Weekly Market Snapshot1

News Last Week

  • Intel Corporation announced plans to acquire Mobileye, an Israeli technology firm for $15 billion, with aims to accelerate innovation for driverless vehicles. Mobileye makes cameras and sensors for autonomous cars.
  • The initial public offering (IPO) for Canada Goose happened this week on both the Toronto and New York Stock Exchanges. Shares of the parka maker’s company closed the first day of trading up over 25%; the IPO raised approximately $255 million.
  • Dollar General (DG) reported fourth quarter earnings and fiscal 2016 results that reflected a 1% higher-than-expected increase in same store sales in the fourth quarter and net sales increases year-over-year.
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  • Oracle reported higher-than-expected third quarter earnings. Their results were in part due to revenue generated from the high margin, fast-growing, cloud-based business.
  • Adobe Systems Incorporated reported revenues of $1.68 billion for their first quarter. These results were higher-than-expected and shares increased—up around 5% in after-hours trading Thursday—as a result.
  • The IPO for MuleSoft also happened this week. Shares of the tech company were initially priced at $17 per share. Shares opened the day at about $24, making the company’s market capitalization value approximately $3.27 billion.
  • Tuesday: Producer Price Index (PPI) for February reported a 0.3% increase over the previous month and is up 2.2% year-over-year.
  • Wednesday: Consumer Price Index (CPI) for February increased an expected 0.1%. Excluding the more volatile categories of food and energy the index is up 2.2% year-over-year.
  • Wednesday: Retail Sales for February also increased an expected 0.1%; which marks the weakest monthly gain in the past six months.
  • Wednesday: The Federal Reserve raised short-term interest rates 25 basis points to a range of 75-100 basis points. Janet Yellen, Chair of the Federal Reserve, confirmed the likeliness that the Federal Reserve would make two more rate hikes in 2017 and anticipates three hikes in 2018.
  • Thursday: Housing Starts for February were strong at 1.288 million annualized units versus a consensus estimate of 1.270 million units. Housing permits—a longer-term indicator—were reported to be 1.213 million annualized units.
  • Friday: Industrial Production for February did not change month-over-month. The consensus estimate was for a 0.2% increase.
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News Next Week

  • This week seven Federal Reserve board members make public speaking appearances
  • Wednesday: Existing Home Sales will be reported at 8:30am
  • Thursday: New Home Sales will be reported at 10:00am
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  • Friday: Durable Goods Orders will be reported at 8:30am

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