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August 12, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News





August 12, 2016 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 2016

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016

On Monday, U.S. crude futures rose 2.9% to $43.02 a barrel, and the 10 year Treasury closed at 1.59%.

On Tuesday, nonfarm productivity for the 2nd quarter fell .5% on top of the prior quarter’s .6% drop. Unit labor costs rose 2%, compared to the prior quarter’s .2% decline. Almost 90% of S&P 500 companies have reported earnings, and about 77% exceeded profit expectations and 56% beat sales projections. Lower earnings overall have caused the S&P 500’s price to earnings ratio to climb above 20 for the first time since 2009. Markets closed slightly higher, and the NASDAQ composite reached a new high.

On Wednesday, the JOLTS jobs report for June showed openings rose 2% to an annualized 5.62 million, and the EIA petroleum status report for the week ending August 5th saw crude oil inventories increase by 1.1 million barrels. U.S. crude fell almost 2.5% on the news, to $41.71 a barrel.

On Thursday, jobless claims for the week ending August 6th fell 1,000 to 266,000. Import prices for July rose .1% compared to the prior month’s .6% increase, and export prices rose .2% compared to the prior month’s .8% gain. In addition some major retailers, including Macy’s had better than forecast profits, and oil surged on Saudi comments about stabilizing prices. In response, for the first time since December 1999, the Dow Industrials, the S&P 500 and the NASDAQ composite all closed at record highs.

On Friday the producer price index for July was down .4% compared to the previous month’s .5% rise. Retail sales for July remained unchanged, compared to the prior month’s .8% increase. Markets opened slightly lower on the news. Now let’s take a look at some stocks.

Cloud communications platform company, Twilio announced its first financial results as a public company on Monday. The company reported revenue of $64.5 million, beating expectations, and increasing 70% year-over-year. Share prices increased during after-hours trading.

Walt Disney met analysts’ expectations for quarterly profit and revenue on Tuesday, powered by strength in its latest movie hits including “The Jungle Book” and “Captain America: Civil War.” The company posted earnings of $1.62 per share on $14.3 billion in revenue.

Luxury clothing brand, Ralph Lauren announced its financial results for the first quarter of fiscal 2017. Even though the company reported a loss, its stock traded higher during premarket. The loss was partly due to expenses generated by the company’s restructuring plan announced in June by President and CEO Stefan Larsson.

Shares of Yelp Inc. set a 52-week-high after the San Francisco based company released stronger-than-expected second-quarter earnings and increased revenue projections for fiscal 2016. Second quarter revenue increased 30% to $173 million.

Luxury Fashion Company Coach reported positive earnings thanks to its cost-cutting strategy of tightening supply to department stores. Coach’s subsidiary brand Stuart Weitzman, acquired last year, brought $84 million to the total sales this quarter. The company’s sales were also helped by mainland China and Europe, with total international sales climbing 15% from a year earlier.

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