LIVE – Floor of the NYSE! August 31, 2018 Financial News – Business News – Stock News – Market News


Financial News – Business News – Stock News – Market News – Stock Exchange


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 U.S. announced a new trade deal with Mexico to replace NAFTA. The deal, which requires approval of Congress, will last 16 years and will be reviewed every six years. Negotiations with Canada haven’t started yet. Stocks rallied on the news and both the S&P 500 and Nasdaq Composite closed at record highs.

On Tuesday, the Case-Shiller home price index for June rose .1% and consumer confidence for August rose 5.5 points to 133.4, its highest read since October 2000. Markets rose slightly on continued trade optimism, with both the S&P 500 and Nasdaq Composite closing at record highs.

On Wednesday, GDP for the second quarter was revised up .2% to 4.2%, and the pending home sales index for July declined .7%. The EIA petroleum status report for the week ending August 24th saw crude oil inventory decline 2.6 million barrels. Canada joined trade talks with the U.S. and both sides expressed optimism that Canada can be included in the deal already in place with Mexico. Markets rose strongly on the news along with strength in the tech sector. Once again, the S&P 500 and Nasdaq Composite closed at record highs.

On Thursday jobless claims for the week ending August 25th increased by 3,000 to 213,000 and personal income for July rose .3%, while consumer spending rose .4%. The PCE price index for July rose .1%. Markets fell after a report said that President Trump was in favor of slapping tariffs on an additional $200 billion in Chinese goods in the near future. West Texas Intermediate crude finished at $70.14 a barrel, its highest level in a month.

On Friday markets opened slightly higher as the U.S. and Canada continued trade negotiations, and consumer sentiment for August rose slightly to 96.2. Now let’s take a look at some stocks.

DSW Inc. (NYSE: DSW) announced on Tuesday financial results for its second quarter. Revenue increased 16.4% to $795 million while comparable sales increased 9.7%. DSW reported a loss of $0.48 per diluted share, including charges of $1.11. Shares reached over $33 on Tuesday post announcement.

Best Buy Co., Inc. (NYSE: BBY) announced second quarter results on Tuesday with domestic revenue of $8.64 billion, 4.4% higher year-over-year, driven by comparable sales growth of 6.0%. International revenue of $740 million increased 10.8% year-over-year. Shares fell below $76 on Tuesday post announcement.

Box, Inc. (NYSE: BOX), a cloud content management provider, announced on Tuesday second quarter financial results with revenue of $148 million, up 21% year-over-year, and deferred revenue of $301 million, up 25% year-over-year. Operating margin was up 7%. Box fell to under $24 per share on Wednesday.

American Eagle Outfitters, Inc. (NYSE: AEO) on Wednesday reported earnings per share of $0.34 for the second quarter, compared to $0.12 a year ago. Total revenue increased 14% and comparable sales rose 9%, while gross profit increased to $353 million from $293 million. American Eagle Outfitters fell below $24 per share on Wednesday.

Electronic Arts Inc. (NASDAQ: EA) announced on Thursday that it is revising its net bookings outlook for fiscal 2019, driven by a delay to the Battlefield V launch date. Net bookings guidance was lowered from $5.55 billion to $5.20 billion. Shares of Electronic Arts fell to under $116 post announcement.

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