Financial News – Business News – Stock News – Market News – Stock Exchange
Business News – Financial News – Stock News — New York Stock Exchange — Market News 2018
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2018
On Monday the ISM non-manufacturing index for February fell four-tenths of a point to 59.5. Markets rose after President Trump made a serious of tweets showing more willingness to negotiate before implementing tariffs. The Dow Industrials closed 336 points higher. Oil rose as Libya cut off production at its largest oil field, causing U.S. crude to rise 2.2% to $62.61 a barrel.
On Tuesday, factory orders for January fell 1.4% compared to the prior months 1.8% gain. Markets rose early after North Korea said it might not need to keep its nuclear program if the safety of the regime is insured. Europe proposed retaliatory tariffs and after markets closed, the White House economic adviser Gary Cohn announced his resignation due to his displeasure with President Trumps proposed tariffs.
On Wednesday, the ADP employment report came in stronger than expected at 235,000, non-farm productivity for the fourth quarter was revised to no change, and unit labor costs were revised up to 2.5%. The EIA petroleum status report for the week ending March 2nd saw crude oil inventory increase 2.4 million barrels. The Federal Reserve released its Beige Book for February, lowering growth to modest-to-moderate, in part due to weak auto and home sales. Markets fell sharply on news of Gary Cohns resignation, but gained back some of their losses after the White House said Mexico and Canada could be exempt from some new tariffs.
On Thursday, jobless claims for the week ending March 3rd rose 21,000 to 231,000. Markets rose as President Trump implemented 10% aluminum and 25% steel tariffs, however, Canada and Mexico were exempted.
On Friday nonfarm payrolls for February were 313,000, much higher than expectations. The unemployment rate remained unchanged at 4.1% and average hourly earnings rose .1%, lower than expected. Markets opened strongly higher on the news. Now lets take a look at some stocks.
Target Corporation (NYSE: TGT) on Tuesday announced its fourth quarter and full-year 2017 results. Fourth quarter comparable digital channel sales increased 29%, on top of 34% in the prior year. Post announcement, Target Corporation reached a low of $69.15 on Thursday.
Autodesk, Inc. (NASDAQ: ADSK) late Tuesday, reported financial results for its fourth quarter of fiscal 2018. Subscription plan annualized recurring revenue was $1.18 billion an increase of 106% compared to a year ago. Subscription plan subscriptions increased 371,000 from the third quarter to a total of 2.27 million at the end of the fourth quarter. Revenue was $554 million, an increase of 16% year-over-year. Shares of Autodesk reached an all-time high of $138.50 on Wednesday.
Dollar Tree, Inc. (NASDAQ: DLTR) on Wednesday reported financial results for its fourth quarter and fiscal year ending February 3rd. Consolidated net sales for the 14-week fourth quarter increased 12.9% year-over-year to $6.36 billion. Dollar Tree fell as low as $87 per share on Wednesday.
Momo Inc. (NASDAQ: MOMO) announced on Wednesday morning its unaudited financial results for the fourth quarter and the full year ended December 31st. For the fourth quarter, net revenues increased 57% year over year to $386 million. Monthly Active Users were 99 million in December 2017, compared to 81 million a year ago. Net income was $318 million for the full year, compared with $145 million in 2016.
The Kroger Co. (NYSE: KR) reported fourth quarter financial results with net earnings of $854 million, or $0.96 per diluted share. Total sales increased 12.4% to $31 billion in the fourth quarter compared to $27.6 billion for the same period last year.
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