LIVE – Floor of the NYSE! Dec. 8, 2017 Financial News – Business News – Stock News – Market News
Watch Us LIVE from the Floor of NYSE! December 8, 2017 Financial News – Business News – Stock News – Market News – Stock Exchange
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2017
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2017
On Monday factory orders for October declined .1% compared to the previous month’s 1.7% increase. The Senate passed a tax reform bill the previous Saturday, however, technology shares sold off. The Dow Industrials did rise 58 points to close at a record high.
On Tuesday, the ISM non-manufacturing index declined 2.7 points to 57.4. Traders noticed that banks and financial companies benefiting from lower corporate taxes saw their shares gain, will tech companies were losers.
On Wednesday, the ADP employment report for November saw private payroll grow 190,000, while the final revision of nonfarm productivity for the third quarter remained steady at 3%, lower than expectations. The EIA petroleum status report for the week ending December 1st saw crude oil inventory decline 5.6 million barrels. West Texas Intermediate crude fell 2.9% to $55.93 a barrel.
On Thursday, the Challenger Job-Cut report for November saw lay-off announcements rise 17% to 35,000, and jobless claims for the week ending December 2nd fell 2,000 to 236,000. Gold fell 1.3% to $1,249 an ounce, its lowest level since July. In the evening, Congress approved a spending bill that will avert a government shutdown for two more weeks.
On Friday nonfarm payrolls for November rose 228,000, higher than expectations, the unemployment rate remained unchanged at 4.1%, and average hourly earnings rose .2%. Markets opened higher on the news. Now let’s take a look at some stocks.
General Cable Corporation (NYSE: BGC) and Prysmian Group on Monday announced that they have entered into an agreement under which Prysmian will acquire General Cable for $30 per share in cash. The price represents an 80% premium over General Cable’s price last July.
Revance Therapeutics, Inc. (NASDAQ: RVNC) announced on Tuesday that its next-generation Injection RT002 delivered positive top-line results in two Phase 3 trials. RT002 appeared generally safe and well-tolerated in both studies, which helped reduce wrinkles on patients.. Another long-term safety study is fully enrolled and is expected to be completed in the second half of 2018. Revance shares jumped over 33% Tuesday.
Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) on Wednesday announced positive results from its Phase 2 clinical trial in patients with non-alcoholic steatohepatitis. Patients using MGL-3196, administered orally, reported an average decline of 36% in hepatic fat versus the placebo group which reported a decline of only 9.6%. The company’s shares reached a new 52-week high of $101 on Wednesday.
Lululemon Athletica Inc. (NASDAQ: LULU) announced financial results for its third quarter late Wednesday. Net revenue increased 14% to $619 million year over year. Gross profit was $322 million, a 16% increase from a year ago. The company reached a new 52-week high of $73.84 per share on Thursday.
SAGE Therapeutics Inc. (NASDAQ: SAGE) shares rose over 70% Thursday as the company reported its successful mid-stage clinical trial for its drug SAGE-217. SAGE-217 is used to treat major depressive disorder and met all primary endpoints, providing rapid effects throughout the 2-week treatment period. SAGE Therapeutics reached an all-time high of $169.58 per share on Thursday.
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