Watch Us LIVE from the Floor of NYSE! May 19, 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 Empire State manufacturing survey for March came in below expectations at -1, compared to the prior month’s 5.2, and the housing market index for May was 70, up 2 points from the prior month, and considered very strong. West Texas Intermediate crude jumped over 2% to close at $48.85 a barrel on news that Russian and Saudi officials agreed to extend a production cut through March of next year.
On Tuesday, housing starts for April fell 2.6% to an annualized 1.172 million units and industrial production for April increased 1% on top of the prior months .4% gain. The Euro rallied and the dollar weakened for a fifth day, in part due to Emmanual Macron’s election win in France.
On Wednesday, the EIA petroleum status report for the week ending May 12th showed crude oil inventories falling 1.8 million barrels, the six straight week of decline. Amid accusations that President Trump asked his former FBI Director James Comey to let go of the investigation of Michael Flynn, markets tanked with the Dow Industrials closing down 372 points.
On Thursday, jobless claims for the week ending May 18th fell 4,000 to 232,000, and the four week average fell to 240,750. The Philadelphia Federal Reserve survey for May jumped almost 17 points to 38.8, which was unexpectedly high. Ten year Treasuries yielded 2.22% and U.S. crude settled at $49.32 a barrel. Markets ended the day modestly higher with the Dow Industrials up 56 points.
On Friday markets opened modestly higher on optimism that issues with the Trump administration are overblown, and the administration’s pro-business policies will be implemented. Now let’s take a look at some stocks.
The investment firms, Dragoneer Investment Group LLC and TPG Group Holding Advisers Inc. revealed that they have purchased a stake in Etsy, Inc. (NASDAQ: ETSY) that combined gives them 8% ownership. Etsy reached a high of $14.11 a share on Tuesday on volume of over 18 million shares traded, or 5 times average.
Chinese microblog portal Weibo Corporation (NASDAQ: WB) reported better-than-expected first-quarter earnings on Tuesday, boosted by strong ad sales, sending shares up more than 20%. The company said first-quarter profits surged 254% to $57.8 million, or $0.26 per share, compared with $0.07 per share a year earlier. Weibo monthly active users in March 2017 rose 30% year over year to 340 million, 91% of which were mobile users.
Sina Corp. (NASDAQ: SINA) reported first quarter results on Tuesday morning and the company reached a new 52 week high of almost $101 per share. Adjusted quarterly revenue rose 40% year over year to $275 million. Analysts had anticipated revenue of $265 million.
Dick’s Sporting Goods, Inc. (NYSE: DKS) shares fell Tuesday morning after the company reported same-store sales that were below analyst estimates. Comparable sales for first quarter rose 2.4%, below forecasts of 3.6%. The company has lowered its forecasts for fiscal year 2017 same-store sales.
Athenahealth, Inc. (NASDAQ: ATHN) shares soared Thursday after a hedge fund disclosed a 9.2% stake in the company and revealed plans to push operational and strategic changes to improve the healthcare software provider. Shares went as high as $130.25 with over 4 million shares traded.
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