June 12, 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, traders didn’t have much economic news to consider, so old worries about Greece’s debt situation returned. Airlines declined on fears of excess capacity driving passenger revenue per seat mile lower. Stocks closed near session lows, with NASDAQ declining almost 1%.
On Tuesday, the Labor Department released its job opening report, also known as JOLTS, and it showed the highest numbers since the report was created back in 2000. For April there were almost 5.4 million job openings, and year over year, job openings are up 22%. Bond yields held firm and banks rallied, however, markets overall didn’t do much.
On Wednesday, renewed hopes for a deal with Greece sent stocks soaring. In addition, 10 year Treasury yields almost hit 2.5%, and gains in oil also boosted energy stocks. The major indexes closed up well over 1% with the Dow Industrials up 236 points.
On Thursday, jobless claims for the week ending June 6 were up 2,000 to 279,000. Also released was retail sales for May, showing a 1.2% gain, a nice improvement from April’s 0% number. Markets closed the day modestly higher.
On Friday the producer price index for May was up .5%, on the high end of expectations, due to increases in gas and food prices. However, Greece’s debt negotiations stalled as the IMF walked out of the talks. Markets opened down sharply on the news.
Now let’s take a look at some stocks.
Deutsche Bank shares spiked at the start of the trading week to $32.40 after the bank appointed John Cryan, former CFO of UBS, to be the new CEO. The German bank’s current co-CEO’s decided to resign due to investor dissatisfaction with the bank’s performance.
Etsy, Inc. shares, the peer-to-peer e-commerce website, rallied this week following Tiger Global Management’s decision to be the first firm to up their stake, post-IPO. Tiger Global purchased 10 million shares, increase their ownership from 6.4% to 8.9%.
Quiksilver Inc. stock tumbled this week following the release of disappointing 2nd quarter earnings. The company reported a loss of $37 million or $0.22 per share while analysts expected a loss of only $0.14 per share. Additionally, the company revised their outlook stating that due to currency values and other variables, North American
sales will suffer.
Hess Corporation shares rallied more than 5% Thursday following reports that that energy company has agreed to sell a 50% stake of their processing and pipeline business to Global Infrastructure Partners for approximately $2.7 billion in an all-cash deal. The companies will be forming a joint venture called Hess Infrastructure Partners.
The Men’s Warehouse, Inc. caught investors’ eyes on Thursday following a better-than-expected earnings report that topped estimates for both revenue and earnings. The company posted sales of $885 million, and earnings of $0.54 per share, and also announced a 10-year deal with Macy’s to operate a tuxedo rental business within 300 of Macy’s stores.
June 12, 2015 Weekly Stock Market Wrap-up:
Deutsche Bank AG (USA)(NYSE:DB)
Men’s Wearhouse Inc(NYSE:MW)
Business News – Financial News – Stock Exchange – New York Stock Exchange — Wall Street — Market News 2015
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