Published on Oct 2, 2015
October 2, 2015 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 2015
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2015
On Monday, personal income for August increased by .3%, consumer spending was up .4%, and the core PCE inflation index was up a small .1%. Pending home sales for August fell 1.4% to 109.4. However, markets couldn’t shake Fed rate hike uncertainty and some weak international economic news showing China’s industrial profits declined 8.7% in August year-over-year. Markets ended the day down sharply with the Dow Industrials losing 312 points.
On Tuesday, the Case-Shiller home price index for July was down .2%, after another .2% decline the prior month.
On Wednesday, the ADP employment report for September was 200,000, up 14,000 from the prior month. Stocks rallied a bit, however, the day closed with the major averages down about 7 percent lower for the third quarter, the worst quarterly performance in four years.
On Thursday, motor vehicle sales for September were considerably stronger than expected, up 4.3% for North American made vehicles. Jobless claims for the week ending September 26th rose 10,000 to 277,000 and the ISM manufacturing index for September was weaker than expected at 50.2, barely in positive growth territory.
On Friday, nonfarm payrolls for September grew only 142,000, dramatically lower than estimates, and unemployment held steady at 5.1%. Markets opened down sharply on the disappointing news.
Now let’s take a look at some stocks:
General Motors’ stock rallied this week after the car manufacturer informed Wall Street that its recovery is taking hold better than anticipated. GM informed investors that it is forecasting earnings between $5 and $5.50 per share, well above Wall Street’s expectations of $3.05 per share.
Shopify Inc. shares spiked up 6% on Wednesday to $35.69, after the Canadian-based e-commerce company announced that it has partnered with Twitter. US-based businesses will sell products directly on Twitter’s website and Twitter will feature a “Buy Now” button from Shopify for its users.
McCormick & Company, Incorporated shares plummeted more than 4% Thursday after the spice producer reported third quarter earnings that missed analysts’ forecasts. McCormick posted earnings of $0.85 per share, and the company also stated that sales growth for the year will be weaker than previously anticipated.
Dunkin’ Brands Group, Inc. stock fell by more than 10% Thursday after the franchise offered a lower-than-expected full-year outlook while also revealing plans to close 100 Dunkin’ Donuts stores in 2015 and 2016. Dunkin’ expects to earn between $1.87 and $1.91 per share, below forecasts of $1.92 per share.
Twitter, Inc. shares plummeted more than 7% Thursday after the social media company announced that interim CEO, Jack Dorsey, will become permanent. Dorsey is also the CEO of Square. Investors are concerned whether or not he will be able to allocate his time properly between the two companies.
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