Posts by Dan Berman
Stocks rose, fell sharply, then rebounded after several economic reports. The ADP payroll report measured 215,000 new jobs in November, soaring past estimates which were for 173,000 new jobs. October's figure was also revised up to 184,000 from 130,000. Separately the Commerce Department reported that sales of new homes in October surged the most in three decades. Not as encouraging was a report showing the U.S. trade deficit was $40.6-billion in October when estimates had been for $40-billion. Meanwhile, the Institute for Supply Management's non-manufacturing index dipped to 53.9 in November from 55.4 the prior month. The data watching continues this week with the all important November jobs report coming out this Friday.
How much faith do you place in jobs reports? This morning's ADP Payroll report for November came out with a surprisingly robust number: 215,000 jobs added when estimates were for 173,000 new jobs, October's number was also revised upwards to 184,000 from 130,000. Share your thoughts on jobs reports in the daily Hot Stock Minute poll below.
Express (EXPR) is down 16% in early trading on its earnings. Express came out with earnings at 7:30. It missed on the bottom line with profits of 23-cents a share when expectations were for 25-cents. As for revenues, they topped estimates, rising above $500-million. Express says sales over the Thanksgiving weekend were better than last year, but fell short of expectations. As a result, the company is planning to ramp-up discounts, and is therefore cutting its outlook. Pror to this morning's plunge, Express shares had been up 69% year-to-date.
There's a record-breaking fine this morning as a result of massive rate-rigging.The European Union is fining six major banks a total of $2.3-billion. That's the largest fine ever imposed by the European Union. It stems from the manipulation of Libor and Euribor rates. But is the penalty enough to deter future rate rigging? Hot Stock Minute host Lauren Lyster asks Jeff Macke about the fines in the video above.
The ADP payroll report for November soared past estimates. ADP says there were 215,000 private-sector jobs were added over the last month. That destroyed estimates of 173,000. October's numbers were also revised up to 184,000 from 130,000. The ADP is just the start of jobs-related economic indicators expected out this week -- we'll get jobless claims tomorrow, and the government's unemployment numbers on Friday.
Stocks logged their third straight day of losses with the Dow dropping back below 16,000 and the S&P falling under 1,800. The inauspicious start to the month comes on the release of holiday shopping figures. On the upside Cyber Monday sales rose nearly 20% over last year. However, Black Friday receipts were about 3% lower than last year, and the push by many retailers to open on Thanksgiving itself seemed to have mixed results overall. The biggest economic indicator will come on Friday with the release of the Labor Department's November jobs report. That could help determine whether the Fed wants to begin tapering its bond-buying stimulus program.
How much of your holiday shopping do you plan to do online-- as opposed to in store?Share your shopping plans below in the daily Hot Stock Minute poll. But first watch Hot Stock Minute host Lauren Lyster and Yahoo Finance Senior Columnist Mike Santoli discuss the holiday shopping season so far. They also talk about Apple sales, and the company's latest acquisition.
Amazon (AMZN) which is currently down in early trading. Jeff Bezos and company are currently counting receipts from yesterday's Cyber Monday bonanza. Reports from third parties indicate Amazon was a cyber Monday winner. They may have benefitted from the buzz surrounding delivery drones. Not yet a reality-- and perhaps something that will never happen. but a great piece of PR unveiled ahead of the Cyber Monday event. Amazon stock goes into today's regular trading session up 52% so far this year.
Krispy Kreme (KKD) has been down more than 14% since reporting earnings yesterday afternoon. The Doughnut chain hays it made adjusted earnings of 16-cents a share, a penny above estimates. Sales were pretty much in line with expectations So why is the stock getting fried? The company is lowering its guidance for the coming year despite aggressive expansion. Excluding this morning's drop shares of Krispy Kreme are up 152% year-to-date.
The Dow is in danger of dropping back below the 16,000 mark. The index ended yesterday's regular trading session at 16,008 points, and futures have been pointed lower. What's behind the pullback, and how low might we go? Hot Stock Minute host Lauren Lyster talks about the situation with Yahoo Finance Senior Columnist Mike Santoli.
There's a lot of slicing and dicing this morning about Apple's (AAPL) latest acquisition. The tech giant confirms it has purchased Topsy. That's a company which analyzes tweets in an effort to identify business trends. No official word on the purchase price, but sources tell the New York Times, Apple paid $200-million. Apple dropped yesterday on news that hedge fund manager Jeffrey Gundlach said the current price seemed quote "reasonable" at $525. The stock is currently above $550. Shares remain down 6% over the past year.
December didn't exactly start off as a month to remember for the stock market. The major indexes drifted lower on news that the holiday shopping season got off to a ho-hum start. Despite the push by major retailers to open this year on Thanksgiving, sales were actually down 2.7% from last year. Nevertheless, the National Retail Federation is predicting that receipts by year's end will be up 3.9% year-over-year. Today was a major opportunity to prove the guessing right with Cyber Monday. 86% of working Americans were expected to at least browse for merchandise online on the job.
What are the chances we'll have a Santa Claus rally this year? The stock market has already gifted healthy returns to investors. Vote your thoughts below in the daily Hot Stock Minute poll. But first watch show host Lauren Lyster ask Yahoo Finance Senior Columnist Mike Santoli about the possibilities. The pair also talk about Goldman Sachs initiating coverage on Twitter with a price target of $46 and Amazon's dream of delivering packages via drones.