LIVE – Floor of the NYSE! Feb. 9, 2018 Financial News – Business News – Stock News – Market News



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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2018

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2018

On Monday, the ISM non-manufacturing index for January rose 3.9 points to 59.9 stronger than expected. However, market volatility was the big theme with the Dow Industrials losing 1,175 points at the close, although earlier it had be down as much as 1,500 points. The VIX volatility index spiked to above 37 and ten year Treasuries yielded 2.81%. Analysts point to a number of reasons for the selloff, including a recent increase in interest rates, strong economic news that points to possible future inflation, as well as some good old fashioned profit taking after markets have surged ever since the election of President Trump.

On Tuesday, the JOLTS job openings report for December were down 2.8% to 5.81 million. The Dow Industrials plunged over 500 points on the opening, however, it ended closing up 567 points.

On Wednesday, the EIA petroleum status report for the week ending February 2nd saw crude oil inventory increase 1.9 million barrels. During the trading day, the Dow Industrials rose as much as 381 points, and fell as much as 127 points, but closed just 19 points lower. Interest rates rose after the government talked about raising spending caps, with ten year Treasuries rising four basis points to 2.84%, its highest in four years.

On Thursday, jobless claims for the week ending February 3rd declined 9,000 to 221,000. The market selloff continued with the Dow Industrials closing down 1,032 points, and the VIX above 35. Gold closed at $1,317 an ounce and West Texas Intermediate crude finished at $61.05 a barrel.

On Friday markets continued to slump as President Trump signed into law a budget that includes a $300 billion boost in spending. Now let’s take a look at some stocks.

Snap Inc. (NYSE: SNAP) reported fourth quarter financial results Tuesday afternoon. Daily active users increased 8.9 million or 5% to 187 million, and revenue was $285 million for the quarter, up 72% year-over-year. Snap shares increased over 50%, to over $22 per share during pre-market early Thursday.

Chipotle Mexican Grill, Inc. (NYSE: CMG) reported its fourth quarter results with revenue of $1.1 billion, an increase of 7.3% year over year. The increase was driven by new restaurant openings and higher comparable store sales. Shares fell over 10% on the news, reaching a low of $265 on Thursday.

Twitter, Inc. (NYSE: TWTR) announced fourth quarter results, reporting revenue of $732 million, an increase of 2% year-over-year. Adjusted EBITDA was $308 million or 42% of total revenue, compared to $215 million or 30% of total revenue for the same period last year. Twitter reached a new 52-week high of $35.00 on Thursday morning.

Grubhub Inc. (NYSE: GRUB) reported fourth quarter posting revenues of $205 million, a 49% year-over-year increase. Gross food sales grew 39% year-over-year to $1.1 billion. Grubhub shares reached a new all-time high of $94.89 on Thursday.

Expedia, Inc. (NASDAQ: EXPE) reported fourth quarter results with gross bookings increasing $2.4 billion or 14% year-over-year to $19.8 billion. Revenue increased 11% year-over-year to $2.3 billion in the fourth quarter. Profits missed analyst expectations and Expedia shares fell to under $100 late Thursday.

Nvidia Corporation (NASDAQ: NVDA) reported record fourth quarter revenue of $2.9 billion, up 34% year over year, and its entire fiscal year revenue was a record $9.7 billion, up 41% from the prior year. Nvidia shares reached $248.50 per share during after-hours trading.

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