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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 markets led by the tech sector rallied strongly on news that online sales hit records for both Thanksgiving day and the day after, also known as Black Friday. The Dow Industrials ended the day up 354 points.
On Tuesday the Case-Shiller home price index for September rose .3% and consumer confidence for November declined 2.2 points to 135.7. A White House official mentioned that a lot of communication was happening with the Chinese government in an attempt to resolve trade differences. Markets were volatile all day, but the Dow Industrials ended up 108 points.
On Wednesday the second revision for 3rd quarter GDP was unchanged at 3.5%, while the trade deficit for October was higher than expected at $77.2 billion, putting further downward pressure on the 4th quarter GDP. New home sales for October dropped a sharp 8.8% to an annualized 544,000 units and the EIA petroleum status report for the week ending November 23rd saw crude oil inventory rise 3.6 million barrels. Fed Chair Jerome Powell gave a speech mentioning that current rates are just below the neutral range, and markets interpreted that as meaning the Fed might be reconsidering reducing the number of future hikes. Markets soared on optimism with the Dow Industrials finishing 617 points higher and the Nasdaq Composite jumping almost 3%.
On Thursday jobless claims for the week ending November 24th increased 10,000 to 234,000. Personal income for October increased .5%, while consumer spending increased .6%, and the PCE price index increased .2%. Markets ended the day down slightly as new concerns emerged that China-U.S. trade differences won’t be resolved at the G20 summit.
On Friday markets rose slightly after open as investors waited to see how trade issues with China progressed at G20. Now let’s take a look at some stocks.
Salesforce.com, Inc. (NYSE: CRM) reported its third quarter financial results on Tuesday and topped analysts’ estimates, sending shares up 5.4% at the opening bell on Wednesday. Salesforce reported revenue of $3.4 billion, jumping 26% year over year and earnings per share of 61 cents, beating estimates of 50 cents.
Nutanix Inc. (NASDAQ: NTNX) shares spiked by 10% on Tuesday after hours after it topped estimates for its fiscal first quarter results. Nutanix reported a loss per share of 25 cents on revenue of $313 million. The company is planning on undergoing a transition to phase out its hardware business and shift towards software-based products with recurring subscription revenue.
Tiffany & Co. (NYSE: TIF) reported its financial results on Wednesday sending shares 9.6% lower. Tiffany reported weaker-than-expected earnings due to lower spending from tourists in the U.S. and Hong Kong. For the quarter, Tiffany reported earnings per share of 77 cents on revenue $1.01 billion.
Tilly’s, Inc. (NYSE: TLYS) reported its financial results after the closing bell on Wednesday and missed earnings estimates, sending shares plummeting by 20% on Thursday. For the quarter, Tilly’s earned 24 cents per share on revenue of $146.8 million. Comparable store sales rose 4.3%.
Abercrombie & Fitch Co. (NYSE: ANF) reported its quarterly results before market open on Thursday and topped analysts’ estimates, sending shares soaring by 20%. The better-than-expected results were delivered as a result of its subsidiaries strengthening in the U.S. and the exposure of its Hollister brand. For the quarter, Abercrombie had earnings per share of 35 cents on revenue of $861 million.
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