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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2017
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2017
On Monday the Empire State Manufacturing Survey for April declined to 5.2 from the previous month’s 16.4 reading and the housing market index for April fell by 3 points to 68. The U.S. declined to label any countries currency manipulators, which sparked a decline in the value of the dollar, gold dropped slightly to $1,284 an ounce and U.S. crude settled at $52.65 a barrel. Markets closed up higher with the Dow Industrials gaining 183 points.
On Tuesday housing starts for March fell 6.8% to an annualized 1.22 million units, although permits rose 3.6% to 1.26 million. Industrial production for March rose .5% on top of the previous month’s .1% gain. U.S. ten year Treasuries yield fell to 2.17% and markets dropped on some high-profile earnings misses. The Dow Industrials ended down 113 points.
On Wednesday, the EIA petroleum status report for the week ending April 14th showed crude oil inventories falling 1 million barrels, and the Fed released its Beige Book for March. The report mentioned increasingly tight labor supplies, with businesses reporting difficulty finding both high and low skill employees. Economic growth was described as modest to moderate. Markets fell again on more mixed earnings news with the Dow Industrials falling 118 points.
On Thursday, jobless claims for the week ending April 15th increased 10,000 to 244,000 and markets rose when Treasury Secretary Steven Mnuchin said the administration’s tax reform plans are progressing. With 16% of S&P 500 companies reporting their quarterly results, 79% exceed earnings estimates and 70% exceeded revenue expectations. Markets rallied with the Dow Industrial rising 174 points and the Nasdaq composite reaching a record high close.
On Friday existing home sales for March rose 4.4% to an annualized 5.7 million units, the highest level seen since February 2007. Markets opened flat on the news. Now let’s take a look at some stocks.
Netflix, Inc. (NASDAQ: NFLX) released its first quarter 2017 results, with earnings beating estimates and revenues in line with expectations. The streaming video service company reported 98.7 million new subscribers for the quarter versus analyst estimates of 98.9 million. The company’s stock price dropped on the news.
Johnson & Johnson (NYSE: JNJ) announced its quarterly results, missing revenue estimates as the company reported disappointing pharmaceutical and consumer product sales. Stock value declined almost 4% reaching a low of $120.99 a share. Even though the company reported disappointing sales, they expect to be on track for their full year guidance.
Verizon Communications Inc. (NYSE: VZ) may outbid AT&T’s $1.25 billion offer to buyout Straight Path Communications Inc. The wireless services company is in high demand as it has federal approval to install 5G on their wireless services. Straight Path communications reached an all-time high of $116.95 a share this week.
Cabela’s Incorporated (NYSE: CAB) agreed to be acquired by fellow outdoor goods retailer Bass Pro Shops for about $5 billion, $500 million lower than the price agreed upon last year. Bass Pro will pay Cabela $61.50 per share, adjusted down from the original price of $65.50 per share. The deal is expected to finalize in the third quarter this year.
Goldman Sachs Group, Inc. (NYSE: GS) posted lower-than-expected revenue in the first quarter. Earnings per share of $5.15 were short of analyst forecasts of $5.31 as the company suffered from less trading activity due to low market volatility. Goldman Sachs shares fell over 5%, reaching a low of $213.36 on Tuesday.
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