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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 factory orders for April declined .8%, compared to the prior month’s 1.7% gain. Recent worries over trade tensions were shrugged off and markets rose sharply on the strength of the economy. The Dow Industrials closed 178 points higher and the Nasdaq composite closed at a record high.
On Tuesday, the ISM non-manufacturing index for May rose 1.8 points to 58.6 and the JOLTS job openings report for April rose 1% to almost 6.7 million jobs. This was the first time in the 20-year history of the JOLTS report that the number of job openings exceeded the number of unemployed looking for work. Markets closed mixed, with tech strong, but the broader market more concerned with trade issues.
On Wednesday, the revised first quarter nonfarm productivity came in .4% higher compared to the prior quarter’s .7% gain. Unit labor costs rose 2.9% on top of the prior quarter’s 2.7% gain. The EIA petroleum status report for the week ending June 1st saw crude oil inventory rise 2.1 million barrels while the yield on 10-year Treasuries ended the day at 2.97% and West Texas Intermediate crude finished at $65.05 a barrel. The financial sector rallied on higher interest rates with the Dow Industrials closing 346 points higher, and above 25,000 for the first time since March.
On Thursday, jobless claims for the week ending June 2nd fell 1,000 to 222,000. Ten-year Treasuries’ yield fell to 2.93% after a sharp selloff in Brazil’s markets, due to currency concerns. U.S. markets ended the day mixed.
On Friday markets opened slightly lower as the G-7 summit prepared to start in Canada. Now let’s take a look at some stocks.
Microsoft Corp. (NASDAQ: MSFT) on Monday announced it reached an agreement to acquire GitHub, a large software development platform with more than 28 million developers. Under the terms of the agreement, Microsoft will acquire GitHub for $7.5 billion in Microsoft stock. Microsoft reached over $102 per share on Tuesday, post announcement.
Athenahealth, Inc. (NASDAQ: ATHN) announced on Wednesday that its Board of Directors initiated a process to explore strategic alternatives. As part of this process, the Board will consider a sale, merger or other transaction involving the Company as well as continuing as an independent company. The Company announced that Jonathan Bush has stepped down as President, Chief Executive Officer and as a member of the Athenahealth Board, effective immediately. Athenahealth reached a new 52 week high of $163.94 per share.
Ambarella, Inc. (NASDAQ: AMBA) announced on Tuesday, financial results for its fiscal first quarter. Revenue came in at $56.9 million, down 11.2% year-over-year. Gross margin was 61.3%, compared with 63.9% a year ago. Ambarella shares fell below $43 on Wednesday.
Conn’s, Inc. (NASDAQ: CONN) announced on Thursday, its financial results for its fiscal first quarter with net income at $12.7 million compared to a net loss of $2.6 million for the same period a year ago. Total retail revenues were $275 million compared to $279 million year-over-year. Conn’s reached over $32 per share on Thursday after the announcement.
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