Financial News – Business News – Stock News – Market News – Stock Exchange
CLICK HERE➡ ➡ http://FinancialBuzz.com
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 markets were closed for the Labor Day holiday.
On Tuesday the PMI manufacturing index for August was down one-tenth of a point to 50.3 and the ISM manufacturing index for August fell an unexpectedly sharp 2.1 points to 49.1. Construction spending for July edged .1% higher. The weak manufacturing data plus new 15% tariffs on Chinese goods that took effect last Sunday led to a sharp selloff with the Dow Industrials closing 285 points lower and 10-year Treasuries yielding 1.47%.
On Wednesday the Federal Reserve released its Beige Book and described consumer spending as mixed and manufacturing as down slightly. Overall economic activity was described as modest. Carrie Lam, Hong Kong’s chief executive, said she would withdraw a controversial extradition bill and markets rose with the Dow Industrials finishing 237 points higher.
On Thursday the ADP employment report for August estimated that private payrolls will rise to 195,000, stronger than expected, and jobless claims for the week ending August 31st rose 1,000 to 217,000. Productivity for the second estimate of the second quarter remained unchanged at 2.3% and unit labor costs rose slightly to 2.6%. Factory orders for July rose 1.4% on top of the prior month’s .5% gain and the ISM non-manufacturing index for August rose 2.7 points to 56.4, much stronger than expected. The U.S. and China agreed to resume trade talks early next month and New York Fed President John Williams gave a speech in which he appeared to agree that another rate cut would occur soon. Markets soared on all the good news with the Dow Industrials closing 372 points higher.
On Friday nonfarm payrolls for August were up 130,000, lower than expected and the unemployment rate remained unchanged at 3.7%. Average hourly earnings rose .4%, slightly higher than expectations. Markets opened mixed on the news. Now let’s take a look at some stocks.
Palo Alto Networks, Inc. (NYSE: PANW) reported its second quarter results after market close on Wednesday, coming in with earnings of $1.47 per share on revenues of $805 million. Palo Alto witnessed its revenue increase by 22% year-over-year, primarily driven by growth in its Subscription and support segment. Initially, Palo Alto shares fell by 6% despite beating analysts’ expectations. However, on Thursday morning, shares opened 5% higher.
Slack Technologies, Inc. (NYSE: WORK) reported its second quarter results after market close on Wednesday, coming in with an earnings loss of $0.14 per share on revenue of $145 million. In addition, the workspace messaging app reported a weaker guidance, sending shares 15% lower. At the end of the quarter, Slack reported that it had over 100,000 paid customers, an increase of 37% year-over-year.
Cloudera, Inc. (NYSE: CLDR) announced its second quarter results during Wednesday’s extended trading hours. The enterprise cloud company reported stronger-than-expected results, sending shares soaring by 14%. For the quarter, Cloudera reported an earnings loss of $0.02 per share on revenue of $196 million. Cloudera’s stronger revenue growth was primarily driven by its Subscription segment, which reported revenue of $164 million compared to $95 million a year ago.
Lululemon Athletica Inc. (NASDAQ: LULU) reported its second quarter results after market close on Thursday with earnings of $0.96 per share on revenue of $883 million. Total comparable sales increased by 15% and direct-to-consumer revenue increased by 30%. Shares were up 4% on the news.
CrowdStrike Holdings, Inc. (NASDAQ: CRWD) reported its second quarter results during extended trading hours on Thursday, coming in with better-than-expected results, however, shares fell by 8%. Crowdstrike reported an earnings loss of $0.18 per share on revenue of $108 million, with a 94% growth in revenue year-over-year, primarily driven by its subscription revenue. During the quarter, the company added 730 net new subscription customers, totaling 3,789 customers.
© 2011 Financial Buzz. All rights reserved. No portion of FinancialBuzz.com may be duplicated, redistributed or manipulated in any form without our consent, violators will be prosecuted to the full extent of the law.