March 4, 2016 Financial News – Business News – Stock Exchange – Market News
March 4, 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 the pending home sales index for January slowed by 2.5% to 106, and the Chicago PMI came in at contraction territory at 47.6, but it didn’t move the market much. The People’s Bank of China cut its reserve requirement ratio by .5%, the first cut since last October. West Texas Intermediate crude was up 3% to $33.75 a barrel. The Dow Industrials ended the day down 123 points.
On Tuesday, motor vehicle sales for February were an annualized 17.5 million units, compared to the prior month’s 17.6 million. The PMI manufacturing index for February was 51.3, down from 52.4, and the ISM manufacturing index was 49.5, up from the prior month’s 48.2. In January , construction spending rose 1.5% to its highest level since 2007. Markets were up strongly with the Dow Industrials gaining 348 points.
On Wednesday, the ADP employment report for February showed a gain of 214,000 jobs, stronger than expected, and the EIA petroleum status report for the week ending February 26th showed the oil glut gained another 10.4 million barrels, however, production dropped by 25,000 barrels a day. Markets ended the day with slight gains.
On Thursday, jobless claims for the week ending February 27th rose 6,000 to 278,000, factory orders for January increased 1.6%, and the ISM non-manufacturing index for February held just about even at 53.4.
On Friday, non-farm payrolls for February were 242,000 up 70,000 from the prior month, the unemployment rate remained unchanged at 4.9% and average hourly earnings declined by .1%. Markets opened slightly higher on the news.
Now let’s take a look at some stocks.
JD.Com Inc. (NASDAQ: JD) shares surged about 4% Tuesday morning, after the company posted fourth quarter earnings for its fiscal 2015. The Chinese online direct-sales company showed better-than-expected results, and benefited from a very strong Gross Merchandising Volume (GMV), which jumped more than 69% year-over-year, to $22 billion.
Kate Spade (NYSE: KATE) shares rallied despite mixed results. The company reported earnings of $0.32 per share on $429 million in revenue, slightly below expected revenue of $444 million. Kate Spade provided guidance for 2016, expecting EPS in the range of $0.70 to $0.80 and net sales around $1.4 billion.
Costco Wholesale (NASDAQ: COST) reported disappointing earnings again, showing a second straight quarterly decline in sales growth. Costco has a reputation for consistent growth, however, the quarterly report released Thursday morning said that the strong dollar hurt results, with comparable store sales rising only 1% year over year instead of 5%.
The Kroger Company (NYSE: KR) shares plummeted after the operator of retail food and drug stores reported supermarket sales rose slower than expected due to the shift of the Super Bowl to February and unusually warm weather. Shares of the company dropped more than 8%on Thursday morning. Kroger has often benefited from snowstorms as customers usually stock up on groceries and products.
51job, Inc (NASDAQ: JOBS) shares jumped more than 15% on Thursday morning, as the Chinese human resource services company reported an increase in revenue of 16% to $94 million, exceeding the companies own expectations.
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