August 21, 2015 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 2015
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2015
On Monday, the Empire State manufacturing survey for August surprised everyone with a steep drop to -14.92. This is the weakest level since April 2009. However, the housing market index for August was up one point to 61 and is at a 10 year high. Markets ended the day up modestly.
On Tuesday, stocks traded lower upon news that the Shanghai Composite dropped over 6%, prompting concerns that the Chinese government could further devalue the yuan. Housing starts for July were up .2% month to month, and near an eight year high, however, housing permits fell a sharp 16%, pointing to a weaker market for new homes in the coming months.
On Wednesday, the Fed released its minutes for last July’s meeting and it showed wide agreement that stronger employment growth and more inflation is needed before raising rates. The consumer price index for July was released and it was up only .1% month-to-month. Concerns over global growth and another fall in oil prices led to markets down sharply with the Dow Industrials losing almost 169 points.
On Thursday, jobless claims for the week ending August 15th were up 4,000 to 277,000, considered extremely low, and existing home sales for July was up a stronger than expected 2% to 5.59 million units, which is an 8 year high. Despite the good news, markets plummeted over global concerns with the Dow Industrials down almost 356 points.
On Friday, China’s flash manufacturing PMI came in at a 6.5 year low, along with news of a 4.2% selloff on the Shanghai Composite. This rattled U.S. investors and markets opened sharply lower, but then recovered some of their losses.
Now let’s take a look at some stocks:
Valeant Pharmaceuticals Intl Inc. (NYSE:VRX) shares were down more than 4% at the start of Thursday’s trading after it agreed to acquire U.S. drug manufacturer Sprout Pharmaceuticals for $1 billion. Sprout Pharmaceutical, just this week, received FDA approval for their “female Viagra” drug.
Walt Disney Co. (NYSE:DIS) stock was down as much as 5% on Thursday, after receiving a downgrade at Bernstein coupled with a price target slash from $125 to $114. Analysts are claiming that television is on a downward spiral, stating that viewers are moving from ad-supported platforms to non-ad platforms.
El Pollo LoCo Holdings Inc. shares tumbled this week more than 7% after receiving a price target cut at Jefferies, from $27 to $19, but maintained its buy rating. In addition to Jefferies’ new price target, multiple law firms have also opened up investigation into El Pollo LoCo to determine whether the company issued false or misleading statements which violates SEC laws.
Sears Holdings Corp (NASDAQ:SHLD) stock plummeted more than 5% Thursday following the release of their second quarter earnings. The report showed that Sears made a profit of $208 million by selling some stores. Without the property sales, Sears would’ve lost approximately $256 million.
Hormel Foods Corp (NYSE:HRL) shares hit a new 52-week high Thursday after releasing third quarter earnings while also raising its full-year outlook. Hormel reported adjusted earnings were up 9.8% year-over-year, to $0.56 per share.
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