March 13, 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
Monday was the 6th birthday of the bull market in U.S. stocks; the S&P has climbed about 206% since 2009. Stocks bounced back from last week’s selloff with no major economic data releases to rock the boat. But the roller coaster ride started on Tuesday when stocks plunged 1.5%, erasing their entire gains for the year so far. Markets couldn’t shake off the pressure from a surge in the dollar and weakness in oil. On Wednesday the dollar continued its relentless rally and the euro touched a new 12-year low. On Thursday retail sales declined 0.6% in February but cheap gasoline prices are not to blame this time; it was the latest auto sales number, which dropped 2.5%. Initial jobless claims fell a very steep 36,000 in the first week of March to 289,000. Stocks rallied into the close after a shaky two days; the rebound was probably in response to many investors who think the Fed will not be raising interest rates due to the mixed economic data. The roller coaster ride continued on Friday with the market trading off the dollar; U.S. Producer Price index for February showed a decline of 0.5 percent, missing earlier estimates.
Now some company highlights:
First, Apple unveiled its first smartwatch and a new MacBook Air in a media event on Monday. Tim Cook said the watch is Apple’s most personal device; but it was also positioned as a fashion accessory. Apple Watch is the company’s first all-new product since iPad launched in 2010.
Barnes & Noble, the bookstore dropped 10% on Tuesday as earnings came in below Wall Street’s forecasts. The bookstore had planned to spin off its college books business by August, along with its Nook tablets and e-book section. But the company had to pay 55 percent more income tax in the third quarter. Barnes & Noble said its bottom line was hurt by higher tax bills.
Lumber Liquidators, which was battered by a “60 Minutes” report on the safety of its flooring products, continues to trade in volatile pattern, driven by commentaries both positive and negative, on the future of the company. Lumber Liquidators has been trying to repair its reputation over product safety issues, by saying they will now allow customers to freely test their products to ensure its safety.
Warren Resources jumped 13.9 percent on Wednesday after the oil and gas company beat earnings projections. Warren Resources produced about 9.1 billion cubic feet of gas equivalent in the fourth quarter. The New York based company posted a revenue of million.
March 13, 2015 Weekly Stock Market Wrap-up:
Apple (NASDAQ: AAPL)
Barnes & Noble (NYSE: BKS)
Lumber Liquidators Holdings Inc. (NYSE:LL)
Warren Resources (NASDAQ: WRES)
Business News – Financial News – Stock Exchange – New York Stock Exchange — Wall Street — Market News 2015
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