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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2018
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2018
On Monday, markets rose slightly as investors brushed off concerns over a contentious G-7 meeting. The meeting ended last weekend with President Trump refusing to endorse a G-7 declaration to reduce tariffs while he lashed out at Canadian Prime minister Justin Trudeau.
On Tuesday, the consumer price index for May rose .2% on top of the prior month’s .2% gain. President Trump and Kim Jong Un finished their meeting and signed a document promising to continue efforts to work towards peace on the Korean peninsula. Markets ended the day mixed.
On Wednesday the Producer Price Index for May rose .5% on top of the prior month’s .1% gain and the EIA petroleum status report for the week ending June 8th saw crude oil inventory falling 4.1 million barrels. The Federal Reserve finished their two-day meeting and rose its overnight target rate by one-quarter percent, which was expected. The Fed also turned slightly hawkish by indicating an additional rate increase, for a total of two more, is likely this year. Markets fell on the news with the Dow Industrials closing down 119 points.
On Thursday, jobless claims for the week ending June 9th fell 4,000 to 218,000 and retail sales for May increased .8% on top of the prior month’s .4% gain. Import prices for May rose .6% and export prices also rose .6%. The Nasdaq composite reached an all-time high on the strength of tech and media. Ten-year Treasuries ended the day yielding 2.93% and West Texas Intermediate crude ended at $66.95 a barrel.
On Friday industrial production for May declined .1% and the Trump administration announced a 25% tariff on up to $50 billion in Chinese goods. Markets fell sharply at the open. Now let’s take a look at some stocks.
Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY) announced on Monday its first quarter financial results. Total revenues increased 9.2% year-over-year to $332 million. The company also repurchased approximately 606,000 shares for $27.4 million, with an additional 247,000 shares for $10.1 million in its second quarter. Dave & Busters reached over $56 per share on Thursday after the announcement.
Restoration Hardware Holdings, Inc. (NYSE: RH) announced first quarter results on Monday. The company reported quarterly net revenue of $557 million, decreasing 0.8% year over year and an adjusted EPS of $1.33, vs $0.05 per share from the same quarter last year. Restoration shares rallied during Monday’s afterhours and continued into Tuesday midday, surging 38% to an all-time high of $164.28 per share.
Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD), a clinical-stage biopharmaceutical company focused on the development of Aramchol, a drug focused on treating non-alcoholic steatohepatitis, announced results from its global Phase 2b ARREST study. Aramchol continues to show a favorable safety and tolerability profile. Galmed Pharmaceuticals reached a high of $25.10 per share on Tuesday after the announcement.
H&R Block, Inc. (NYSE: HRB) on Tuesday released its financial results for the fiscal year ended April 30, 2018. Revenues increased 4% driven by improved client volumes and increased fees in its U.S. tax businesses. Earnings per share from continuing operations increased 52%, to $2.98, primarily driven by the company’s lower effective tax rate, as well as improved pretax earnings. H&R Block fell to under $24 per share on Wednesday post announcement.
Etsy, Inc. (NASDAQ: ETSY) announced on Thursday, new subscription packages and enhanced tools to support global sellers at different stages of growth. Etsy also announced that it is revising its seller transaction fee, which will support increased investments in the growth and health of the marketplace. Etsy rallied Thursday to a new all-time high of $44.78 per share.
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