Watch Us LIVE from the Floor of NYSE! June 23, 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 S&P 500 and Dow Industrials closed at record highs as the tech rally resumed. Oil continued its slide with West Texas Intermediate crude closing at $44.20 a barrel.
On Tuesday, oil officially entered a bear market, down more than 20% below its 52-week high as Nigeria and Libya increased production, as a result, some analysts were predicting oil prices will dip into the high $30s. Index provider MSCI said it would add 222 China A-share stocks to its index. The change is expected to provide more than $340 billion of foreign capital flow into China.
On Wednesday, existing home sales for May jumped 1.1% to an annualized 5.62 million units and the EIA petroleum status report for the week ending June 16th saw crude oil inventory decline by 2.5 million barrels.
On Thursday, jobless claims for the week ending June 17th increased 3,000 to 241,000. Health care and biotech continued to do well as the Senate unveiled a draft bill to repeal and replace Obamacare.
On Friday new home sales for May rose a greater than expected 2.9% to an annualized 610,000 units and markets opened slightly higher. Now let’s take a look at some stocks.
Clovis Oncology, Inc. (NASDAQ: CLVS) announced Monday morning positive clinical trial results that showcased the company’s drug Rucaparib which helps patients survive longer with advanced ovarian cancer. Trial participants who took Rucaparib stayed progression free of the disease longer than participants who only received a placebo. Clovis Oncology is up over 60% on the announcement, reaching a new 52-week high of $96.05 a share on Thursday.
Rice Energy Inc. (NYSE: RICE) announced that it is being acquired by oil and gas company EQT Corp. for $6.7 billion. Rice Energy shareholders will receive $5.30 per share in cash and 0.37 EQT shares for each share they hold. If finalized, this acquisition will make EQT the biggest natural gas producer in the U.S. Rice Energy reached a high of $25.70 a share on early trading Monday.
Chipotle Mexican Grill, Inc. (NYSE: CMG) shares fell over 7% on Tuesday after the burrito chain warned investors that operating costs will be higher than expected in the current quarter. In a Securities and Exchange Commission filing on Monday, the company said it expected marketing expenses to increase by as much as 0.3% as it plans to spend more on marketing and promotions. Chipotle shares fell below $415 on Wednesday.
Red Hat, Inc. (NYSE: RHT) announced its financial results for its fiscal first quarter late Tuesday. Total revenue was up 19% year-over-year to $677 million, beating estimates of $647 million. The increase in revenue was caused by strong subscription revenues and cross-selling of cloud-enabled technology. Shares reached a new 52-week high of $100.80 Thursday afternoon.
Oracle Corporation (NYSE: ORCL) announced on Wednesday fiscal fourth quarter results and fiscal 2017 full year results. CEO Mark Hurd said the company sold $855 million of new annually recurring cloud revenue in the fourth quarter, exceeding $2 billion of annually recurring cloud revenue. Oracle Corporation’s stock reached a new 52-week high of $51.85 per share on Thursday.
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