March 11, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2016
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016
It was a rather quiet week on Wall Street in terms of U.S. economic data.
On Monday U.S. stocks were mixed; Tech sector and financials took a beating as the broader market was roughly unchanged.
On Tuesday markets lost ground, the Dow and the S&P snapped for the first time in six sessions as energy drops 4%, and a weaker-than-expected Chinese trade data renewed concerns about global growth.
On Wednesday, the third longest bull market in U.S. history turned 7 years old; stocks closed slightly higher in low volume trade.
On Thursday markets closed mostly lower; initial jobless claims declined 18,000 to 259,000, the lowest reading since mid-October. U.S. stocks initially rallied on the news that the European Central Bank would cut interest rates and expand the size of its quantitative easing program. The ECB chief, Mario Draghi, implied interest rates would stay “very low” for at least another year, but he played down speculations that there would be more interest rate cuts in the future.
On Friday, import prices declined 0.3 percent, while export prices fell 0.4 percent; stocks rallied 1% in the opening with the Dow up triple digits.
Now let’s take a look at some stocks
Shake Shack (NYSE: SHAK) fell 11% after the burger joint posted fourth quarter earnings; the company reported that same-store sales may only increase 2.5 to 3.5% this year, a dramatic slowdown. Wall Street was not happy; five out of the 10 analysts covering the company cut their price targets on Tuesday.
Mobile payment company Square (NYSE: SQ) had some good news to deliver to investors. It was the San Francisco tech firm’s very first earnings report since its IPO. The company stock jumped after reporting a 64% increase in adjusted revenue from last year. Despite good news on the revenue front, Square still lost money with a reported loss of $80.5 million. For now the company is focusing on supporting contactless payments and providing businesses with the means to process credit cards with chips.
Urban Outfitters (NASDAQ: URBN) posted a modest increase in sales and said fewer markdowns are expected in the spring. The popular retailer posted fourth-quarter fiscal earnings of 61 cents per share, surpassing expectations. Shares of Urban Outfitters gained over 17% on Tuesday.
Dollar General (NYSE: DG) on Thursday said profit rose 5.6% in the final quarter of the year, easily beating projections. The company’s net sale rose to $5.29 billion, and is planning to buy back about $1 billion in shares in fiscal 2016.
TransCanada (NYSE: TRP), the company behind the infamous Keystone pipeline project, is now in takeover talks with Columbia Pipeline Group, a U.S. pipeline operator with a market value of $9 billion. The two companies have so far failed to agree on a price, and a deal remains uncertain. Shares of Columbia Pipeline Group jumped about 15% after the news were announced.
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