November 13, 2015 Financial News – Business News – Stock Exchange – Market News
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2015
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2015
On Monday, there wasn’t much economic news, however, investors had time to further digest last week’s strong jobs report and markets turned downward on concern of the Fed raising interest rates as soon as next month. Exports from China in October fell 6.9% year-over-year, and imports dropped 18.8% year-over-year, and this also helped stoke fears of a global slowdown. Markets were down sharply by the close, with the Dow Industrials off 179 points.
On Tuesday, import prices for October fell .2% for the month and export prices fell .5%. The U.S. dollar traded at its highest level since April against major world currencies.
On Wednesday, more data from China showed retail sales were up 11% year-over-year in October, however, industrial output grew a bit below expectations at 5.6%. Markets ended the day modestly lower.
On Thursday, jobless claims for the week ending November 12th were unchanged at 276,000. The Labor Department’s September JOLTS report showed the number of job openings increased 2.8% to about 5.53 million. Oil dropped sharply as crude oil futures settled at $41.75 a barrel, after government reports showed the U.S.’s stockpile of oil continued to grow. Markets fell sharply, with the Dow Industrials closing down 254 points.
On Friday, the producer price index for October fell .4%, on top of the previous month’s .5% drop. Retail sales for October increased .1% on top of the prior month’s .1% gain. Markets opened sharply lower as oil prices continued to fall. Now let’s take a look at some stocks.
Macy’s, Inc. (NYSE:M). reported third quarter earnings before the market opened Wednesday and by the end of the day, shares tumbled almost 14%. The iconic retailer posted adjusted earnings of 56 cents per share, down from 61 cents a year ago. Revenue fell to $5.9 billion from $6.2 billion in 2014. This marks the third-straight quarter of declining sales.
SunEdison Inc. (NYSE:SUNE) shares were down more than 24% Tuesday after the solar energy company reported a loss of 91 cents per share on revenue of $476 million. Analysts had projected a loss of 69 cents per share. Shares of SunEdison are down 82% since hitting this year’s high of $33.44 on July 20th.
Apple Inc. (NASDAQ:AAPL) new iPad Pro is the company’s largest and most expensive tablet to date. The new device started selling in stores Wednesday. Prices start at $799 and go up to a $1,217 model which includes 128 gigabyte and a pencil and keyboard cover. That’s 18% more than Microsoft’s Surface Pro 4 tablets with similar specs.
On Wednesday Alibaba Group Holding Ltd (NYSE:BABA) and JD.Com Inc. broke their sales record results from the prior year during annual Singles Day, China’s biggest shopping day. For the entire 24 hour period of November 11th, Alibaba had $14.3 billion worth of sales, an increase of more than 50% from $9.3 billion in 2014. JD.com didn’t disclose specific numbers, but said its revenue was double that of last year.
Advance Auto Parts, Inc. (NYSE:AAP). shares collapsed more than 14% after releasing their third quarter financials. As a result, the company’s current CEO, Darren Jackson, will be stepping down in January. Advance Auto Parts has been under pressure from Starboard Value, an activist investor hedge fund, which is claiming that Advance Auto Parts should reduce its overhead costs and improve product sourcing.
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