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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2019

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2019

On Monday the PMI manufacturing index for May fell 2.1 points to 50.5, a 10-year low while the ISM manufacturing index for May dropped seven-tenths of a point to 52.1. Construction spending for April was unchanged. Tech had a really bad day as reports surfaced that the U.S. government is planning on targeting big companies regarding business practices. The Nasdaq Composite lost 1.6%, placing it in correction territory, down over 10% from it’s high in April.

On Tuesday factory orders for April declined .8% compared to the prior month’s 1.3% gain. However, the big news of the day was when Fed Chair Jerome Powell gave a speech stating that the Fed will closely monitor the trade situation and will act to sustain the expansion and keep inflation near 2%. Markets rallied massively with the Dow Industrials closing up 512 points and the Nasdaq Compositing surging 2.7%.

On Wednesday the ADP employment report for May saw private payrolls expanding a very week 27,000 and the ISM non-manufacturing index for May rose 1.4 points to 56.9. The EIA petroleum status report for the week ending May 31st saw crude oil inventories jump 6.8 million barrels. The Trump administration made comments indicating Mexico still has time to make a deal before implementing new tariffs and markets made strong gains with the Dow Industrials closing up 207 points.

On Thursday jobless claims for the week ending June 1st remained unchanged from the prior week, at 218,000, while the revised nonfarm productivity for the first quarter rose 3.4% and unit labor costs declined 1.6%. Ten-year Treasuries yielded 2.13% and West Texas Intermediate crude finished at $52.59 a barrel.

On Friday nonfarm payrolls for May grew a paltry 75,000, much lower than expectations, and the unemployment rate held steady at 3.6%. Average hourly earnings grew by .2%. At the open, markets rocketed higher, with investors anticipating the bad news will prompt the Fed to lower interest rates. Now let’s take a look at some stocks.

Cloudera, Inc. (NYSE: CLDR) reported its first quarter results after market close on Wednesday, beating expectations, however, also announcing the departure of its Chief Executive Officer Tom Reilly. Cloudera shares fell as much as 39% at the opening bell on Thursday. For the first quarter, Cloudera reported an earnings loss of 0.13 per share on revenues of $187.4 million.

Stitch Fix, Inc. (NASDAQ: SFIX) reported its third quarter results after market close on Wednesday, smashing analysts’ estimates and causing shares to rally as much as 27%. The company reported earnings of $0.07 per share on revenue of $408.9 million. Revenue rose 29% year-over-year, largely due to the Company’s increase in active clients to 3.1 million.

Ciena Corporation (NYSE: CIEN) reported its second quarter results before market open on Thursday, with earnings of $0.48 per share on revenues of $865 million. Revenues increased 18.5% year-over-year, while per-share earnings more than doubled from a year ago. The stronger quarter was primarily led by higher sales in Ciena’s networking platforms. Shares jumped 25% on the news.

Beyond Meat, Inc. (NASDAQ: BYND) reported its first financial results since launching its IPO in early May. Beyond Meat exceed analysts’ revenue estimates, which sent shares soaring 25% higher during Thursday’s extended hours. The company reported an earnings loss of $0.14 per share on revenue of $40.2 million. Revenue grew by 215% year-over-year, largely due to its 304% growth in its Fresh platform.

DocuSign, Inc. (NASDAQ: DOCU) reported its first quarter results after market close on Thursday, earning $.07 per share on revenue of $214 million. DocuSign’s strong revenue growth was driven by its 36% increase in subscription revenue and a 64% increase in its professional services and other revenue. Shares fell 16% on the news over fears that billing is decelerating slightly.

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