LIVE – Floor of the NYSE! Nov. 24, 2017 Financial News – Business News – Stock News – Market News
Watch Us LIVE from the Floor of NYSE! November 24, 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
This was a holiday week with markets closed Thursday for Thanksgiving. On Monday, the leading indicators for October rose 1.2% after only a .1% increase for the prior month. Fed Chair Janet Yellen submitted her resignation effective when her replacement, Jerome Powell, is sworn in.
On Tuesday, existing home sales for October rose 2%, stronger than expected, to an annualized 5.48 million units. Ten year Treasuries yielded 2.36% and gold increased .3% to $1,280 an ounce. The Dow Industrials, S&P 500, and Nasdaq composite all closed at record highs, primarily on the strength of the tech sector.
On Wednesday, durable goods orders for October declined 1.2%, compared to the prior month’s 2.2% increase, and consumer sentiment for November increased seven-tenths of a point to 98.5. Jobless claims for the week ending November 18th were down 13,000 to 239,000, and the EIA petroleum status report for the week ending November 17th showed crude oil inventory decreasing 1.9 million barrels. The Federal Reserve released minutes from its last meeting and it showed that although members unanimously voted to keep rates unchanged, disagreement erupted over the lack of inflation. Dovish members want to keep rates low to ensure inflation will rise above the Fed’s 2% target, while hawks feel the low inflation is temporary because the economy keeps improving.
On Friday the PMI composite flash index for November declined 1.1 points to 54.6, and markets opened in record high territory over optimism about the upcoming holiday season. Now let’s take a look at some stocks.
Palo Alto Networks (NYSE: PANW) reported that their fiscal first quarter revenue grew 27% year over year to $505 million; product revenue grew 14% year over year to $186 million; and subscription and support revenue grew 36% year over year to $319 million. Shares of Palo Alto were up over 8% on Tuesday.
Guess?, Inc. (NYSE: GES) stock cratered about 13% Wednesday after the clothing retailer reported a net loss of $2.9 million for their third quarter, compared to net earnings of $9.1 million a year ago. The company said revenues in the Americas decreased 13.4%, and retail same store sales decreased 10%. However, Europe revenues increased 18.8% and same store sales increased 10%.
salesforce.com, inc. (NYSE: CRM) shares fell more than 1% as the customer relationship management company announced third quarter revenue of $2.7 billion, an increase of 25% year-over-year. Subscription and support revenues were $2.5 billion, an increase of 25% year-over-year, and professional services and other revenues were $194 million, an increase of 20% year-over-year.
GameStop Corp. (NYSE: GME) shares jumped more than 3% Wednesday, after the video game retailer announced total global sales for their third quarter increased 1.5% to $2 billion, with comparable store sales growth of 1.9%. New hardware sales increased 8.8%, led by demand for the Nintendo Switch, and new software sales increased 5.4% driven by a strong title lineup.
HP Inc, (NYSE: HPQ) reported their fourth quarter results on Tuesday with net revenue increasing 11% to $13.9 billion, beating estimates of $13.25 billion. Revenue of personal systems, including desktops and notebooks, rose 13%, and revenue from printers was up 7%.
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