LIVE – Floor of the NYSE! June 1, 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

Markets were closed Monday for Memorial Day.

On Tuesday, the Case-Shiller home price index for March rose .5% on top of the prior month’s .8% gain. Consumer confidence for May rose 2.4 points to 128. In Italy, populist efforts to pursue an agenda not sanctioned by the European Union, and potentially threatening Italy’s continued membership in the EU, caused markets to panic. As buyers rushed to safety, the yield on U.S. 10-year Treasuries fell to 2.77% and the Dow Industrials closed down 391 points.

On Wednesday the ADP employment report for May rose 178,000 and the second estimate of the first quarter GDP was revised down one-tenth of a percent to 2.2%. The Federal Reserve released its Beige Book and said growth in the U.S. is moderate and that even though there is a shortage of skilled workers, wage increases remained modest. Markets rallied and the Dow Industrials closed up 306 points.

On Thursday jobless claims for the week ending May 26th fell 13,000 to 221,000, and the EIA petroleum status report for the week ending May 25th saw crude oil inventory fall 3.6 million barrels. Personal income for April rose .3%, consumer spending rose .6%, and the PCE price index rose .2%. The pending home sales index for April fell 1.3%. The Trump Administration imposed tariffs on the European Union, Mexico, and Canada, sparking fears of another trade war. Markets closed lower with the Dow Industrials losing 251 points.

On Friday nonfarm payrolls for May came in at 223,000, much stronger than expected, the unemployment rate ticked down to 3.8% and average hourly earnings increased .3%. Markets opened sharply higher on the news. Now let’s take a look at some stocks.

Momo Inc. (NASDAQ: MOMO) announced on Tuesday its unaudited first quarter financial results. Net revenues increased 64% year over year to $435 million and net income increased 60% to $129 million. Monthly active users were 103.3 million in March 2018, compared to 85.2 million a year ago. Shares of Momo reached over $45 on Tuesday, post announcement.

Dick’s Sporting Goods, Inc. (NYSE: DKS) reported on Wednesday fiscal first quarter earnings. The company raised its full year 2018 guidance and now expects earnings per diluted share of $2.92 to $3.12, a 12 cent per share increase from its previous range. eCommerce sales increased 24% during the first quarter. Dick’s Sporting Goods reached a new high of $38 per share after the announcement.

Salesforce (NYSE: CRM) announced Tuesday results for its fiscal first quarter. The company raised is full year 2019 revenue guidance to about $13.1 billion. First quarter revenue of $3 billion was up 25% year-over-year and operating cash flow of almost $1.5 billion was up 19% year-over-year. Salesforce reached an all-time high of $132.55 per share on Wednesday morning.

DSW Inc. (NYSE: DSW) on Wednesday announced fiscal first quarter revenue of $712 million, up 2.9% year-over-year while same store comparable sales increased 2.2%. Reported net income was $24.3 million, or $0.30 per diluted share. DSW shares fell to under $24 on the news.

Box, Inc. (NYSE: BOX) announced late Wednesday, its fiscal first quarter results with revenue of $140.5 million, up 20% year-over-year. Cash flow from operations was up 116% to $18.4 million year-over-year. Box fell to under $25 per share on Thursday.

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