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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 the Empire State manufacturing survey for September fell 6.6 points to 19. Markets fell on trade concerns after President Trump said he would have an announcement on the U.S./China trade situation. After markets closed, the Trump administration announced 10% tariffs on $200 billion worth of Chinese imports, rising to 25% at the end of the year.
On Tuesday the housing market index for September remained unchanged at 67. China announced tariffs on American imports worth $60 billion. Interestingly, markets rallied strongly on the news with investors believing China’s retaliation could have been much more severe.
On Wednesday housing starts for August jumped 9.2% to an annualized 1.28 million units and the EIA petroleum status report for the week ending September 14th saw crude oil inventory decline 2.1 million barrels. The 10-year Treasury note yielded 3.08% and West Texas Intermediate crude settled at $71.15 a barrel.
On Thursday jobless claims for the week ending September 15th fell 3,000 to 201,000 and the 4-week average was just under 206,000, both readings at new 50 year lows. Existing home sales for August were unchanged at an annualized 5.34 million units, while the September Philadelphia Fed business outlook survey surged 11 points to 22.9. Markets rallied with the Dow Industrials and the S&P 500 closing at all-time highs.
On Friday markets continued rallying, however, enthusiasm was dampened when the White House revealed the U.S. is very close to finalizing a trade deal with Mexico, but not Canada. Now let’s take a look at some stocks.
Tilray Inc. (NASDAQ: TLRY) announced on Tuesday that the U.S. Drug Enforcement Administration granted approval for the Company to import a drug derived from marijuana into the United States from Canada for a clinical trial to study the treatment of Essential Tremor. Tilray shares rose by 41.6% after the announcement reaching a high of $273.79 per share.
Red Hat, Inc. (NYSE: RHT) reported its fiscal second quarter results with total revenue of $823 million, increasing 14% year over year. Revenue from Application Development and technology subscriptions was $196 Million, increasing 31% year over year. The Company reported earnings per share of 85 cents. Red Hat shares fell by 5% due to lower than expected revenue.
General Mills, Inc. (NYSE: GIS) reported its fiscal first quarter results on Monday during after hours. The company had revenue of $4.1 Billion, up 9% year over year and earned 71 cents per share. General Mills shares fell by 8.6% on Tuesday at the opening bell.
AutoZone, Inc. (NYSE: AZO) reported its fiscal fourth quarter results before the opening bell on Tuesday with net sales of $3.6 billion, increasing 1.3% year over year. Domestic same store sales increased by 2.2%. Net income for the quarter decreased by 7.7% year over year to $400 million. Shares fell almost 3% on Tuesday.
Micron Technology, Inc. (NASDAQ: MU) announced results for its fiscal fourth quarter and full year. Revenues for the quarter were $8.4 billion, up 38% compared with the same period a year ago. For the year, revenues were $30.4 billion, up 50% over the prior year. Micron’s stock jumped more than 4% Thursday after markets closed.
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