NFLX) was down more than 8% Wednesday after Morgan Stanley (NYSE: MS) downgraded the entire tech sector to underweight. Netflix’s shares were also impacted by the rumor that Apple (NASDAQ: AAPL) may be interested in purchasing Time Warner (NYSE: TWC), which will help the tech giant to start its own video streaming business and compete directly against Netflix.
SolarCity Corp. (NASDAQ: SCTY) shares dropped more than 13% on Thursday after Nevada regulators upheld their decision to charge fees on solar rooftops. The fees took effect January 1st, and they are threatening the development of solar rooftops in the state.
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