December 29, 2017 Weekly Wrap up LIVE from the floor of the NYSE | Financial Buzz

December 29, 2017 Weekly Wrap up LIVE from the floor of the NYSE

Monday December 25, 2017 – Friday December 29, 2017

Markets were closed Monday for the Christmas holiday. 

On Tuesday, the Case-Shiller home price index for October rose .7% on top of the prior month’s 1% gain.  Tech was dragged down on rumors that Apple’s sales of its iPhone X will fall far short of the company’s original estimates.  Oil surged after news of an explosion at a crude pipeline in Libya, and Mastercard reported holiday sales increased 4.9% this year, its largest year-over-year increase since 2011. 

On Wednesday, consumer confidence for December fell 6.5 points to 122.1 and the pending home sales index for November rose .2% compared to the 3.5% gain for the month prior.  Trading was very slow, and West Texas Intermediate crude fell to just under $60 a barrel after a week of strength. 

On Thursday, jobless claims for the week ending December 23rd were unchanged at 245,000 and the EIA petroleum status report for the week ending December 22nd saw crude oil inventories decline 4.6 million barrels.  Compared to the same period a year ago, crude oil inventory is down 11.1%.  Commodity prices remained strong, with copper reaching a four-year high, and the U.S. dollar fell with the dollar index down more than 9% for 2017, its worst year since 2003.  U.S. 10 year treasuries yielded 2.43% and gold settled at $1,297 an ounce. 

On Friday morning, trading volume was very light, and markets opened modestly lower absent any significant news.   Now let’s take a look at some stocks.

Mallinckrodt PLC (NYSE: MNK), a global specialty pharmaceutical company, and Sucampo Pharmaceuticals, Inc. announced Tuesday that they have entered into an agreement under which Mallinckrodt will acquire Sucampo.  The transaction was approved by the Board of Directors of both companies and shares of both companies increased post announcement. 

Energous Corporation (NASDAQ: WATT) on Tuesday announced that the Federal Communications Commission has certified its first-generation, wire free, power at a distance charging technology.  The company's WattUp Mid Field transmitter can deliver power via radio frequency energy to compatible electronic devices at a distance of up to three feet.  Shares reached an all-time high of $33.50 on Thursday.

Cheetah Mobile Inc. (NYSE: CMCM) shares jumped more than 10% Thursday after the company announced that its Board of Directors has two new independent directors, effective December 28th. In addition, Mr. David Ying Zhang has resigned as an independent director of the Company.

ZK International Group Co Ltd (NASDAQ: ZKIN) shares jumped over 11% on Thursday after the company announced the receipt of an initial investment from NGST Limited.  NGST’s owners have expertise in blockchain and cryptocurrency trading.

LiNiu Technology Group (NASDAQ: LINU) shares surged over 134% to $3.12 per share on Thursday after the company posted financial results for the first half of its fiscal year. Net loss came in at $5.7 million, compared to a net loss of $129 million a year ago. In April 2017, the company launched the LiNiu Network, an electronic trading platform focused on the Chinese agricultural industry.

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