LIVE – Floor of the NYSE! Mar. 1, 2019 Financial News – Business News – Stock News – Market News
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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 stocks jumped after President Trump tweeted that there has been substantial progress in trade talks with China and that he will delay the planned increase in tariffs.
On Tuesday housing starts for December fell 11.2% to an annualized 1.078 million units, far below estimates. The Case-Shiller home price index for December rose .2% on top of the prior month’s .3% gain and consumer confidence for February shot up 9.7 points to 131.4. Markets finished the day slightly lower.
On Wednesday, the pending home sales index for January increased 4.6% and factory orders for December rose a meager .1%. The EIA petroleum status report for the week ending February 22nd saw crude oil inventories decline 8.7 million barrels. The top trade negotiator for the U.S. said that China will need to do more than increase purchases of U.S. goods, and that it’s too early to predict the outcome of current talks. Geopolitical tension increased on news that Pakistan shot down two Indian jets and executed air strikes in Kashmir. Markets ended the day mixed.
On Thursday the fourth quarter GDP came in at 2.6%, at the high end of expectations and jobless claims for the week ending February 23rd sa and increase of 8,000 to 225,000. President Trump ended a summit early with North Korean leader Kim Jong Un after he felt that North Korea didn’t offer enough in exchange for the U.S. lifting sanctions. Markets fell modestly.
On Friday the ISM manufacturing index for February fell 2.4 points to 54.2 and the PMI manufacturing index for February declined 1.9 points to 53. Personal income for December rose 1% but consumer spending fell .5%. Due to delays from the earlier government shutdown, also released was Personal income for Janaury which declined .1%. Markets opened modestly higher. Now let’s take a look at some stocks.
Etsy, Inc. (NASDAQ: ETSY) reported its fourth quarter and full year financial results after market close on Monday. The Company surpassed expectations with revenue surging 46% year-over-year. Etsy reported earnings of 32 cents per share on revenue of 0 million.
The Home Depot, Inc. (NYSE: HD) reported its fourth quarter financial results before market open on Tuesday. The home improvement retailer provided weaker-than-expected results, causing shares to tumble by 3%. Home Depot reported earnings of .09 on revenue of almost .5 billion. Chief Financial Officer Carol Tome said that weather-driven demand negatively impacted sales by 0.85%.
Fitbit, Inc. (NYSE: FIT) reported its fourth quarter financial results after market close on Wednesday. The smartwear device maker topped estimates in both revenue and earnings, but missed guidance estimates. For the quarter, Fitbit reported earnings of 14 cents per share on revenue of 1 million. Fitbit sold 5.6 million devices, increasing 3% year-over-year.
Booking Holdings Inc. (NASDAQ: BKNG) reported its fourth quarter earnings during extended trading hours on Wednesday. The travel company missed revenue expectations and provided weaker-than-expected guidance, causing shares to fall by 9.8% on Thursday. For the quarter, Booking Holdings reported earnings of .49 per share on revenue of .2 billion.
J. C. Penney Company, Inc. (NYSE: JCP) reported its fourth quarter financial results on Thursday morning and topped analysts’ expectations, sending shares soaring by as much as 25%. For the quarter, J.C. Penny reported earnings of 18 cents per share on revenue of almost .8 billion. Revenue fell by 9.5% this quarter compared to the same quarter last year.
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