On Monday markets roared upward as news from China over the weekend indicated the country was willing to tighten intellectual property protections and that China and the U.S. were close to reaching a trade deal. The Dow Industrials, S&P 500, and Nasdaq Composite all closed at record highs.
On Tuesday the Case-Shiller home price index for September rose .4% and new home sales for October were down just 5,000 to an annualized 733,000 units. Consumer confidence for November declined .6 point to 125.5. Ten year Treasuries ended the day yielding 1.74% as markets rose on news that U.S. and Chinese officials spoke over the phone and reached consensus on certain trade issues. The three major exchanges once again finished at record highs.
On Wednesday durable goods orders for October increased .6% compared to the prior month’s 1.4% decline and jobless claims for the week ending November 23rd fell 9,000 to 213,000. Personal income for October remained unchanged, lower than expected, and consumer spending rose .3%, while the PCE price index rose .2%. The EIA petroleum status report for the week ending November 22nd saw crude oil inventory rise 1.6 million barrels while the second estimate for the third-quarter GDP was revised upward by .2% to 2.1%. Markets rose modestly and for the third straight day all three major indexes finished at record highs.
On Thursday markets were closed for the Thanksgiving holiday and on Friday markets opened modestly lower on slow holiday trading. Now let’s take a look at some stocks.
Tiffany & Co. (NYSE: TIF) shares rose almost 6% on Monday morning after LVMH Moët Hennessy Louis Vuitton agreed to acquire Tiffany for $135 per share in cash, in a transaction with an equity value of approximately 14.7 billion Euro. Tiffany’s jewelry brand would combine with LVMH’s long line of luxury brands such as Louis Vuitton, Hennessy, Christian Dior, and Fendi.
Nutanix, Inc. (NASDAQ: NTNX) reported its first quarter results after the closing bell on Monday coming in with an earnings loss of $0.71 per share on revenue of almost $315 million. Revenue and earnings were better-than-expected and shares spiked 20% on Tuesday morning.
Dollar Tree, Inc. (NASDAQ: DLTR) reported its third quarter results before the opening bell on Tuesday. The retailer topped revenue estimates, but fell short of earnings estimates, sending shares tumbling by 15%. For the quarter, Dollar Tree reported earnings of $1.08 per share on revenue of $5.75 billion. The Company is expecting a low single-digit increase in same-store sales for the following quarter.
DICK’S Sporting Goods, Inc. (NYSE: DKS) reported its third quarter results on Tuesday morning and topped analysts’ earnings and revenue estimates. Moreover, the retailer raised its guidance for the full-year, sending shares surging by 17%. For the quarter, Dick’s reported earnings of $0.52 per share on revenue of $1.96 billion. Additionally, the Company is expecting same-store sales to increase by 2.5% to 3% for the year.
Best Buy Co., Inc. (NYSE: BBY) announced its third quarter results on Tuesday morning and surpassed analysts’ estimates, sending shares higher by 8%. Best Buy reported earnings of $1.13 per share on revenue of $9.76 billion. Analysts expected earnings of $1.03 per share on revenue of $9.7 billion. The company also increased its full year guidance for earnings.