Entries in Stock Market (110)


Stocks Close the Week Near 13,000 Mark

Comstock/Thinkstock(NEW YORK) -- Oh, the anticipation.  The Dow flirted with the 13,000 mark again Friday, coming ever so close, but not close enough.
The Dow called it a week up 46 points at 12,949. The Nasdaq lost 8 and the S&P gained 3 to end the week.
The last time the Dow reached the milestone was May 19, 2008, and it will likely be Tuesday, at the very earliest before we see the 13,000 Dow.  The markets will be closed on Monday for Presidents' Day.
Why are we so focused on the number? Analysts say it would give consumers and businesses the psychological boost they need to spend more.
Copyright 2012 ABC News Radio


Lower Unemployment Claims Boost Stocks

Hemera/Thinkstock(NEW YORK) -- An encouraging weekly jobs report pushed stocks up Thursday.
The Dow closed up 123 points at 12,904 -- its highest mark since before the 2008 start of the U.S. financial crisis. The Nasdaq added 44 points Thursday to close at 2,960. The S&P closed at 1,358 -- a 15-point addition for the session.
First-time unemployment claims dropped last week to the lowest level in four years, to a seasonally-adjusted 348,000.  Claims consistently below 375,000 usually signals hiring is strong enough to lower the unemployment rate.
Copyright 2012 ABC News Radio


Housing Reports No Help to US Stocks

Comstock/Thinkstock(NEW YORK) -- A hopeful sign for the housing market wasn't enough to keep the markets in positive territory Wednesday.
While the Dow closed down 97 points, the Nasdaq lost just 16. The S&P gave up 7 points for the session.
Homes are a bargain now, but for how much longer?  The National Association of Homebuilders/Wells Fargo index has risen for the fifth month in a row, to 29. The industry still has a long way to go. Any reading below 50 basically says people aren't buying.
Copyright 2012 ABC News Radio


Deal for Greek Budget Cuts Sends US Stocks Higher

Comstock/Thinkstock(NEW YORK) -- U.S. markets on Monday benefited from Greece's approval of new austerity measures.
The Greek parliament's approval of another round of budget cuts is seen as a crucial step forward before Greece can get a second round of bailouts.  Even though hurdles remain, U.S. stocks rose on the news. The Greek debt deal appeared to take some pressure off U.S. banks, which led to gains Monday.

The Dow gained 73 points Monday to close at 12,874. The Nasdaq closed up 27 1/2 points, while the S&P added just 9 points.

Copyright 2012 ABC News Radio


Euro Plans Boost US Stocks to Modest Gains

Medioimages/Photodisc/Thinkstock(NEW YORK) -- U.S. markets saw little movement Wednesday thanks to new worries about Europe's shaky financial situation.
On Wednesday the Dow closed up just 6 points, while the S&P added 3. The Nasdaq closed with a 12-point gain for the session.
A deal may be close in Greece's crucial debt talks, according to leaders in that country. Eurozone finance ministers plan to meet in Brussels, Belgium, on Thursday to talk about a second massive bailout for Greece.

Copyright 2012 ABC News Radio


Jobs Outlook Pushes Stocks Higher

Hemera/Thinkstock(NEW YORK) -- Some encouraging news about jobs kept the markets on an even keel Tuesday.
The Dow closed up 33 points at 12,878.  The Nasdaq and S&P gained just 2 and 3 points, respectively.
Some Americans are still having difficulty finding work, but there are more signs that that could be changing. The Labor Department says the number of available jobs in the U.S. has surged to almost a three-year high. The spring job outlook should be more optimistic than it was at this time last year.

Copyright 2012 ABC News Radio


Dow Closes its Worst Week Since September

Comstock/Thinkstock(NEW YORK) -- The markets couldn't do much to make up for a rough week in a shortened post-Thanksgiving session as major indexes lost more than four percent for the week.

The Dow closed down 26, ending its worst week since late September, while the Nasdaq lost 19 and the S&P gave up three.

Stocks wavered between gains and losses during minimal trading Friday, as the day after Thanksgiving is traditionally the lightest volume of the year.

