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, there wasn’t much economic news, and trading was light as investors waited for the Jackson Hole Symposium in Wyoming to begin on Thursday. In the evening, President Trump gave a speech stating the U.S. would not withdraw its military from Afghanistan.
On Tuesday, defense stocks rose on prospects of a long military stay in Afghanistan and a news report said the Trump administration is working with key lawmakers to achieve tax reform. The Dow Industrials surged 196 points, however, volume was low.
On Wednesday, the PMI composite flash for August increased by 1.8 points to 56, and new home sales for July fell over 9% to an annualized 571,000 units, lower than expected. The EIA petroleum status report for the week ending August 18th showed U.S. crude oil inventory falling by 3.3 million barrels. However, markets were spooked by President Trump’s comments the prior evening threatening to shut down the government in order to build a wall on the Mexican border. Also a New York Times report noted that President Trump and Senate Majority Leader Mitch McConnell aren’t speaking. The Dow Industrials closed down 87 points.
On Thursday, jobless claims for the week ending August 19th edged up 2,000 to 234,000 and existing home sales for July were down 1.3% to a lower than expected annualized rate of 5.44 million units. Retail stocks rose on some good earnings reports.
On Friday durable goods orders for July were down 6.8%. Also, Fed Chair Janet Yellen spoke from the Jackson Hole Symposium but she didn’t mention monetary policy or the economy. Instead, she talked about financial reforms implemented after the financial crises and how the system is safer now and that reforms should not be rolled back. Markets rose sharply on the news. Now let’s take a look at some stocks.
58.com Inc. (NYSE: WUBA) reported better than expected second quarter fiscal 2017 results and shares jumped over 16% on Monday. The company reported revenue of $382 million, a 33% increase year over year, surpassing the company’s own expectations of $352 million. The company reached a new 52-week high of $67.70 per share.
Momo Inc. (NASDAQ: MOMO) reported its second quarter earnings and beat estimates, but despite strong results, shares plummeted over 19% on Wednesday. Monthly active users increased to 91.3 million for the quarter, compared to 74.8 million last year, however, costs and expenses increased by 189%.
Lowe’s Companies Inc. (NYSE: LOW) reported its second quarter financial results posting revenue of $19.5 billion, a 6.8% increase year over year, but fell slightly short of analysts’ predictions. The company lowered its full year guidance as shares fell below $71 on Wednesday.
Dollar Tree Inc. (NASDAQ: DLTR) opened 10% higher on Thursday as a result of positive second quarter results. The discount retailer reported earnings per share of $0.98, or $233 million in net income, above its previous year’s benchmark of $0.72. Full year guidance was increased slightly with net sales expected to range from $22.07 billion to $22.28 billion and the diluted earnings per share are expected to come in around $4.44 to $4.60.
Signet Jewelers Ltd. (NYSE: SIG) will acquire R2Net for $328 million in an all cash transaction. R2Net notably, is the owner of JamesAllen.com, an online jewelry retailer, as well as Segoma Imaging Technologies, which provides a method to enable delivery of a digital shopping experience for jewelry. The acquisition is expected to be completed by the end of the third quarter.