Watch Us LIVE from the Floor of NYSE! October 20, 2017 Financial News – Business News – Stock News – Market News – Stock Exchange
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2017
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2017
On Monday, the Empire State manufacturing survey for October increased 5.8 points to 30.2, stronger than expected. Tensions in Iraq caused U.S. crude to rise .8% to $51.86 a barrel and 10-year Treasuries yielded 2.3%. All three major U.S. indexes closed at record highs on optimism over strong earnings.
On Tuesday, import prices for September rose .7% and export prices rose .8%, and industrial production for September rose .3%. The housing market index for October rose 4 points to 68 and the dollar strengthened on speculation that the next Federal Reserve Chairman will be more hawkish.
On Wednesday, housing starts for October fell 4.7% to an annualized 1.13 million units and the EIA petroleum status report for the week ending October 13th fell 5.7 million barrels. The Federal Reserve released its Beige Book for September and they describe economic growth as modest to moderate. Business growth is restrained in some areas, due to labor shortages, however, wage growth is modest. Consumer spending was downgraded to slow. Upbeat earnings reports, in particular from IBM, spurred rallies with the Dow Industrials gaining 160 pounds to close above 23,000 for the first time.
On Thursday, jobless claims for the week ending October 14th declined a greater than expected 22,000 to 222,000. Also of interest, it was 30 years ago Thursday that the Dow Industrials plunged 22.6%, its worst one day loss in history.
On Friday, existing home sales for September rose .7% to an annualized 5.39 million units. Markets opened higher on news that the Senate approved a budget measure that helps pave the way to tax reform. Now let’s take a look at some stocks.
Exelixis Inc. (NASDAQ: EXEL) shares surged over 25% Monday after it announced that the U.S. FDA has granted priority review for the company’s kidney and liver cancer drug called Cabometyx. Separately, the company also announced the same drug also met all of its primary endpoints in a global phase 3 trial. Cabometryx showed significant improvement in the median overall survival compared to placebo when treating patients with a certain type of advanced liver cancer.
Netflix Inc. (NASDAQ: NFLX) reported results Monday for the third quarter that toppled analyst estimates. The company reported total membership counts increase by over 5 million globally. Shortly after the announcement, shares reached an all-time high of $204.38.
Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) shares surged over 40% Wednesday morning after its announcement of positive results from its Phase 2 clinical study. Spectrum’s drug, poziotinib, is used to treat certain mutations in Non-Small-Cell Lung Cancer. The company’s shares reached an all-time high of $21.95.
IBM Corp. (NYSE: IBM) shares jumped over 9% Wednesday after it reported third quarter earnings, beating analyst estimates and forecasting strong growth rates for the fourth quarter. The strong growth was credited to cloud revenue and other strategic areas including analytics, mobile and security.
Adobe Systems Incorporated (NASDAQ: ADBE) shares jumped over 10% Thursday after the company provided a better-than-expected 2018 profit forecast. The targets include 20% revenue growth and 30% earnings growth. Adobe reached an all-time high of $172.15.
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