LIVE – Floor of the NYSE! Jan. 26, 2018 Financial News – Business News – Stock News – Market News

Financial News – Business News – Stock News – Market News – Stock Exchange


Business News – Financial News – Stock News — New York Stock Exchange — Market News 2018

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2018

Last weekend, the government shut down non-essential offices as Congress failed to pass a budget. However, on Monday, legislators reached agreement to fund the government though February 8th. Markets rose to record highs on optimism over corporate earnings.

On Tuesday, the good news continued with 76% of S&P 500 companies that have reported quarterly results surpassing earnings expectations, and 84% of those companies beat revenue estimates. The S&P 500 and Nasdaq composite closed at record highs.

On Wednesday, the PMI composite flash for January rose eight-tenths of a point to 53.8, existing home sales for December fell 3.6% to an annualized 5.57 million units, and the EIA petroleum status report for the week ending January 19th saw crude oil inventory fall 1.1 million barrels. Markets were mixed as investors paused and considered protectionist rhetoric coming from the Trump Administration. Ten year Treasuries finished yielding 2.65%, gold jumped 1.2% to $1,357 an ounce and U.S. crude rose 2.4% to $65.99 a barrel, its highest level in more than two years.

On Thursday, jobless claims for the week ending January 20th rose 17,000 to 233,000 and new home sales for December fell 9.3% to an annualized 625,000 units. Stronger than expected results from Caterpillar and 3M pushed the Dow Industrials up 140 points, but other major indexes were mixed. The U.S. dollar rallied after President Trump made comments that the dollar will get stronger.

On Friday, durable goods orders for December rose much stronger than expected at 2.9%, and the fourth quarter GDP rose 2.6%, lower than expected. Markets opened higher on the strength of earnings reports.

Wynn Resorts (NASDAQ: WYNN), Limited on Monday reported revenue and earnings that topped analysts’ estimates, sending its shares up over 8%. The company reported net revenue of $1.69 billion for the fourth quarter, an increase of 29.9% from a year earlier. Adjusted net income was $144 million, or $1.40 per share.

Netflix, Inc. (NASDAQ: NFLX) shares surged 10% on Tuesday after the streaming company provided a better-than-expected first-quarter guidance. The company added 8.3 million subscribers in the fourth quarter, beating analysts’ expectations of 6.4 million. Netflix now has a market value of over $110 billion.

On Tuesday morning, Procter & Gamble (NYSE: PG) reported second quarter fiscal year 2018 net sales of $17.4 billion, an increase of 3% over the prior year. Operating cash flow was $3.7 billion for the quarter. Procter & Gamble fell to under $88 per share on Wednesday after the announcement.

Verizon Communications Inc. (NYSE: VZ) reported fourth quarter earnings of $4.56 per share, compared with $1.10 a year ago. Total consolidated operating revenues were $34 billion, up 5% from a year ago. Shares reached a new 52-week high of $54.77 on Thursday after the announcement.

3M Co. (NYSE: MMM) on Thursday morning, reported fourth-quarter earnings of $0.85 per share, a decrease of 55% from a year ago. The Tax Cuts and Jobs Act (TCJA), signed into law in the fourth quarter, resulted in a net tax expense in the quarter of $762 million, or $1.25 per share. Sales were up 9% to $8 billion. 3M reached a new all-time high of $254.80 per share on Thursday.

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