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 the pending home sales index for June rose .9% compared to the previous month’s .5% decline. Markets dropped with the tech sector hit particularly hard as investors stared to pause and examine recent run-ups in valuations. The Nasdaq Composite lost 1.4%.
On Tuesday personal income for June increased .4% on top of the prior month’s .4% gain. Consumer spending increased .4% on top of the prior month’s .5% gain, and the PCE price index rose .1%. The employment cost index for the second quarter rose .6% and consumer confidence for July rose 1 point to 127.4. The Case-Shiller home price index for May rose .2%. Markets rose on a report that said the U.S. and China were trying to restart talks aimed at preventing a full-blown trade war between the two countries.
On Wednesday the ADP employment report for July showed a 219,000 increase in private payrolls, and construction spending for June declined 1.1%. The PMI manufacturing index for July declined one-tenth of a point to 55.3 and the ISM manufacturing index for July also declined, losing 2.1 points to 58.1. The FOMC finished their two-day meeting and, as expected, did not raise interest rates. The Fed described both economic activity and household spending as strong, which was better than previous reports. Markets declined, however, as news broke that the Trump administration is considering raising tariffs on Chinese goods from 10% to 25%.
On Thursday jobless claims for the week ending July 28th increased 1,000 to 218,000 and factory orders for June rose .7% on top of the previous month’s .4% gain. Markets rose, especially the Nasdaq Composite as Apple became the first U.S. publicly traded company to reach a $1 trillion market value.
On Friday nonfarm payrolls for July increased 157,000, below expectations, and the unemployment rate ticked down to 3.9%. Average hourly earnings increased by .3%. Markets opened modestly higher on the news. Now let’s take a look at some stocks.
Shopify Inc. (NYSE: SHOP) announced on Tuesday financial results for its second quarter with total revenue of $245 million, a 62% increase year-over-year. Subscription Solutions revenue grew 55% to $110.7 million.
Apple, Inc. (NASDAQ: AAPL) announced on Tuesday, financial results for its fiscal third quarter. The company posted revenue of $53.3 billion, an increase of 17% year-over-year. Shares of Apple reached an all-time high of $208.38 on Thursday.
SodaStream International Ltd., (NASDAQ: SODA) a manufacturer of home beverage carbonation systems, announced on Wednesday its quarterly results. Revenue increased 31.3% to $171.5 million, compared to $130.6 million a year ago. Operating income increased 89.1% to $31.8 million, compared to $16.8 million a year ago. SodaStream reached an all-time high of $115.48 per share on Thursday.
Tesla Inc. (NASDAQ: TSLA) reported second quarter results on Wednesday and saw its automotive revenue increase by 23% over the first quarter and by 47% year-over-year. Services and other revenue increased by 25% year-over-year primarily due to higher used car sales. Tesla’s shares reached a high of $349.99 on Thursday.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) reported on Thursday, results for its second quarter with revenue of $4.7 billion, a decrease of 18%. Gross profit was $2.1 billion, a decrease of 28% year-over-year. Research and Development (R&D) expenses decreased 38% to $290 million. Shares of Teva fell to under $22 on Thursday, post announcement.
© 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.