July 24, 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, there wasn’t much economic news, however, earnings season is in full gear, and markets were up slightly on good earnings reports. NASDAQ closed the day at a record high.
On Tuesday, earnings were again the main focus, and even though they were generally quite good, disappointing results from IBM and United Technologies drove markets down.
On Wednesday, oil futures fell below $50/barrel and existing home sales for June were released and were up a strong 3.2% to 5.49 million units annually, on top of the prior month’s 4.5% gain. These are some of the strongest sales levels in over eight years. Markets ended the day down on disappointing results from tech stocks.
On Thursday, jobless claims for the week ending July 18th were down a stunning 26,000 to 255,000, the lowest level since 1973. Markets, however, closed the day down, mostly due to lackluster earnings reports.
On Friday, new home sales for June unexpectedly fell 6.8% to an annualized pace of 482,000 units. Stocks opened mixed and then drifted lower.
Now let’s take a look at some stocks
Lockheed Martin Corporation shares are trading higher this week after the weapons manufacturing company reported a better-than-expected rise in their second quarter profit and raised their 2015 earnings forecast. At the same time, Lockheed Martin also announced that they will be acquiring Black Hawk helicopter manufacturer, Sikorsky, from United Technologies Corp for $9 billion.
Chipotle Mexican Grill’s stock soared to a new 52-week-high of $734.50 after the restaurant chain released their second quarter earnings on Tuesday. Chipotle reported earnings of $4.45 per share, slightly above analysts’ forecasts of $4.43 per share. Revenue also increased by 14.1% to $1.2 billion while net income increased by a whopping 27% to $140 million.
The Home Depot, Inc. saw its stock rally on Wednesday and Thursday after the home improvement store chain announced they will be acquiring Interline Brands for $1.6 billion. Home Depot is looking to
expand their market sales to professional contractors and builders with the acquisition. The deal is expected to be finalized by the upcoming third quarter.
Sony Corporation shares spiked up by almost $1 on Thursday, to $29.30, after the company announced they will be entering the drone market by collaborating with ZMP, Inc., a Japanese robot and autopilot technology developer. The new business will be catered towards enterprise needs and customers. The drones will be performing tasks like measuring, surveying, observing, and inspecting among other operations. Sony’s drones are expected to be available for sale in 2016.
Nokia Corporation attracted some attention following announcements that high-end German car manufacturers, Audi, BMW and Mercedes are currently negotiating with Nokia to acquire their mapping business, Nokia Here. The three German car manufacturers want to use Nokia’s technology within their self-driving vehicles.
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