Watch Us LIVE from the Floor of NYSE! June 30, 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, durable goods orders for May fell 1.1%, on top of the prior month’s .9% decline. Treasury yields dropped on the news with the 10-year falling to 2.13%.
On Tuesday, the Case-Shiller home price index rose .3%, on top of the prior month’s .5% gain and consumer confidence for June rose 1.3 points to 118.9, better than expected. However, reports that the senate will delay the vote to repeal and replace Obamacare until after the fourth of July recess sent markets down sharply. The Nasdaq composite was the biggest loser, falling more than 100 points, or 1.61%.
On Wednesday, the pending home sales index for May fell .8%, its third straight monthly decline and the EIA petroleum status report for the week ending June 23th showed crude oil inventories increasing by 100,000 barrels. Banks soared ahead of anticipated positive results from stress tests conducted by the Federal Reserve, and markets closed sharply higher with the Nasdaq composite gaining over 87 points, or 1.43%.
On Thursday, the final GDP revision for the first quarter of 2017 was released and it was raised .2% to 1.4%. Jobless claims for the week ending June 24th were up 2,000 to 244,000. Banks announced share repurchase plans as a result of passing stress-test requirements, however, tech shares sold off sharply dragging down markets. The Dow Industrials lost 167 points.
On Friday personal income for May rose .4% while consumer spending rose .1%. The PCE price index declined .1%. Markets were mostly higher on the news. Now let’s take a look at some stocks.
Seattle Genetics, Inc. (NASDAQ: SGEN) failed to impress investors in its Phase 3 results for ADCETRIS. Shares this week fell to under $53 after the company released a less than satisfactory progression free survival (PFS) rate when compared to industry standards for patients with Hodgkin’s Lymphoma.
On Monday, shares of Avis Budget Group Inc. (NASDAQ: CAR) soared over 18% to as high as $29.32 per share after the company unveiled plans to collaborate with Alphabet Inc’s (NASDAQ: GOOGL) Waymo unit on self-driving automobiles. According to CNBC, the agreement will allow Waymo to use Avis locations for parking, cleaning and maintenance for the 600 deployed self-driving Chrysler Vans.
The Delaware State Supreme Court ruled in favor of Chicago Bridge & Iron Co. (NYSE: CBI) when a deal between the company and Westinghouse went awry. In 2015, Westinghouse bought Chicago Bridge’s nuclear power plant construction business and then disputed the accounting valuation, attempting to renegotiate the deal. Chicago Bridge & Iron Co. shares surged Monday to over $20 on the ruling.
Private equity firm Sycamore Partners will acquire the office supplies company, Staples, Inc. (NASDAQ: SPLS) for $6.9 billion. Sycamore Partners focuses on retail acquisitions such as Talbots, Hot Topic, and the Limited. Following the announcement on Wednesday afternoon, Sycamore’s shares surged and reached over $10.
Walgreens Boots Alliance, Inc. (NASDAQ: WBA) abandoned its plans to merge with Rite Aid Corp. (NYSE: RAD) due to antitrust concerns. In a press release, Walgreens announced its plans to purchase 2,186 stores for $5.2 billion in cash. Walgreens surged on early trading Monday morning but quickly sold off. Rite Aid shares fell over 25% following the announcement.
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