July 10, 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
Over the past weekend, Greece voters shot down a referendum that would agree to international creditors’ demands for more austerity reforms and Greek banks remained closed all week. China’s attempt to stabilize the Shanghai stock exchange yielded results as the Shanghai composite closed up over 2%.
On Monday, energy stocks suffered as crude oil dropped more than 7%, with the Dow Industrials falling below its 200-day moving average. The ISM non-manufacturing index for June improved to 56 from the previous month’s 55.7, which was the lowest number in more than a year.
On Tuesday, the U.S. trade deficit widened to $41.9 billion, in line with expectations, however, the strong dollar reduced exports. Greece also promised new economic reform, in an attempt to keep negotiations with creditors alive.
On Wednesday, trading at the New York Stock Exchange was suspended over 3.5 hours due to technical problems, and were resolved without further incident. In addition the Federal Reserve’s minutes from its last meeting were released. Although some members wanted a rate hike, most wanted more employment growth and increased inflationary pressure before raising rates.
On Thursday, jobless claims for the week ending July 4th were up 15,000 to 297,000 and Greece also submitted another proposal for reforms.
On Friday, early morning news showed that the Shanghai Composite Rallied 5.8%, it’s best session since 2009, and response to Greece’s new proposal was enthusiastic. Markets were up strongly at the start of trading.
Let’s take a look at some stocks.
Humana Inc., the country’s second largest provider of private Medicare insurance, saw its shares rise slightly this Monday to $190 before trickling back down throughout the week after competitor Aetna Inc. offered to buy the company for $37 billion, or approximately $230 per share. If the acquisition is approved, it would form the largest provider of Medicare in the sector.
GoPro, Inc. shares rallied slightly following the Monday release of their smallest camera to date, the Hero4 Session. According to company reports, the Session is about 50% smaller and 35% lighter than their previous Hero4 models. Company CEO Nick Woodman also expressed that the company will be expanding into the virtual reality market this August with a camera that works with Google’s virtual reality technology.
DepoMed Inc. shares spiked from $20 to $28 this Tuesday after Horizon Pharma offered a hostile $3 billion bid to acquire the company along with its debt, following a rejected proposal that was made last May. Horizon is offering $29.25 per share of DepoMed, a staggering premium of 42% relative to Monday’s price.
Tesla Motors, Inc. stock plummeted this week before rebounding slightly on Thursday after receiving downgrades from Deutsche Bank and Pacific Crest Securities. Both firms feel Tesla’s share price has grown enough to fully reflect the company’s foreseeable opportunities.
Walgreens Boots Alliance, Inc., the country’s largest pharmacy chain, shot up to $90 from $86 after they reported a better-than-expected third quarter profit. Walgreens reported earnings of $1.02 per share while analysts predicted earnings of only $0.87 per share. Full-year guidance was raised from $3.70 to $3.80 per share.
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