August 7, 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, motor vehicle sales for July exceeded expectations, coming in at 17.6 million units, up 2.3% from the prior month. In June, personal income rose .4%, consumer spending rose. 2%, and the core PCE inflation index rose only .1%. For July, the ISM manufacturing index dropped unexpectedly by .8 to 52.7. Markets ended the day moderately down on energy sector weakness.
On Tuesday, factory orders for June were up 1.8%, the second gain in the last 11 months.
On Wednesday, the ISM non-manufacturing index for July was up unexpectedly sharp to 60.3, the highest reading in 10 years. The trade deficit for June increased 7.1% to .8 billion largely due to increased petroleum imports. The ADP employment report for July came in below expectations at 185,000, down 44,000 from the previous month.
On Thursday, jobless claims for the week ending August 1st were only up 3,000, to 270,000, still a very low level. So far, 85% of companies in the S&P 500 have reported quarterly earnings, with about 75% beating profit estimates, and half beating earnings projections. A few high-profile misses, however, made markets volatile and the major indices closed moderately lower.
On Friday, the highly awaited nonfarm payroll for July was released and it came in a bit lower than expected at 215,000 down 16,000. The unemployment rate remained unchanged at 5.3%. Markets opened modestly lower on the news.
Now let’s take a look at some stocks.
Walt Disney’s (NYSE:DIS) stock plummeted this week following the release of their fiscal third quarter earnings. Disney reported record profits but missed expectations. Revenue came in at .1 billion, and net income was up 11% year-over-year, to almost .5 billion.
Lumber Liquidators Holdings (NYSE:LL) shares also plummeted following its earnings report release that missed estimates. The company continues to feel repercussions from allegations that their floorings contain toxic levels of formaldehyde. The company reported a second quarter loss of million or .75 per share, missing analysts’ forecasts of earning .07 per share. The stock is down more than 80% during the last 6 months.
Herbalife Ltd. (NYSE:HLF) shares were up almost 16% Thursday after reporting better-than-expected second quarter earnings and raising their full-year guidance. The results were credited to higher sales in China and expense management. Sales came in at .16 billion with profits of .24 per share.
Tesla Motors Inc. (NASDAQ:TSLA) shares were down as much as 11% Thursday after their second quarter earnings revealed that the company cut its sales forecast for the second time this year. Currently, Tesla projects that 50 to 55,000 vehicles will be delivered.
Keurig Green Mountain Inc. (NASDAQ:GMCR) shares were hammered on Thursday, falling as much as 27%, after reporting bad third quarter earnings and announcing they will be slashing their workforce by 5%. Keurig reported a decrease in revenue of 5% to 0 million while net income fell by a staggering 27% to 4 million or .73 per share.
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