Watch Us LIVE from the Floor of NYSE! September 8, 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, U.S. markets were closed for Labor Day holiday, however, markets around the world dropped after North Korea on Sunday tested a hydrogen bomb that was small enough to be mounted on an intercontinental ballistic missile.
On Tuesday, factory orders for July fell 3.3% compared to the prior months 3.2% gain. Markets fell sharply due to nervousness over North Korea and gold rose 1.1% to close at $1,344 an ounce. U.S. crude rose 2.8% to $48.63 a barrel as another hurricane threatened to make landfall in Florida.
On Wednesday, the ISM non-manufacturing index for August was 55.3, almost unchanged from the prior month, and the Federal Reserve issued its Beige Book for August. In it, the Fed mentioned how 20% of oil and natural gas production in the Gulf of Mexico had been halted due to Hurricane Harvey, and this will cause tight supplies and higher prices. Inflation still is tame and worker shortages continue with higher wages as a result. Consumer spending was noted as getting stronger. President Trump and top Democratic leaders agreed on a plan to raise the debt ceiling which will keep the government running. Markets rose on the news.
On Thursday, jobless claims for the week ending September 2nd soared by 62,000 to 298,000 as a result of claims in Texas after the hurricane. The EIA petroleum status report for the week ending September 1st rose 4.6 million barrels, and nonfarm productivity for the second quarter rose 1.5% while unit labor costs rose .2%. Ten year Treasuries fell to 2.05%, causing financial stocks to decline, and insurance stocks fell on worries of incoming Hurricane Irma.
On Friday insurance companies fell as Hurricane Irma continued towards Florida and markets opened mixed. Now let’s take a look at some stocks.
Sarepta Therapeutics Inc (NASDAQ: SRPT) shares spiked more than 14% on Wednesday. The company announced that their drug, golodirsen, for treatment of patients with a form of a fatal muscle-wasting disease, met the main goal of an early-stage trial. Some analysts think the FDA will bring golodirsen to the market given the lack of alternative treatment options. Sarepta stock is up more than 68% year to date.
GoPro Inc. (NASDAQ: GPRO) jumped about 14% Thursday after the company announced revenue and gross margin for its fiscal third quarter at the high end of previously announced ranges. GoPro stock has increased in value about 20% over the course of three months.
RH (NYSE: RH) shares surged more than 40% after the home furnishings marketplace announced second quarter fiscal results. Adjusted net revenue increased 14% on top of a 7% increase last year. Fiscal 2017 adjusted net revenue guidance increased to about $2.44 billion and adjusted net income guidance increased to about $73.5 million.
Barnes & Noble, Inc. (NYSE: BKS) shares fell 9% as the retailer reported that first quarter sales of non-book categories fell 8.8% in the quarter. Total sales for the first quarter were $853 million, declining 6.6% from the prior year. The company also experienced lower online and NOOK® sales during the quarter.
Wearable fitness maker Fitbit Inc (NYSE: FIT) announced a partnership with glucose-monitoring firm DexCom, Inc. The news sent Fitbit’s shares up more than 11% on Thursday, while DexCom’s shares fell almost 4%. The two companies plan to develop a smartwatch that allows users with diabetes to see glucose levels on their wrist. The new function will start with Fitbit’s Ionic smartwatch and may be available as soon as 2018.
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