December 4, 2015 Financial News – Business News – Stock Exchange – NYSE – Market News
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2015
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2015
On Monday, pending home sales for October rose by just .2%, breaking two straight months of declines, but economists were expecting a 1% rebound.
On Tuesday, motor vehicle sales for November were strong, coming in at an annualized 18.2 million units, the same as the prior month. The ISM manufacturing index for November was below expectations at 48.6, in contraction territory, and its lowest reading since June 2009.
On Wednesday, the ADP employment report for November showed a gain of 217,000 private sector jobs, compared to the prior month’s 196,000. Nonfarm productivity for the third quarter was up 2.2%, on top of the prior month’s 1.6% increase, and unit labor costs were up 1.8%, on top of the prior month’s 1.8% rise. The Fed’s Beige Book report said that most regions of the U.S. continued to expand, as employers started to experience upward pressure on wages due to a tightening job market. Fed Chair Janet Yellen also gave a speech implying that the time for raising rates may be very near. Markets ended the day down, with the Dow Industrials losing 158 points.
On Thursday, jobless claims for the week ending November 28th were up 9,000 to 269,000, and factory orders for October increased 1.5% compared to the prior month’s 1% decline. Markets closed down sharply, with the Dow Industrials losing 252 points.
On Friday, nonfarm payrolls for November were 211,000, stronger than expected, and average hourly earnings were up .2%. The unemployment rate held steady at 5%.
Now let’s take a look at some stocks.
American Eagle Outfitters (NYSE:AEO) reported mixed earnings Wednesday, and shares of the clothing retailer jumped almost 3% in after-hours trading. The company had earnings of 35 cents per share, beating estimates by 1 cent, however, revenue of $919 million was below estimates of $927 million.
Avago Technologies Ltd (NASDAQ:AVGO) shares jumped more than 10% after the wireless chip maker reported earnings on Wednesday, showing impressive performance across the board. Revenue grew 16% for the quarter, and profits of $1.49 a share represent an increase of 198% compared to the prior year’s profits of 50 cents a share.
Box Inc. (NYSE:BOX) shares tumbled more than 12% Thursday, as earnings showed that the online data storage provider has continued to grow, but also widened its loss due to increased spending on marketing, research and development.
Verint Systems Inc. (NASDAQ:VRNT) shares were down 13% Thursday after earnings missed expectations. Shares are down more than 30% year to date. The IT analytics company says that longer customer approval times for big projects and an economic slowdown in emerging markets contributed to the declines.
Dyax Corp. (NASDAQ:DYAX) shares were up sharply after the U.S. Federal Trade Commission terminated the proposed waiting period of Dyax’s acquisition by Shire Pharmaceuticals International. Shire will acquire Dyax for $37.30 cash per share, in a deal worth approximately $5.9 billion.
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