LIVE – Floor of the NASDAQ! Dec. 2 2016 Financial News – Business News – Stock News – Market News
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Business News – Financial News – Stock News — New York Stock Exchange – NASDAQ — Market News 2016
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016
On Monday, the post-election rally took a breather, with markets dropping modestly. U.S. crude rose over 2% to close at $47.08 per barrel on speculation of an OPEC production deal.
On Tuesday, the second estimate of the 3rd quarter GDP was raised three-tenths of a percent to 3.2%, on increased consumer spending. Consumer confidence in November rose sharply after the election, up 6.3 points to 107.1, its highest level since July 2007. Continued jitters over OPEC’s solidarity caused U.S. crude to drop 3.9%.
On Wednesday, the ADP employment report for November increased by 97,000 to 216,000, higher than expectations and the pending home sales index for October rose .1%, compared to the prior month’s 1.5% gain. The Fed released its Beige Book survey of the economy stating the U.S. economy is experiencing moderate to modest growth, with inflation under control. Also of note were concerns about the strong dollar negatively impacting the factory sector. OPEC finished its meeting and agreed to cut supply by 1.2 million barrels, its first cut in eight years. U.S. crude shot up over 9% to settle at $49.21 a barrel, while markets closed mixed.
On Thursday, jobless claims for the week ending November 26th rose 17,000 to 268,000, the ISM manufacturing index for November rose 1.3 points to 53.2, and construction spending for October rose .5%. U.S. Treasury 10-year notes yielded 2.44% while oil continued to rise with U.S. crude settling at $51.06 per barrel.
On Friday nonfarm payrolls for November increased by 178,000, and the unemployment rate dropped to 4.6%, however, average hourly earnings fell by .1%. Markets opened slightly down on the news. Now let’s take a look at some stocks.
Valeant Pharmaceuticals International, Inc. (NYSE:VRX) has abandoned its plans to sell its stomach drug unit, Salix Pharmaceuticals, to Japan’s Takeda Pharmaceutical Co. Earlier this month, Valeant had agreed to sell Salix for about $10 billion, however, Takeda lowered its offer at the last minute. Valeant shares dropped nearly 8% on the news last Wednesday.
American Eagle Outfitters, Inc. (NYSE:AEO) announced its financial results for the quarter ending October 29th, with revenue increasing over 2% to $940 million, in line with analysts’ estimates. Profits were $75 million, or $0.41 per share, up from 38 cents a year ago. Shares, however, were down 14% on a subpar holiday season guidance.
General Motors Company (NYSE:GM) might lose almost $9,000 per sale on its $37,500 Chevy Bolt, as the company tries to build market share with electric cars. However, unit sales for GM were up over 10% in November to 252,644 units, beating analysts’ estimates. Shares of GM surged over 5.5% on the news.
GoPro, Inc. (NASDAQ:GPRO) announced on Wednesday it will cut roughly 15% percent of its workforce and close its entertainment division in order to reduce cost. More than 200 full time positions will be eliminated and the company expects a restructuring charge of up to $33 million. Shares rose on the news, which should bring the company back to profitability.
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