December 11, 2015 Financial News – Business News – Stock Exchange – Market News
December 11, 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, crude oil futures closed at $37.65 a barrel, the lowest level since February of 2009. This was due to last week’s decision by OPEC to not slow down production. Energy stocks declined 3.7% in the S&P 500, pulling down the entire market.
On Tuesday, China’s exports for November fell 6.8% year-over-year, and imports fell 8.7%. Fears of a global slowdown helped push stocks lower and the Dow Industrials closed the day down 162 points.
On Wednesday, oil continued dominating market headlines with the EIA petroleum status report for the week of December 4th showing oil inventories declined by 3.6 million barrels, the first decline in two months. Oil prices spiked on the news, but then ended up falling to a little over $37 a barrel.
On Thursday, jobless claims for the week ending December 5th were up 13,000 to 282,000. Export prices for November were down 6.3% year-over-year and import prices were down 9.4% year-over-year. Despite continued weakness in oil prices, energy stocks were among the top gainers. Markets closed up for the first time in four days with the Dow Industrials gaining 82 points.
On Friday, the producer price index for November was up .3% for the month and down 1.1% year-over-year. Retail sales for November rose .2%. Markets opened sharply lower as oil drifted down.
Now let’s take a look at some stocks.
Keurig Green Mountain Inc. announced Monday it will be acquired by the investment firm JAB Holding for $13.9 billion. The buyout value represented a hefty 78% premium on last Friday’s closing price of Keurig. The deal is expected to close during the first quarter of 2016 and has the support of The Coca-Cola Company, one of its largest shareholders.
Lululemon Athletica Inc. reported disappointing third quarter earnings last Wednesday. The company’s share price fell 13% after the report revealed a lower than expected projection for the fourth quarter and for fiscal 2015. Lululemon has been struggling with a flood of inventory, and management said that margins will be down 1.5-2.5% next quarter.
Costco Wholesale Corporation shares fell 5.5% on Wednesday after as the company reported first quarter fiscal 2016 earnings, revealing a decline in same store sales for the 3rd quarter in a row. Costco derives 30% of its total sales from overseas, and the strength of the dollar has had a strong negative effect.
The Men’s Wearhouse shares plummeted more than 23% during Thursday’s pre-market. The latest quarterly earnings showed that revenue missed analysts’ expectations due to disappointing sales at the company’s subsidiary, Jos. A. Bank Clothiers. The retailer has warned investors that if the sales trend continues through the rest of the quarter it will likely miss profit projections for the year.
Atlassian Corporation, an Australian software company, had its first day of trading on NASDAQ this Thursday, and raised $462 million, after their shares closed up 32% at the end of the day. Atlassian’s software provides businesses with services designed to manage operations. The company is already profitable, with an annual revenue growth rate of about 50 percent.
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