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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2018
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2018
On Monday, oil fell for a record 12th straight day, and the dollar traded at 18-month highs. That, plus continued worries about global trade dragged down markets, with the Dow Industrials closing 602 points lower.
On Tuesday, small business optimism remained close to 45-year highs in October but fell slightly by .5 point to 107.4. Renewed trade talks between the U.S. and China helped lift sentiment, however, the Dow Industrials fell back into the red as U.S. crude plunged 7.1% to $55.69 a barrel.
On Wednesday, the consumer price index for October rose .3% on top of the prior month’s .1% gain and 10-year Treasuries yielded 3.11%. The Dow Industrials ended the day 206 points lower.
On Thursday jobless claims for the week ending November 10th increased 2,000 to 216,000 and retail sales for October increased .8%. Import prices for October rose .5% while export prices rose .4%, while the EIA petroleum status report for the week ending November 9th saw crude oil inventory surge by 10.3 million barrels. The Dow Industrials ended a 4 day losing streak, closing up 208 points.
On Friday industrial production for October increased .1% on top of the prior month’s .2% gain. Markets rallied modestly after the open as oil prices increased. Now let’s take a look at some stocks.
Apple Inc. (NASDAQ: AAPL) shares plunged by over 5% on Monday as Apple’s supplier, Lumentum, released an annual filing for its fiscal year and did not provide a forecast for Apple’s orders. Lumentum only revealed that Apple is its customer and that it accounts for 30% of its revenue. Lumentum’s release concerned investors that Apple may see a decline with its iPhone sales.
Tyson Food Inc. (NYSE: TSN) reported its fiscal fourth quarter results on Tuesday before market open. Tyson topped earnings estimates, but missed on revenue. For the fourth quarter, Tyson reported revenue of almost $10 billion and also reported a weaker-than-expected guidance, causing shares to slip by 6.7%.
Home Depot Inc. (NYSE: HD) reported its third quarter results on Tuesday and topped analysts’ estimates and also raised its full year guidance. The company reported sales of $26.3 billion increasing 5.1% year over year. Despite the stronger-than-expected earnings, Home Depot shares slipped by 4% due to the home improvement chain suggesting that the pace of U.S. home sales was slowing and impending tariffs could drive prices up.
General Electric Co.’s (NYSE: GE) shares jumped by almost 8% on Tuesday after the Company said it will sell part of its stake in Baker Hughes, reducing its ownership to 50%. The sale can offer up to 166 million shares, which may net GE $4 billion in cash for the fourth quarter.
NVIDIA Corp. (NASDAQ: NVDA) reported its third quarter results after market close on Thursday. The company topped earnings estimates, but missed on revenue. Nvidia reported revenue of $3.18 billion, increasing 21% year over year, but shy of $3.24 billion estimates. Shares fell 15% on the news.
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