October 21, 2016 Financial News – Business News – Stock Exchange – NYSE – Market News

CLICK HERE➡ ➡ http://FinancialBuzz.com

Business News – Financial News – Stock News — New York Stock Exchange — Market News 2016

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016

On Monday, the flash PMI manufacturing index for October jumped almost two points to 53.2, its strongest rate of growth since October 2015. U.S. crude fell slightly to settle at $50.52 a barrel when Iran said it would like to be excluded from an OPEC deal to cut production.

On Tuesday, the Case-Shiller home price index for August showed modest gains of .2% month-over-month and 5.1% year-over-year. Consumer confidence for October was almost 5 points lower at 98.6.

On Wednesday, new home sales for September increased 3.1% to an annualized 593,000 units and the EIA petroleum status report for the week ending October 21st showed crude oil inventories decreasing by 600,000 barrels. The flash PMI for services in October was up strongly by almost 3 points to 54.8. Ten Year U.S. Treasury notes yielded 1.79%, with yields rising as traders are betting a 73% chance that the Federal Reserve will hike rates by the end of the year.

On Thursday, durable goods orders for September were down .1% and jobless claims for the week ending October 22nd fell 3,000 to 258,000. The pending home sales index for September rose 1.5%, its highest gain since April. Bonds in the U.S. and Europe rallied as traders speculated that stronger economies will soon lead to central banks tightening their monetary policies. The U.S. Treasury’s 10 year note shot up to 1.85%.

On Friday the 3rd quarter GDP came in at 2.9%, higher than expectations and boosted by exports. The employment cost index for the 3rd quarter rose .6%. Markets were up modestly on the news. Now let’s take a look at some stocks.

Chipotle Mexican Grill, Inc. (NYSE:CMG) saw its net income fall to $7.8 million, or $0.27 a share, compared to $145 million, or $4.59 a share in the 3rd quarter last year. Revenue fell 14.8% to $1.04 billion. Chipotle is still recovering from the E. coli scare and continues to attempt to win customers back with various promotions. The company’s shares are down over 36% over the past year.

Apple, Inc. (NASDAQ:AAPL) reported quarterly earnings with better than expected iPhone sales. The company reported earnings per share of $1.67, slightly higher than expectations, however, revenue of $46.9 billion was shy of expectations. Shares surged after hours on the earnings release but later fell below the closing price of $118.25.

Tesla Motors, Inc. (NASDAQ:TSLA) smashed analysts’ expectations on Wednesday, earning $0.71 a share on $2.3 billion in revenue. Analysts had predicted a loss of $0.54 per share on $2 billion in revenue. Tesla was up over 5% in after-hours trading and reiterated its forecast for 50,000 new vehicle deliveries for the second half of 2016.

Sprint Corporation (NYSE:S) reported a smaller loss than expected as the company continued to add customers. Analysts had projected a loss of $0.08 per share, however, the company reported a loss of $142 million or $0.04 per share, compared to a year ago loss of $585 million, or $0.15 a share. Revenue rose 3.4% to $8.25 billion, also beating analysts’ estimates.

Under Armour, Inc. (NYSE:UA) saw its shares drop the most in more than seven years after the company warned that its growth rate will be less than expected. The company now expects revenue to increase in the low 20% range during 2017 and 2018. The athletic retailer is also investing aggressively overseas, opening more stores. Gross margins for the third quarter fell to 47.5% from 48.8% a year ago.

© 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.


1 reply
  1. Kenneth Bane
    Kenneth Bane says:

    @Perry Norel
    Read this analyst from Susquehanna’s Shyam Patil increases price target from $950 to $1,250 as he sees potential upside to 4Q estimates….ummmm yea sure there buddy! (rolling eyes) trying to keep his current clients happy and amazon up. WOW that is all I can say!


Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *