On Monday the Chicago PMI for September fell 3.3 points to 47.1, lower than expectations. Markets rose modestly as a volatile third quarter came to a close with the Dow & S&P 500 gaining more than 1% each for the quarter, while the Nasdaq composite fell .1%.
On Tuesday the PMI manufacturing index for September was up 8 tenths of a point to 41.1 and construction spending for August increased .1%. However, the big news was the ISM manufacturing index for September, which hard a larger-than-expected loss of 1.3 points to 47.8, its worst level since June 2009. Exports were hit especially hard. Markets tanked and the Dow Industrials finished 343 points lower.
On Wednesday the ADP employment report for September rose 135,000 and the EIA petroleum status report for the week ending September 27th saw crude oil inventory increase 3.1 million barrels. Markets were disappointed in the soft ADP jobs number and continued selling off with the Dow Industrials closing down 494 points.
On Thursday jobless claims for the week ending September 28th increased 4,000 to 219,000 and factory orders for August declined .1%. The ISM non-manufacturing index for September declined 3.8 points to 52.6, lower than expectations and at a 3-year low. Nevertheless, the index remained above 50 and therefore in growth territory, and investors bought stocks thinking it’s more likely that the Fed will lower interest rates soon. Markets closed higher with the Dow Industrials finishing up 122 points.
On Friday nonfarm payrolls for September were up 136,000, the unemployment rate fell to 3.5%, a 50-year low, and average hourly earnings were unchanged. Markets rose strongly at the open on the news. Now let’s take a look at some stocks.
NextEra Energy Partners, LP (NYSE: NEP) announced on Monday that they will acquire Meade Pipeline Co. LLC and its interests in the Central Penn Line in a deal valued at almost $1.4 billion. The transaction also includes roughly $90 million in future capital contributions through 2022 tied to an expansion opportunity at the existing pipeline.
American food company McCormick & Company, Incorporated (NYSE: MKC), topped third quarter earnings estimates on Tuesday, with earnings per share rising to $1.43 versus $1.30 a year ago, on operating income of $254 million. Shares of the seasoning and condiment-maker surged to over $168 on Tuesday.
Stitch Fix, Inc. (NASDAQ: SFIX) reported fourth quarter results on Tuesday, coming in with earnings of $7.2 million and net revenue increasing 36% year-over-year to $432 million. Active clientele rose 18% to 3.2 million. Shares of Stitch Fix fell to below $18 on Wednesday post announcement.
CrowdStrike Inc. (NASDAQ: CRWD), a global cybersecurity company announced on Tuesday the publication of its Falcon OverWatch 2019 Mid-Year Report that points out cyber threats that the CrowdStrike team has encountered. The report includes detailed accounts of criminal campaigns, including regions and industries most impacted by cyberattacks in the first half of 2019.
AngioDynamics, Inc. (NASDAQ: ANGO) reported first quarter results with net sales of $66 Million, a 3.3% increase from the prior year. Net sales in the Oncology segment rose to $14 million, an almost 21% increase from a year ago. Shares of AngioDynamics fell over 14%, falling to under $15 on Thursday, post announcement.