Watch Us LIVE from the Floor of NYSE! May 12, 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 were relived at the results of France’s presidential election, with Emmanuel Macron winning. Macron’s win alleviated concerns that France would seek to withdrawal from the EU, had his opponent won. The VIX volatility index closed at around 10 and at its lowest level since 1993. Markets gained very slightly, but it was enough for the S&P 500 and Nasdaq composite to close at a record high.
On Tuesday, the Small Business Optimism Index fell two-tenths of a point to 104.5, remaining very strong and the JOLTS job openings report for March gained 1% to 5.743 million. North Korea revealed to the UK that it plans to conduct another nuclear test. Markets fell modestly.
On Wednesday, import prices for April rose .5% while export prices rose .2%, and the EIA petroleum status report for the week ending May 5th showed crude oil inventory dropping 5.2 million barrels. President Trump’s firing of FBI Director James Comey didn’t seem to cause much market reaction as investors were more concerned with pending tax reform. The Dow Industrials ended the day down slightly, however, the S&P 500 and Nasdaq composite were up slightly to both close at record highs.
On Thursday, jobless claims for the week ending May 6th fell 2,000 to 236,000 and the producer price index for April rose a strong .5%, compared to the prior month’s .1% decline. West Texas crude increased over 3% to settle at $47.33 a barrel.
On Friday, the consumer price index for April rose .2% and retail sales for April rose .4%. Retail was not quite as strong as most analysts projected. Markets opened down slightly on the news. Now let’s take a look at some stocks.
On Tuesday, Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX), announced its financial results for the first quarter, reporting its first profit in six quarters. Shares of the company jumped almost 21% on the news. Valeant continues to peak investor interest as share prices rose to over $14 Thursday morning.
The Priceline Group Inc. (NASDAQ: PCLN) saw its first quarter revenue miss estimates. The company reported after market close on Tuesday, with shares falling over 3% after the announcement, and continued drifting lower to reach just above $1,800 per share.
On Tuesday after the closing bell, Electronic Arts Inc. (NASDAQ: EA) announced its fourth quarter results for the period ending March 31. The price surged to over $110 per share Wednesday as the gaming company reported record game downloads and a share repurchase program of up to $1.2 billion worth of common stock that expires May 31st, 2019.
Yelp. Inc. (NYSE: YELP) announced its financial results for the first quarter. Even though revenue increased 24% to $197 million, the company still missed expectations of $198 million. Shares of Yelp plunged 25% in after-hours trading Tuesday on the miss and after the company issued lowered guidance for the full year.
Macy’s Inc. (NYSE: M) shares fell as much as 13% on Thursday after the department store operator reported revenue and earnings that missed analyst estimates, raising concerns about the company’s turnaround plan. Macy’s reported adjusted profit was 24 cents a share in the fiscal first quarter, missing analyst estimates of 35 cents per share. The clothing retailer fell below $25.00 a share on Thursday.
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