Watch Us LIVE from the Floor of NYSE! June 9, 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 markets didn’t show much reaction to Saturday’s terrorist attack in London. Nonfarm productivity for the first quarter remained unchanged compared to the fourth quarter’s .6% decline. Unit labor costs rose 2.2%. Factory orders for April decreased by .2%, and the ISM non-manufacturing index slipped six-tenths of a point to 56.9.
On Tuesday, the JOLTS job openings report for April rose 4.4% to 6.044 million, a record high. Ten year Treasuries yielded 2.14%, and gold climbed 1.2% to close at $1,297 an ounce, its highest level since last November.
On Wednesday, the EIA petroleum status report for the week ending June 2nd saw an unexpected rise of crude oil inventory by 3.3 million barrels.
On Thursday, jobless claims for the week ending June 3rd fell 10,000 to 245,000. Former FBI Director James Comey testified before the Senate Intelligence Committee, however, markets didn’t see a smoking gun to indicate any severe damage to President Trump. The European Central Bank left interest rates at 0% for the fifth straight quarter and said it would extend its quantitative easing program if necessary. The Euro dropped against the US dollar on the news and markets ended the day slightly higher.
On Friday surprise results came in from the U.K elections with the U.K’s ruling Conservative Party losing its parliamentary majority, however, U.S. markets opened strongly higher. Now let’s take a look at some stocks.
G-III Apparel Group, Ltd. (NASDAQ: GIII) reported fiscal first quarter results with net sales increasing 16% to $529 million compared to $457 million a year ago. Chairman and CEO, Morris Goldfarb stated that the wholesale business was strong, even in a difficult market. Shares surged over 20% Tuesday morning on early trading.
Ambarella, Inc. (NASDAQ: AMBA) has posted fiscal first quarter results with revenue up 12.2% year-over-year and earnings per share of $0.07 compared to $0.05 a year ago. However, a slightly weaker than anticipated guidance for this quarter spooked investors. Shares fell over 10% on the news.
Shares of Nordstrom, Inc. (NYSE: JWN) were up over 12% Thursday morning after announcing plans to consider going private. The press release by the retailer announced that a collection of Nordstrom family members will debate the next moves of the company and the board of directors has created a special committee to review any proposals. Shares rose on pre-market trading to almost $50 Thursday morning before selling off after the market open.
Alibaba Group Holding Limited (NYSE: BABA) shares rose to over $143 in premarket trading on Thursday after the CFO forecast full-year revenue growth that surprised investors and analysts. The Hangzhou-based company now anticipates revenue growth of 45-49% in fiscal year 2018. Analysts had projected an average revenue growth of 35%.
Tesla, Inc. (NASDAQ: TSLA) continues to rally after CEO Elon Musk provided details last Tuesday about its electric semi-truck and Model Y crossover during Tesla’s annual meeting in Mountain View, California. He said the semi-truck will be unveiled in late September this year and the Model Y is planned to unveil as soon as late 2019. The company is also preparing to produce the Model 3 next month. Tesla reached an all-time high on Thursday of $371.90 per share with over 9 million shares traded.
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