June 10, 2016 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 2016
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2016
On Monday, Fed Chair Janet Yellen gave a speech acknowledging last week’s job growth report was disappointing, but she also said there has been considerable progress in the labor market and it continues to strengthen. In addition, the Fed still needs to gradually raise rates over time, but she didn’t give a time frame. Markets ended the day up modestly, with the Dow Industrials gaining 113 points.
On Tuesday, the revised nonfarm productivity for the first quarter decreased .6% and unit labor costs increased by 4.5%. U.S. crude futures settled at $50.36 a barrel, its first settle above $50 since last July, and the yield on 10 year notes closed at 1.71%.
On Wednesday, the JOLTS job openings report for April rose 2% to 5.8 million and the EIA petroleum status report for the week ending June 3rd, showed crude oil inventories falling by 3.2 million barrels. Markets rallied and were trading near their highest levels since last summer.
On Thursday, jobless claims for the week ending June 4th fell 4,000 to 264,000. Billionaire investor George Soros placed large bearish investments in the gold sector due to his concerns over the outlook of the global economy. On Friday markets opened sharply lower as global interest rates declined, and the price of crude oil fell below $50 a barrel.
Shares of Lululemon Athletica Inc. (NASDAQ: LULU) jumped 5% after the company reported quarterly earnings on Wednesday. Numbers were mixed with the yoga-wear maker posting a 5% decline in profits from the same period last year as a result of an increase in general and administrative expenses. Revenue, however, increased by 17% to $495 million, and inventory problems are now under control, removing a drag on the business.
VeriFone Systems Inc. (NYSE: PAY) shares dove more than 20% after the maker of payment-systems reported disappointing quarterly earnings, announced layoffs and reduced its annual forecasts. VeriFone reported profit of $0.47 cents per share on sales of $526 million; however, analysts expected earnings of $0.52 cents a share on sales of $530 million.
Valeant Pharmaceuticals (NYSE: VRX) shares continued falling this week, after reporting earnings, and lowering its projections. The company now expects to earn about $4.9 billion in 2016 adjusted earnings before interest, taxes, depreciation and amortization, down from its earlier projection of $5.8 billion.
Tailored Brands Inc.’s (NYSE: TLRD) shares tumbled 22% following another disappointing earnings report. The Men’s Wearhouse segment is struggling amid a difficult retail environment. Comparable sales at Men’s Wearhouse—the company’s largest brand—declined 3.5%. The company claims that fewer customers bought less items. Jos. A. Bank, another brand under Tailored Brands, recorded a 16% drop in comparable sales on a decrease in transactions.
Tesla (NASDAQ: TSLA) announced plans to make a cheaper version of the model S, to be called the 60, and will be priced at $66,000 and have a range of 210 miles per charge, about double the range of electric cars from other car makers. The company wants the luxury electric car to be available to a wider consumer base.
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