Financial News – Business News – Stock News – Market News – Stock Exchange
CLICK HERE http://FinancialBuzz.com
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
On Monday markets fell as investors continued to worry about the global implications of the economic crisis in Turkey. The Turkish lira dropped 6.6% against the U.S. dollar to hit its lowest level in history, prompting fear that Turkey can’t pay back debt in other currencies. Emerging market stocks were also hit hard.
On Tuesday, import prices for July remained unchanged, compared to the previous month’s .1% decline, and export prices declined .5% compared to the previous month’s .2% gain. The Turkish lira rose strongly and investors resumed buying stock as sentiment improved, and it also helped when Home Depot and Tapestry Inc. reported strong earnings. Markets ended the day up modestly.
On Wednesday retail sales for July increased .5%, on top of the prior month’s .2% gain and industrial production for July increased .1%. Nonfarm productivity for the second quarter jumped an annualized 2.9% and unit labor costs declined .9%. The Empire State manufacturing survey for August rose 3 points to 25.6 and the EIA petroleum status report for the week ending August 10th showed crude oil inventory increase 6.8 million barrels. Markets fell on weakness in the tech and retail sectors.
On Thursday housing starts for July rose .9% to an annualized 1.168 million units and jobless claims for the week ending August 11th fell 2,000 to 212,000. The Philadelphia Fed business outlook survey for August fell a sharp 13.8 points to 11.9 as new orders slowed. U.S. and China agreed to resume talks and attempt to resolve trade issues. Between that and strong earnings from Walmart, markets rallied with the Dow Industrials jumping almost 400 points.
On Friday markets opened lower as the Turkish lira continued its decline. Now let’s take a look at some stocks.
Netflix Inc. (NASDAQ: NFLX) announced on Monday that Chief Financial Officer David Wells plans to step down after helping the company choose his successor. Wells, who joined Netflix in 2004 and has served as CFO since 2010, and intends to stay until his successor takes the role to ensure a smooth transition. Netflix shares fell to under $322 on Wednesday.
Macy’s, Inc. (NYSE: M) on Wednesday reported second quarter results with net sales totaling $5.57 billion, a decrease of 1.1% year-over-year. Shares of Macy’s fell below $35 on Thursday.
58.com Inc. (NYSE: WUBA) on Wednesday, reported its unaudited financial results for its second quarter. Total revenues were RMB 3.4 billion, a 32% increase year-over-year and exceeding the high end of the Company’s guidance. 58.com shares rose to over $65 on Thursday.
Walmart Inc. (NYSE: WMT) reported second quarter financial results with total revenue of $128 billion, an increase of $4.7 billion, or 3.8%. Walmart U.S. comparable store sales increased 4.5%, led by grocery, apparel and seasonal performance. Walmart shares rose to over $100 Thursday morning, post announcement.
Nvidia Corporation (NASDAQ: NVDA) announced financial results for the second quarter with revenue of $3.12 billion, up 40% year-over-year, but down 3% percent from $3.21 billion in the previous quarter. Datacenter revenue grew by 83% from a year earlier to $760 million.
© 2011 Financial Buzz. All rights reserved. No portion of FinancialBuzz.com may be duplicated, redistributed or manipulated in any form without our consent, violators will be prosecuted to the full extent of the law.