Watch Us LIVE from the Floor of NYSE! November 17, 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 moved slightly higher as investors continued to remain skittish over tax reform. GE soured moods as they issued a weak guidance for 2018 and cut their dividend by 50%.
On Tuesday, the producer price index for October rose .4% on top of the prior month’s .4% gain. Economic news released from China was disappointing, with retail sales and industrial output missing expectations, and GE continued its decline to its lowest share levels since 2011. Commodities declined along with stock markets.
On Wednesday, the consumer price index for October rose .1%, compared to the prior month’s .5% rise, and retail sales for October rose .2% compared to the prior month’s 1.9% gain. The EIA petroleum status report for the week ending November 10th saw crude oil inventory increase by 1.9 million barrels. Congress continued debating various tax reform bills, and equities markets fell modestly. West Texas Intermediate Crude fell .8% to settle at $55.27 a barrel.
On Thursday, jobless claims for the week ending November 11th rose 10,000 to 249,000 and import prices for October rose .2% while export prices remained flat. Industrial production for October rose .9% on top of the prior month’s .4% gain.
On Friday housing starts for October rose 13.7% to an annualized 1.29 million units, higher than expected, however, markets opened lower on tax reform worries. Now let’s take a look at some stocks.
JD.com, Inc. (NASDAQ: JD) reported financial results for its third quarter on Monday morning. Net revenue was $12.6 billion, up 39% from a year ago, and gross profit was up over 50%. Annual active customer accounts increased 34% to 266 million, compared to 199 million a year ago. JD reached a high of $42.44 a share on Monday.
DICK’s Sporting Goods, Inc. (NYSE: DKS) beat analysts’ estimates for its third quarter results with the company reporting consolidated net income of $36.9 million, or $0.35 per diluted share, compared to the company’s own expectations of about $0.26 per diluted share. Net sales increased 7.4% to approximately $1.9 billion. Shares fell by almost 6% after Tuesday’s market open when the company forecast a decline for 2018.
Target Corporation (NYSE: TGT) reported its third quarter net income dropped from $608 million to $480 million, or $0.88 per share. Shares of the company dropped almost 10%, reaching a low of $54.04 per share on Wednesday.
Best Buy Co. Inc. (NYSE: BBY) reported third quarter results just shy of expectations. The company had revenue of $9.32 billion, increasing from $8.95 billion the previous year, and earnings of $0.78 per share. Best Buy’s stock price was down over 5% on the news, reaching a low of $52.92 per share on Thursday morning.
Wal-Mart Stores Inc. (NYSE: WMT) reported its third quarter results for fiscal 2017, beating analyst estimates and sending shares up over 10% on Thursday. Wal-Mart reported revenue of $123.2 billion, an increase of 4.2% year over year, along with adjusted earnings per share of $1.00, beating analysts’ estimates of $0.97.
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