NEW YORK, October 9, 2017 /PRNewswire/ --
U.S. equities fell slightly on Friday after the Bureau
of Labor Statistics reported the first monthly jobs loss in
seven years. Yet the stock market continues to still post strong
weekly gains as investors feel optimistic about a possible tax
reform. The Dow Jones industrial average posted a gain of 1.62
percent last week, while the S&P 500 was up 1.19 percent. The
Nasdaq Composite Index also posted a weekly advance of 1.45
percent. All three benchmark indexes hit new record highs on
Thursday. Nonfarm payrolls fell by 33,000 in September due to the
impact of Hurricanes Harvey and Irma. This is the first monthly
decline since 2010. Average hourly wage rose 2.9 percent year over
year, while unemployment rate fell to 4.2 percent, the
lowest in 16 years. Netflix, Inc. (NASDAQ: NFLX), Herbalife
Ltd. (NYSE: HLF), Amazon.com, Inc. (NASDAQ: AMZN), Alphabet Inc
(NASDAQ: GOOGL), Costco Wholesale Corporation (NASDAQ: COST)
Marcus Bullus, trading director of
MB Capital, said in a MarketWatch report: "Traders were pricing in
a weak print given the severe disruption caused by Hurricanes
Harvey and Irma, and even though it came in far worse than expected
the markets will go into the weekend feeling there is no reason to
panic. The unemployment rate nudged down and wage growth went up in
September, underlining how the headline figure is an anomaly."
Netflix, Inc. (NASDAQ: NFLX) shares jumped about 10% last
week after the popular internet television network has announced
that it will increase subscription prices on some of its streaming
plans. The company's $10/month
high-definition plan now costs $11,
and the 4K streaming plan, will cost $14 per month, a $2
increase. "From time to time, Netflix plans and pricing are
adjusted as we add more exclusive TV shows and movies, introduce
new product features and improve the overall Netflix experience to
help members find something great to watch even faster," a Netflix
spokesperson said in a statement to The Verge. The company's
stock has increased in value about 60% year to date.
Herbalife Ltd. (NYSE: HLF) stock jumped more than 10%
Friday after the announcement of preliminary results of the
company's 'modified Dutch auction' tender offer, which expired
at 5:00 P.M., New York City time, on Thursday,
October 5, 2017, to purchase for cash up to an aggregate
of $600 million of the Company's common shares at a per
share price not less than $60.00 nor greater
than $68.00, plus a non-transferable contractual contingent
value right ("CVR") for each share tendered, allowing participants
in the tender offer to receive a contingent cash payment should
Herbalife be acquired in a going-private transaction within two
years of the commencement of the tender offer. The Company expects
to fund the share purchases in the tender offer from the proceeds
from the $1,300.0 million term loan under
its $1,450.0 million senior secured credit facility
entered into on February 15, 2017.
Amazon.com, Inc. (NASDAQ: AMZN) is now testing its own
delivery service system to make more products available for free
two day delivery and to decrease inventory in the overcrowded
warehouses. The company has used other delivery services such as
FedEx Corp. and United Parcel Service Inc. During premarket hours
on Thursday, UPS shares fell 2 percent and FedEx shares fell 1.7
percent. According to a report by Bloomberg the news project
underscores Amazon's ambitions to expand its logistics operations
and wean itself off the delivery networks of UPS and FedEx.
Alphabet Inc (NASDAQ: GOOGL) announced last week its
renewed push to strengthen their hardware business. In a hardware
event that took place on Wednesday Google unveiled a series of new
products, including a Pixelbook laptop, wireless earbuds and a
small GoPro-like camera, showcase Google-developed operating
systems and services, notably the voice assistant. "It's pretty
clear Google is serious about hardware," said Avi Greengart, research director at consumer
data firm GlobalData, According to Reuters. "Given that there is a
Pixel 2, and given the financial investment, there must be a
longer-term strategic intent."
Costco Wholesale Corporation (NASDAQ: COST) shares fell
about 10% after the company announced on Thursday, its
operating results for the 17-week fourth quarter and the 53-week
fiscal year ended September 3, 2017. The company reported
fourth-quarter revenue rose 15. 7 percent to $42.30 billion. Net income was $919 million, or $2.08 per share, up from $779 million, or $1.77 per share, a year earlier. The
better-than-expected earnings results were boosted by an increase
in the company's membership fee. Fourth-quarter membership fee rose
13.3 percent to $943 million. The
company increased the annual membership fee by $5-$60 for Goldstar and business members,
according to CNBC.
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