Watch Us LIVE from the Floor of NYSE! August 4, 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, the Chicago PMI for July slowed 6.8 points to 58.9, and the pending home sales index for June rose 1.5%, after three straight months of declines. Earnings reports continued to come in strong with 73% of reporting S&P 500 companies, beating estimates on both the top and bottom lines. U.S. crude closed above $50 a barrel for the first time since May.
On Tuesday, personal income for June remained unchanged compared to the prior month’s .3% gain while consumer spending ticked up .1%. The PCE price index remained unchanged. The PMI manufacturing index for July rose 1.3 points to 53.3, and construction spending for June declined 1.3%. Markets closed up with the Dow Industrials ending at a record high.
On Wednesday, the ADP employment report for July came in at 178,000, in line with expectations and the EIA petroleum status report for the week ending July 28th declined 1.5 million barrels. The Dow Industrials closed at a record high, breaking 22,000 for the first time, and after breaking 21,000 only 5 months ago. The Dollar Index traded at its lowest level since May 2016, partly due to continued political turmoil in Washington.
On Thursday, jobless claims for the week ending July 29th fell 5,000 to 240,000 and factory orders for June jumped 3%. The ISM non-manufacturing index for July fell 3.5 points to 53.9. Markets fell after reports came out that Special Counsel Robert Mueller impaneled a grand jury in order to investigate Russia’s influence over the last U.S. election. However, the Dow Industrials recovered enough to close up 9 points to set another record close.
On Friday, the highly anticipated nonfarm payroll number was released for July and jobs increased 209,000, stronger than expected, and the unemployment rate ticked down to 4.3%. Average hourly earnings increased .3%. Markets opened slightly higher on the news. Now let’s take a look at some stocks.
Sprint Corporation (NYSE: S) opened nearly 7% higher on Tuesday after it reported its first quarter fiscal earnings with revenue totaling $8.16 billion, compared to $8.01 billion a year ago. In a press release CEO Marcelo Claure said “Sprint reached an important milestone this quarter by returning to profitability for the first time in three years.”
Under Armour, Inc. (NYSE: UAA) announced its quarterly results reporting that North American sales grew 0.3% but it was disappointing due to their history of double digit revenue growth. The company plans to cut their full year sales forecast amid struggling demand in the U.S. and aims to implement a restructuring plan that will involve job cuts and facility closures. Under Armour reached a new 52-week low of $17.92 a share on Wednesday.
Apple, Inc. (NASDAQ: AAPL) released its third quarter earnings Tuesday after the market closed and topped analysts’ estimates, reaching an all-time high of $159.75 a share on Wednesday. Apple sold 41 million iPhones in the third quarter, bringing the total amount sold to 1.2 billion. CEO Tim Cook noted revenue was up 7% year-over-year and it was Apples third consecutive quarter of accelerating growth.
Illumina, Inc. (NASDAQ: ILMN) shares rose over 12% Wednesday morning as the company released 2nd quarter financials late Tuesday. Demand for the company’s new gene-sequencing tech, NovaSeq was a large influence in the stock move. Francis deSouza, President and CEO said 2017 revenue growth projections were updated to reflect increased demand for NovaSeq.
Tesla, Inc. (NASDAQ: TSLA) released 2nd quarter results after the market close on Wednesday. The rollout of the Model 3 has apparently stimulated growth of Model S and Model X orders by 15% over the Q2 average weekly order statistic, helping reduce fears that the Model 3 would slow orders from the two established luxury vehicle options from Tesla. Currently, the Model 3 is averaging over 1,800 reservations per day.
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