September 30, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News

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September 30, 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, new home sales for August fell by 7.6% to an annualized 609,000 units, however, it was still considered a positive report because sales are up over 20% from a year ago. Investors were nervous awaiting the outcome of the first Presidential debate, and the markets fell, with the Dow Industrials closing down 166 points.

On Tuesday, the Case-Shiller home price index for July remained unchanged month-over-month and increased 5% year-over-year, while consumer confidence for September rose 2.3 points to 104.1, its highest level in 9 years. A deal to limit oil production looked bleak and U.S. crude futures dropped over 2.5% to settle at .67 a barrel. Market rose on the news and the Dow Industrials gained 133 points.

On Wednesday, durable goods orders for August remained unchanged, compared to the previous month’s 3.6% gain and the EIA petroleum status report for the week ending September 23rd showed crude oil inventories dropping by 1.9 million barrels. Oil surged with U.S. crude gaining over 5% to .05 a barrel on news that OPEC has reached a deal to cut production, its first cut in eight years. Markets rallied and the Dow Industrials closed 110 points higher.

On Thursday, the second revision of the second-quarter GDP gave an unexpected surprise, being upwardly revised by three-tenth’s of a percent to 1.4%. Jobless claims for the week ending September 24th rose 3,000 to 254,000. Banking stocks fell as the future of Deutsche Bank was called into question after being hit with billions of dollars in fines from the U.S. Department of Justice. Markets were down sharply with the Dow Industrials closing off 195 points.

On Friday personal income for August rose .2%, consumer spending remained unchanged, and the PCE price index rose .1%. Rumors also came out that Deutsche Bank was about to reach a settlement with the Department of Justice and markets rallied strongly on the news. Now let’s take a look at some stocks.
Shares of Fitbit plummet over 9% after it was revealed that sales of the company’s latest wearable device, called Charge 2, are off to a sluggish start. Also, health insurer Aetna’s deal with Apple to reimburse policyholders for the purchase of Apple’s iWatch doesn’t look good for Fitbit.

Nike Inc. posted solid first quarter revenue and profits that topped estimates, however, future orders fell short of estimates, raising concerns. Nike’s stock was down 11% this year at Tuesday’s close, the worst performer on the Dow Jones Industrial Average.

Clinical-stage biopharmaceutical, Galectin Therapeutics Inc. reported that its Phase 2a study called Nash-FX in regards to its GR-MD-02 therapy failed its main and secondary endpoints. The therapy is designed to help patients with various liver problems, including fatty liver disease and cirrhosis. Right after the announcement, shares of the company slid 50%.

Paychex announced its first quarter earnings, missing expectations. The company reported earnings per share of .60 on revenues of 5 million, compared to consensus estimates of .57 per share on revenues of 2 million. Shares were down over 4%.

Supply chain and electronics manufacturing services provider, SYNNEX has announced quarterly earnings beating analysts’ expectations. Shares were up over 7% after the company reported earnings per share of .73 on revenues of .7 billion, compared to consensus estimates of .56 per share on revenues of .5 billion.

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