LIVE – Floor of the NYSE! Nov. 3, 2017 Financial News – Business News – Stock News – Market News
Watch Us LIVE from the Floor of NYSE! November 3, 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, personal income for September rose .4%, on top of the prior month’s .2% gain, and consumer spending rose 1.0%. The PCE price index rose .4%. Markets fell modestly as Congress considered a plan that would gradually lower the U.S. corporate tax rate.
On Tuesday, the Case-Shiller Home Price Index for August rose .5%, Consumer Confidence in October rose 5.3 points to 125.9, which was a 17 year high. For October, more than half of the S&P 500’s gains came from Facebook, Amazon, Apple, Alphabet and Microsoft.
On Wednesday, the ADP employment report for October saw private payrolls increase 235,000, and the PMI manufacturing index for October rose 1.5 points to 54.6. Construction spending for September rose .3%, and the EIA petroleum status report for the week ending October 27th saw crude oil inventories decline 2.4 million barrels. The Federal Reserved released minutes of its last meeting and they upgraded economic activity to “rising at a solid rate”, thereby keeping in play expectations of a rate hike in the upcoming December meeting.
On Thursday, nonfarm productivity for the third quarter rose 3.0% and unit labor costs rose .5%, while jobless claims for the week ending October 28th fell 5,000 to 229,000. Markets were volatile after a tax reform bill was released and if passed, would lower the corporate tax rate to 20%. However, the plan would also cut mortgage interest deductions in half. President Trump also nominated Fed Governor Jerome Powell for the chair of the Federal Reserve. Powell is widely viewed as dovish and has generally followed the path of current chair Janet Yellen.
On Friday, nonfarm payrolls for October rose 261,000, lower than expectations and the unemployment rate dropped .1% to 4.1%. Average hourly earnings remained unchanged. Markets opened mixed on the news. Now let’s take a look at some stocks.
Under Armour Inc. (NYSE: UAA) reported third quarter financial results, cutting their profit and revenue forecasts for the full year due to weaker demand for their products across the U.S. and Canada. The company showed net income of $54 million compared with $128 million last year. U.S. sales fell 12% while international revenue increased by 35%. The company reached an all-time low of $11.45 a share on Thursday.
Electronic Arts Inc. (NASDAQ: EA) shares slipped on Wednesday after the company reported its quarterly earnings and missed estimates. The company had total net revenue of $959 million, up $61 million year over year, but fell short of analyst estimates of $1.18 billion. Shares fell over 6% shortly after the market open.
Tesla, Inc. (NASDAQ: TSLA) released their quarterly results, reporting revenue of $2.98 billion and an earnings per share loss of $2.92. Non-GAAP automotive gross margin declined to 18.7%, which was in line with expectations. Tesla shares fell below $300 reaching a low of $292.63 on Thursday.
On Wednesday, Facebook Inc. (NASDAQ: FB) reported third quarter earnings that beat analyst estimates, however, shares fell on Thursday, reaching a low of $177.34 due to the company’s expense outlook for fiscal year 2018. Facebook reported total revenue of $10.3 billion, up 47% year over year, and beating analysts’ estimates of $9.84 billion. The company reported earnings of $1.59 per share, up 77% year over year, and beating analysts’ estimates of $1.28.
Alibaba Group Holding Ltd. (NYSE: BABA) on Thursday, reported better-than-expected quarterly earnings and raised its full year forecast. The Chinese e-commerce giant said revenue rose 61% to 55.1 billion yuan and net income increased 132% percent to 17.7 billion yuan. Alibaba reached an all-time high on Thursday of $191.22 per share.
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