Chip stocks are surging, and it bodes well for the broader technology sector. Samsung Electronics posted a record third-quarter profit Tuesday and gave a bullish outlook for 2018 due to strong demand for its memory chips, driving the semiconductor industry shares higher. Memory maker Micron’s stock rose 6 percent following […]
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The stock market’s valuation is back to the point where Greenspan warned of ‘irrational exuberance’
As the stock market keeps moving higher, valuations have reached an ominous level that comes appropriately enough on Halloween. The Shiller CAPE ratio, which compares stock prices to their earnings over a 10-year period, is at 31.43, about where it was when then-Fed Chairman Alan Greenspan gave his widely cited […]
Stock market busts through the weakest 6-month period, which bodes well for the rest of the year
On Wall Street, it’s sometimes possible to see a rainbow—and maybe even find a pot of gold—without having to suffer through a downpour first. That’s the happy spin on the historical record of stock performance in years when the market prances unscathed through typically tough months of the year. Rather […]
Bitcoin surges to record above $6,400 after CME announces launch of futures for digital currency
CME announced Tuesday it plans to launch bitcoin futures in the fourth quarter, pending regulatory review. Bitcoin rose to a record high above $6,400 Tuesday morning, according to CoinDesk, after the announcement by the world’s largest futures exchange. “Given increasing client interest in the evolving cryptocurrency markets, we have decided […]
Small business wages up a ‘nice and stable’ nearly 3% this month, says Paychex CEO
Small business hiring fell slightly in October in the wake of devastating Hurricanes Harvey and Irma, human resources firm Paychex said Tuesday. Paychex also said national hourly earnings for the month were an average $26.07, a gain of 2.91 percent, or 74 cents, year over year. “We’re seeing wage increases […]
Mastercard shares jump after results beat the Street
MasterCard reported quarterly earnings and revenue that beat analysts’ expectations on Tuesday. Here’s how the company did compared with what Wall Street expected: EPS: $1.34 vs. $1.23 expected according to Thomson Reuters Revenue: $3.4 billion vs. $3.28 billion expected according to Thomson Reuters Shares rose 1.2 percent after the company […]
Under Armour trims full-year outlook, sending shares tumbling
Under Armour reported third-quarter earnings on Tuesday that topped analysts expectations, but revenue that fell short on account of weaker demand in North America. The retailer also trimmed back its profit and revenue expectations for the full year. Shares were falling around 15 percent on the news. Here’s how the […]
Under Armour slashes full-year outlook, sending shares tumbling
Weaker demand for Under Armour products across the U.S. and Canada is clearly hurting the athletic apparel retailer. The company trimmed its profit and revenue expectations for the full year on Tuesday, citing a “difficult backdrop” in North America — its largest market by sales. Under Armour also reported third-quarter […]
Goldman: Labor market divided with big ‘pool of struggling workers’
Despite a historic level of low unemployment, Goldman Sachs believes the labor market is divided, with a “pool of struggling workers” on the fringe. In a research note by chief economist Jan Hatzius, Goldman notes that while short-term unemployment has improved to historic lows, a higher rate of long-term unemployment […]
This chart of small caps rolling over shows market rally is hinging on tax reform
The sharp downturn in small-cap stocks on Monday is raising a flag with investors that the stock market may have priced in corporate tax cuts to a greater extent than previously thought. The Russell 2000 took a big hit on Monday, falling more than 1 percent, after Bloomberg News reported […]