Watch Us LIVE from the Floor of NYSE! January 20, 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, markets were closed for the Martin Luther King, Jr. holiday.
On Tuesday, the Empire State manufacturing survey for January fell 1.1 points to 6.5. The dollar fell sharply after Donald Trump made comments that the dollar is too strong and the yield on 10 year Treasuries fell to 2.32%.
On Wednesday, the consumer price index for December rose .3% on top of the prior month’s .2% gain and industrial production for December rose .8% compared to the prior month’s .7% drop. The capacity utilization rate edged up .5% to 75.5%. The housing market index for January dropped 2 points to 67, however, it remains close to its high of the current economic cycle. The Federal Reserve released its Beige Book survey of the economy, stating economic growth is moderate to modest, however companies are becoming increasingly optimistic while also raising more concerns for tightness in the labor market.
On Thursday, housing starts for December shot up 11.3% to an annualized 1.23 million units, and permits fell .2% to 1.21 million. Jobless claims for the week ending January 14th fell 15,000 to 234,000, much lower than expected. The EIA petroleum status report for the week ending January 13th saw crude oil inventories increasing by 2.3 million barrels. Markets ended the day down modestly.
On Friday markets opened higher as traders waited for the inauguration of Donald Trump. Now let’s take a look at some stocks.
American multinational entertainment giant, Netflix, Inc. (NASDAQ: NFLX) released its fourth-quarter earnings, surpassing expectation. The stock surged 8% Wednesday after market, reaching new all-time highs. In the fourth quarter Netflix global streaming revenue jumped 41% year over year, reaching $2.4 billion. Contribution profit increased 74% year over year to $470 million, operating profit came in at $154 million compared to guidance of $125 million, while net income recorded at $67 million, above the company’s own forecast of $56 million.
Shares of Target Corp. (NYSE: TGT) fell nearly 6% after the company announced it will cut its fourth quarter earnings guidance due to disappointing sales during the crucial holiday season. According to the report, total year over year sales decreased 4.9% during November and December, reflecting the impact of its 2015 sale of its pharmacy and clinic businesses. As a result of this softer-than-expected sales performance, the company updated its fourth quarter and full-year 2016 guidance.
Holiday sales of Tiffany & Co. (NYSE: TIF) were lower than expected for the two months ending December 31st, hurt by post-election traffic disruptions at Trump tower, right next to the company’s New York City flagship store. Overall, however, sales were slightly above that of last year, contributed by growth in the Asia-Pacific region. In the Americas, comparable store sales fell 4% from a year ago, dragged lower by a 14% drop in sales at the company’s flagship store. Shares trended lower on the news.
Shares of Morgan Stanley (NYSE: MS), the financial services corporation, continued to fall after the company reported net revenues of $9.0 billion for the fourth quarter compared with $7.7 billion a year ago. Net income came in at $1.7 billion, or $0.81 per share, compared to $908 million, or $0.39 per share, for the same period a year ago.
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