LIVE – Floor of the NYSE! Sept. 7, 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 the Labor Day holiday.

On Tuesday the PMI manufacturing index for August declined sixth-tenths of a point to 54.7 while the ISM manufacturing index rose 3.2 points to 61.3. Construction spending for July rose .1% compared to the previous months 1.1% decline. Markets fell slightly as investors were worried about continuing trade tensions with Canada and China, with additional talks with Canada scheduled to resume Wednesday.

On Wednesday, the tech sector did poorly as tech executives testified in front of Congress about how to prevent abuse of social media platforms. Ten year Treasuries yielded 2.9% and West Texas Intermediate crude dropped 1% to $68.87 a barrel.

On Thursday, the ADP employment report for August rose 163,000, and jobless claims for the week ending September 1st fell 10,000 to 203,000. Productivity for the second quarter was unrevised at 2.9%, while unit labor costs were revised one-tenth lower to minus 1%. Factory orders for July declined .8% and the ISM non-manufacturing index increased 2.8 points to 58.5. The EIA petroleum status report for the week ending August 31st saw crude oil inventory decline 4.3 million barrels. The tech sector continued its sharp decline while overall markets were mixed.

On Friday nonfarm payrolls for August rose 201,000, higher than expectations, and the unemployment rate held steady at 3.9%. Average hourly earnings increased by .4%. Markets opened mixed on the news. Now let’s take a look at some stocks.

Transocean Ltd. and Ocean Rig UDW (NASDAQ: ORIG) announced on Tuesday that Transocean will acquire Ocean Rig in a cash and stock transaction valued at approximately $2.7 billion. The transaction’s total implied value is $32.28 per Ocean Rig share. This represents a 20% premium to Ocean Rig’s ten-day volume weighted average share price.

Workday, Inc. (NASDAQ: WDAY) announced results for its fiscal second quarter on Tuesday. Total revenue increased 27.9% to $671 million year over year. Net loss per share was flat at $0.40 compared to a year ago. For the trailing twelve months, operating cash flows were $512 million and free cash flows were $337 million, representing year over year growth of 36% and 37%, respectively.

DocuSign (NASDAQ: DOCU) announced results for its fiscal second quarter results on Wednesday. Total revenue was $167 million, an increase of 33% year-over-year. Net cash provided by operating activities was $22 million, compared to $12 million in the same period a year ago. Cash, cash equivalents and restricted cash was $819 million at the end of the quarter.

Cloudera, Inc. (NYSE: CLDR) reported on Wednesday during after-hours trading, its second quarter results with total revenue of $110 million, an increase of 23% year over year. Cloudera shares rose by 23% on the news.

Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) announced on Thursday that it will present its clinical data for ARO-HBV, a potentially curative therapy for chronic hepatitis B, at a summit in Auckland, New Zealand. Data shows the drug is well-tolerated. Arrowhead shares surged on Thursday, climbing 44%.

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