Published on Sep 25, 2015
September 25, 2015 Financial News – Business News – Stock Exchange – NYSE – Market News
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2015
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2015
On Monday existing home sales for August were down 4.8%, however, year-over-year sales are still at a strong plus 6.2%. Uncertainty over the Fed’s handling of interest rates dominated markets, but the Dow Industrials ended up 125 points.
On Tuesday, fears of a weakening economy persisted, with crude oil falling along with commodities, copper, in particular, dropping more than 3.5%. A new report from the Asian Development Bank also cut its growth forecast for China by .4% down to 6.8%. Markets ended the day down strongly, with the Dow Industrials off 179 points.
On Wednesday, the September PMI flash index for manufacturing held steady at 53, slightly in positive growth territory. Another PMI manufacturing report for China showed a drop to a 6.5 year low of 47 in September. This put downward pressure on oil and commodities, with crude declining over 4% to $44.48 a barrel. Markets ended the day modestly lower.
On Thursday, durable goods orders for August declined 2% compared to the prior month’s 1.9% gain, new home sales for August were up 5.7%, and jobless claims for the week ending September 19th were up 3,000 to 267,000. After markets closed, Fed Chair Janet Yellen said she anticipates an increase in the federal funds rate later this year. Markets ended the day lower, with the Dow Industrials falling 78 points.
On Friday, the final revision to the 2nd quarter GDP was increased another .2% to 3.9%. Stocks opened strongly higher as investors felt reassured by Fed Chair Yellen’s prior comments. Now let’s take a look at some stocks.
Pandora Media Inc. (NYSE:P) shares jumped more than 5% Monday before pulling back slightly, after it was announced that there has been a positive development in a trial regarding how much music royalties Pandora and other internet radio companies will have to pay. The decision is expected to be announced by the middle of December.
Groupon Inc. (NASDAQ:GRPN) stock fell the entire week after the company announced that it was going to slash 1,100 jobs, approximately 10% of its workforce, and close operations in 7 countries. The online deals company has been struggling as competition continues to increase from Living Social and Amazon.
Microsoft Corporation (NASDAQ:MSFT) announced Thursday that it is partnering with Baidu, China’s largest search engine, to help increase the transition of China’s Windows users to its latest operating system, Windows 10. Baidu will now provide a quick Windows 10 install option, to its 600 million users, while Microsoft will make Baidu its default search engine and homepage for the Windows Edge browser.
Caterpillar Inc. (NYSE:CAT) shares dropped Thursday, reaching a new 52-week low of $64.65 after the company lowered its full-year guidance and also announced that it will be eliminating up to 5,000 jobs between now and the end of 2016. Caterpillar also warned that the job cuts could potentially reach 10,000 and last until 2018.
Twitter Inc. (NYSE:TWTR) shares fell as much as 5% on Thursday after Citi analysts lowered their target price from $37 to $30 per share. Citi, however, maintained their neutral rating for the stock. Citi believes that the social media company will continue to struggle to monetize its operations.
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