Financial News – Business News – Stock News – Market News – Stock Exchange
CLICK HERE➡ ➡
Business News – Financial News – Stock News — New York Stock Exchange — Market News 2019
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2019
On Monday, there wasn’t much economic news, and markets didn’t do much as investors waited for an upcoming policy speech by Fed Chair Powell and the upcoming G-20 summit. Ten-year Treasuries yielded 2.02% and West Texas Intermediate crude finished at $57.78 a barrel.
On Tuesday new home sales for May fell 7.8% to an annualized 626,000 units and the Case-Shiller home price index for April remained unchanged. Consumer confidence for June fell 9.8 points to 121.5, much lower than expectations. Markets fell when Fed Chair Powell indicated that the Fed should wait for more evidence of slowing before lowering interest rates, with the Dow Industrials closing down 179 points.
On Wednesday durable goods orders for May fell 1.3% on top of the prior month’s 2.8% drop and the EIA petroleum status report for the week ending June 21st saw crude oil inventory drop 12.8 million barrels, causing energy-sector stocks to spike. However, markets overall ended the day mixed.
On Thursday the final estimate of the first quarter GDP remained unchanged at 3.1%, within expectations, however, consumer spending grew .9% falling short of expectations. Jobless claims for the week ending June 22nd grew 10,000 to 227,000 and the pending home sales index grew 1.1%.
On Friday personal income for May rose .5%, higher than expectations, and consumer spending rose .4%. The PCE price index rose .2%. Markets rose at the open on news that major banks passed the Fed’s annual stress test. Now let’s take a look at some stocks.
Caesars Entertainment Corporation (NASDAQ: CZR) shares soared by 16% on Monday morning after U.S. casino operator Eldorado Resorts, Inc. (NASDAQ: ERI) agreed to acquire the company for a cash-and-stock deal valued at $17.3 billion. The acquisition is expected to increase scale and geographic diversification across 60 domestic gaming properties.
Micron Technology, Inc. (NASDAQ: MU) reported its third quarter results and topped analysts’ expectations for both top and bottom lines with earnings of $1.05 per share on revenue of $4.8 billion. The U.S.-China trade dispute has severely impacted the company, especially with the U.S. decision to blacklist certain technology sales to Huawei, which represented 13% of Micron’s revenue in the first six months of fiscal 2019. The company expects fourth quarter earnings of $.45 per share. Micron shares jumped 10% on the news.
Allergan plc (NYSE: AGN) shares skyrocketed by 26% on Tuesday after drug maker AbbVie, Inc. (NYSE: ABBV) agreed to buy out the company. While Allergan shares surged, AbbVie shares plunged by 15%. AbbVie said the acquisition helps position the company across various medical sectors, and it should contribute an increase in adjusted earnings per share of 10% for the first full year, and up to 20% following.
Rite Aid Corporation (NYSE: RAD) reported its first quarter results after the closing bell on Wednesday, losing $.14 per share on revenues of $5.3 billion. The company missed both earnings and revenue estimates, but shares surged throughout Thursday by as much as 33% after the company announced a partnership with Amazon to allow consumers to pick up their orders at the store.
NIKE, Inc. (NYSE: NKE) reported its fourth quarter results with earnings of $.62 per share on revenue of $10.2 billion. The athletic apparel retailer missed earnings estimates, but topped revenue expectations. The company primarily saw strength within its NIKE Brand, as revenue increased by 10% year-over-year, unlike it’s Converse Brand which remained flat. Nike’s sales in China surged by 22% to $1.7 billion.
© 2011 Financial Buzz. All rights reserved. No portion of FinancialBuzz.com may be duplicated, redistributed or manipulated in any form without our consent, violators will be prosecuted to the full extent of the law.