Watch Us LIVE from the Floor of NYSE! August 11, 2017 Financial News – Business News – Stock News – Market News – Stock Exchange
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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, there wasn’t any major economic news, however, the Dow Industrials closed at its ninth straight record high due to stronger than expected second-quarter earnings reports.
On Tuesday, the JOLTS job openings report for June rose sharply over 7% to 6.16 million, much higher than expected. However, markets headed down after reports surfaced that North Korea’s was capable of producing a miniaturized nuclear weapon. In response, President Trump issued a warning to North Korea saying that further threats from the country will be met with fire and fury. The VIX volatility index jumped almost 11% to 11 on the news.
On Wednesday, second quarter nonfarm productivity rose .9% and unit labor costs rose .6%. Tthe EIA petroleum status report for the week ending August 4th saw crude oil inventories fall by 6.5 million barrels. Amid continuing tension between the U.S. and North Korea, gold jumped 1.3% to $1,279 an ounce and the yield for 10-year Treasuries fell to 2.24%. West Texas Intermediate crude closed at $49.26 a barrel.
On Thursday, jobless claims for the week ending August 5th rose 3,000 to 244,000 and the Producer Price Index for July dipped .1%, lower than expected. Markets fell sharply as bellicose rhetoric accelerated between the United States and North Korea. The VIX volatility index shot up more than 40% to close at over 16, and the Dow Industrials fell 204 points. Gold closed at $1,283 an ounce.
On Friday, the consumer price index for July rose .1%, lower than expected. Markets opened higher on the news, but still restrained over tensions with North Korea. Now let’s take a look at some stocks.
Fresenius Medical Care (NASDAQ: NXTM) announced a $2 billion agreement to acquire U.S. medical technology company, NxStage Medical, Inc. The German group will offer $30 per share to acquire all outstanding shares of NxStage. NxStage reached a high of $29.81 per share on Monday after the announcement.
Michael Kors Holdings Ltd. (NYSE: KORS) announced fiscal first quarter results, with the luxury brand showing that revenue declined by 3.6% to $952 million compared to a year ago, but ended up beating estimates of 918 million. Shares jumped over 17% on Tuesday at the open.
FibroGen, Inc. (NASDAQ: FGEN) released positive Phase 2 results Monday afternoon, prompting a 50% jump in its stock price. FibroGen’s drug, Pamrevlumab is used to treat Idiopathic Pulmonary Fibrosis. FibroGen reached a new all-time high of $51.70 per share this week.
Walt Disney Co. (NYSE: DIS) announced its financial results for the third quarter ending July 1st, with revenue missing estimates but earnings beating expectations. Revenue dropped slightly to $14.24 billion, and adjusted earnings dropped 4 cents per share to $1.58, but beat estimates of $1.55.
Macy’s Inc. (NYSE: M) posted its second quarter results beating estimates in both revenue and earnings. However, this is the company’s 10th straight quarter of declining sales. Jeff Gennette, Macy’s president and CEO said upcoming changes include the launch of a new loyalty program and marketing strategy which will improve sales for the 2nd half of the year. Macy’s shares fell to a new 52-week low of $20.72 on Thursday.
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