January 29, 2016 Financial News – Business News – Stock Exchange – Market News
January 29, 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
Markets were down sharply on Monday with the Dow Industrials off 208 points. Energy producers were hit hardest as West Texas Intermediate crude futures lost 5.8% to $30.34 a barrel.
On Tuesday, consumer confidence for January was up 1.8 points to 98.1, and the Case-Shiller home price index for November was up .9% month-over-month. West Texas Intermediate jumped 3.7%, and markets rallied, with the Dow Industrials closing up 282 points.
On Wednesday, new home sales for December were up 10.8% to an annualized 544,000 units, higher than analysts’ expectations. The Federal Reserve finished its meeting and, as expected, did not raise interest rates. However, it issued a statement saying it was closely monitoring global economic and financial developments. This caused markets jitters as investors speculated that global economic and financial developments had the potential to drag down the U.S. economy. The Dow Industrials closed down 222 points.
On Thursday, durable goods orders for December were down 5.1%, and jobless claims for the week ending January 23rd fell 16,000 to 278,000.
On Friday, GDP for the fourth quarter came in at a slow .7%, in line with expectations, and the employment cost index for the fourth quarter showed an increase of .6% quarter-over-quarter. The Chicago PMI for January came in at 55.6, its highest reading in a year, and the Bank of Japan announced they would adopt a negative interest rate. Markets opened sharply higher on the news.
Now let’s take a look at some stocks.
Apple (NASDAQ: AAPL) shares were down more than 6% Tuesday after releasing an earnings projection stating that revenue in the first three months of 2016 will be $50 billion to $53 billion. This marks Apple’s first quarterly drop in sales expectations since 2003 and is below analysts’ estimates for $55.5 billion.
Facebook (NASDAQ: FB) shares surged more than 14% in early trading Thursday after the company released fourth quarter earnings, easily surpassing Wall Street’s most optimistic estimates for both revenue and earnings. The social media giant reported earnings of 79 cents per share on $5.8 billion in revenue, while earnings estimates from analysts were only as high as 75 cents per share on revenue of $5.7 billion.
Under Armour (NYSE: UA) shares jumped more than 17%, after reporting fourth quarter earnings. The report eased investors’ concerns that the company is facing a slowdown in growth, as Under Armour revealed very good sales of footwear branded with Stephen Curry, the NBA’s new most valuable player.
Amazon (NASDAQ: AMZN) shares dove more than 13% during after-hours trading, when the company released very disappointing earnings. Amazon reported earnings of $1 per share while analysts expected $1.56 per share. Amazon seemed to imply last year that strong Prime membership increases in December would lead to strong fourth quarter results.
Microsoft (NASDAQ: MSFT) shares jumped about 5% Thursday after the market close, as earnings for its fiscal year second-quarter easily surpassed expectations. The high-tech giant reported adjusted earnings of 78 cents per share on $25.7 billion in revenue. Analysts had expected the company to report earnings of 71 cents per share on $25.3 billion in revenue.
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