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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 Empire State manufacturing survey for June took a deep plunge, losing 26.4 points to -8.6, its lowest read since January 2016, and the housing market index for June lost 2 points to 64. Markets rose slightly in anticipation of the Federal Reserve lowering rates soon.

On Tuesday housing starts for May rose 1% to an annualized 1.269 million units. President Trump tweeted that he and China’s President Xi had a very good telephone conversation and they would meet this month at the G-20 summit. Markets rallied on the news with the Dow Industrials closing 353 points higher.

On Wednesday the EIA petroleum status report for the week ending June 14th saw crude oil inventory decline 3.1 million barrels. The Federal Reserve concluded its two day meeting and left interest rates unchanged. However, in its statement, the Fed dropped the word “patient” when describing policy and economic activity was downgraded from solid to moderate, and business spending was downgraded to soft. Markets continued rallying on the news with the Dow Industrials closing up 38 points.

On Thursday jobless claims for the week ending June 15th fell 6,000 to 216,000. U.S. crude rose 5.4% to $56.65 a barrel, gold rose 2.1% to $1,389 an ounce and the yield on 10-year Treasuries fell below 2% for the first time since November 2016, but ended up closing at 2%. Markets rallied with the S&P 500 surging 1% and closing at a record high, and the Dow Industrials closing up 249 points. On Friday existing home sales for May jumped 2.5% to an annualized 5.34 million units, however, markets opened mixed on profit taking. Now let’s take a look at some stocks.

Array BioPharma Inc. (NASDAQ: ARRY) shares surged by over 57% on Monday after Pfizer (NYSE: PFE) announced that it would acquire Array for a total of $11.4 billion. Array is focused on the discovery, development, and commercialization of targeted small molecule medicines to treat cancer and other diseases. The transaction is expected to slash Pfizer’s adjusted earnings by about 5 cents per share in 2019 and 2020.

Adobe Inc. (NASDAQ: ADBE) reported its second quarter financial results after market close on Tuesday, coming in with earnings of $1.83 per share on revenues of $2.74 billion. Adobe achieved a record quarterly revenue growth of 25% year-over-year, primarily driven by its Digital Media segment, which witnessed a 22% growth in revenue year-over-year. Results were better than expected, sending shares 4% higher during Tuesday’s extended trading hours.

Oracle Corporation (NYSE: ORCL) reported its fourth quarter financial results after the closing bell on Wednesday. The tech giant’s shares edged 8% higher on Thursday morning after surpassing analysts’ expectations. For the quarter, Oracle reported earnings of $1.16 per share on revenues of $11.1 billion. The company saw its total revenue grow by only 1% year-over-year, however, its Fusion and NetSuite cloud revenues, grew 32% year-over-year.

PG&E Corporation (NYSE: PCG) shares soared almost 15% on Thursday after the Company announced that it reached agreements to pay $1 billion towards the wildfires in 2015, 17, and 18. PG&E settled the claims held by 18 local public entities that were severely impacted by the fires. Moving forward, PG&E said it will continue to enhance its wildfire safety efforts during its Chapter 11 process.

Slack Technologies, Inc. (NYSE: WORK) launched its IPO mid-day on Thursday. Slack priced its shares at $26 for its direct listing, which valued the company at approximately $15.7 billion. Analysts expected the stock price to pop once it began trading, which it did, surging by more than 50% to $42 per share. Slack is a workplace and business communications application which users can use directly from their mobile devices or their computers.

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