Meanwhile, worries about Europe's debt problems flared up again on Friday. In another sign investors are growing hesitant to lend to European countries, Italy had to pay 7.8 percent to borrow for two years at a debt auction.

A record number of shoppers are expected to hit stores on Black Friday. The National Retail Federation estimated 152 million people will heads to the malls from Friday to Sunday. It would mark an increase of 10 percent from last year.

Copyright 2011 ABC News Radio


US Markets Closed; German Business Confidence Rises

Comstock/Thinkstock(NEW YORK) -- The U.S. markets are closed Thursday for the Thanksgiving holiday but world markets have edged higher.

There's speculation that China might ease its monetary policy and that is easing fears Germany's strong economy may be succumbing to Europe's debt crisis. Benchmark oil was hovering over 96 dollars a barrel, while the dollar fell against the euro and the yen.

A closely watched survey shows German business confidence rose unexpectedly this month, despite the lingering European debt crisis. It breaks a trend of four months of falling business confidence.

Global markets were spooked Wednesday by the poor results at an auction of German debt -- with only 60 percent demand -- and by news the Dow fell for a sixth straight day.  

Copyright 2011 ABC News Radio


Groupon’s Stock Discounted Below IPO Price

Scott Olson/Getty Images(CHICAGO) -- Much like the deals on its website, Groupon’s stock is selling at a discount. The shares have plunged about 30 percent in the past two days to below its offer price.

On Tuesday, the shares closed down 15 percent to $20.07, slightly above the $20 from the initial public offering on Nov. 4. Today, the stock slid to $19.04 at the open then plunged another 14 percent to $17.21 at mid-day.

Analysts say the company may have been overvalued. With its IPO price at $20 a share, the Chicago-based company was initially valued at $12.7 billion. At the end of the day on Nov. 4, the company had a market cap of $16.5 billion.

Ken Sena, director in the equity research group of Evercore Partners, had valued the shares at $8-$10 billion before the IPO, even with bullish assumptions.

A spokeswoman for Groupon said the company could not comment because it is in a 40-day “quiet period” in accordance with SEC rules following an IPO.

Analysts had warned that Groupon’s business model was rapidly being replicated by fierce competitors like fellow deals website, LivingSocial.

Some merchants have said they have lost money through deal sites like Groupon while others have used them as marketing tools to attract new customers.  Merchants have complained that the new customers from Groupon can disrupt their business and aren’t very loyal.

Groupon says it has over 50 million subscribers and has sold over 22 million Groupons in North America, as of January 2011.  The company launched in November 2008 and has never made a profit.

Copyright 2011 ABC News Radio


Netflix Stock Plunges after 800,000 Members Quit

Justin Sullivan/Getty Images(NEW YORK) -- If you were angry enough at Netflix to cancel your membership over major changes to the movie delivery service, you weren't alone: there were 810,000 people just like you, the company announced Tuesday.

The news sent the one-time Wall Street darling into another tailspin Tuesday as the stock -- already down 60 percent since the company announced a price hike in July -- dropped another 35 percent after the opening bell. Netflix stock briefly hit $300 per share on July 13; Tuesday it dropped below $75.

All of the red arrows for the company known for its red envelopes stemmed from a doubly disastrous decision. Netflix had a successful movies-by-mail service, but decided it would be left behind if it kept sending DVDs to people instead of streaming them online. When the company tried to jack up its prices -- and spin off its mail service to a new business called Qwikster -- customers revolted.

"They're making a transition from a 'momentum stock,' where you can do no wrong," said Vasily Karasyov, an analyst at Susquehanna Financial. "When the momentum's gone, you see the complete annihilation of the share value. That's why they call it a momentum stock."

Netflix actually beat Wall Street estimates when it reported profits Monday, but it warned that it would lose money in 2012. It needs to clean up the mess in the U.S., and it's trying to expand its service in the U.K.

"We moved too quickly," CEO Reed Hastings told ABC News last month. "We didn't give it enough thought. We didn't give it enough explanation, enough integration, and you know, that's legitimately caused our customers to be angry."

Karasyov is among several analysts who have downgraded Netflix stock to "negative" from "neutral."

"There is no quick fix," he said. "It there were a quick fix, don't you think they would have done it by now?"

Copyright 2011 ABC News Radio

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