August 26, 2016 Weekly Wrap-up LIVE from the floor of the NYSE

Monday, August 22, 2016 – Friday August 26, 2016

On Monday trading volume was extremely light and there wasn’t much economic data, however, U.S. crude dropped 3% to $47.05 a barrel and 10 year Treasuries yielded 1.54%, as investors basically waited for Janet Yellen’s speech on Friday

On Tuesday, the PMI manufacturing flash for August slowed by 8 tenths of a point to 52.1 and new home sales for July were up 12.4% to an annualized 654,000 units.  This is the highest level of new home sales in almost 9 years.

On Wednesday, existing home sales for July fell 3.2% to an annualized 5.39 million units and the EIA petroleum status report for the week ending August 19th showed a decline in crude oil inventories of 2.5 million barrels. 

On Thursday, jobless claims for the week ending August 20th fell 1,000 to 261,000 and durable goods orders for July were up 4.4%, compared to the prior month’s 4.2% decline. Market trading volume was low, and volatility was low, with the VIX remaining below 15 for 36 days, the longest since 2014. 

On Friday, the second estimate of the second quarter GDP was revised down .1% to 1.1%. The much anticipated speech by Fed Chair Janet Yellen revealed that the Federal Reserve believes that the case for an increase in the federal funds rate has strengthened, however, traders were already expecting this.  Markets were up modestly on the news. 

Now let’s take a look at some stocks

Shares of technology retailer Best Buy (NYSE: BBY) jumped 16% after the company released their quarterly earnings and impressed with better than expected sales. Best Buy pulled in $8.5 billion in revenue, about the same as last year, but shareholders were particularly happy with the company’s online sales, which jumped 24% in the latest quarter. That marked the second straight quarter with online growth above 20%.

Shares of Tesla (NASDAQ: TSLA) spiked Tuesday after the electric car maker announced new versions of the Model S and the Model X which will achieve longer ranges. The Model S P100D, includes a 100 kWh battery with an estimated 315 mile range. The Model X P100D also has a special mode which enables the car to go from 0 to 60 miles per hour in 2.9 seconds.

Shares of Tableau Software (NYSE: DATA) jumped about 10% Tuesday, as the data visualization company announced that a new CEO will be in charge and the original founders will give up day to day control.  The new executive officer is Adam Selipsky, an 11-year veteran of Amazon most recently as VP of Marketing, Sales, and Support for Amazon (NASDAQ: AMZN) Web Services.

Lannett Company’s (NYSE: LCI) stock jumped 15% after the generic-drug maker reported financial results for its fiscal 2016 fourth quarter and full year ending June 30. Lanett’s sales jumped 70% year over year thanks to the acquisition of Kremers Urban Pharmaceuticals.

Tiffany & Co. (NYSE: TIF) reported its second quarter financial results ending July 31st, on Thursday. Sales missed analysts’ estimates, however, profits unexpectedly rose. The rise in profit was due to a recent drop in raw materials’ prices and lower selling and administrative costs.  Shares of the company surged more than 7%.

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