Weekly Market Snapshot

News Last Week

  • In response to a potential direct hit from Hurricane Florence this week, hardware and generator stocks rose Monday. Generac, a generator manufacturer popped 5.7% and roofing supplier Beacon rose 7.3%.
  • Sonos stock plunged 20% Tuesday after releasing its first earnings report as a public company.
  • Wednesday Snap dropped 10% after BTIG analyst Richard Greenfield cut his rating to sell and moved his price target to $5.00 or around 50% of the current price.
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  • AMD stock fell 5.4% Thursday, after hitting a 12-year high on Wednesday. The stock has more than tripled year-to-date.
  • Thursday after the close L Brands, owner of Victoria’s Secret, announced they were closing their Henri Bendel brand. Friday the stock traded up over 4%.
  • Friday Adobe stock hit a record high after releasing better-than-expected revenue and earnings. At least seven analysts raised their price targets after the report. Adobe was also mentioned in a report this week from Reuters that the company was in talks to buy marketing software company Marketo.
  • Tuesday: The Labor Department’s JOLTS survey for July showed a new high in job openings of almost 7 million. There was also a fresh high in quits and new hires. Vacancies outnumbered those classified as unemployed by 659,000.
  • Tuesday: The NFIB Small Business Optimism Index for August jumped to 108.8, the highest level ever recorded in the survey’s 45 year history.
  • Wednesday: The Producer Price Index for August declined by 0.1%, the first drop in 18 months. Expectations were for an increase of 0.2%.
  • Thursday: Consumer Price Index for August rose by 0.2%, lower-than-expected.
  • Friday: Retail Sales for August were 0.1%. July was revised higher to 0.7%.
  • Friday: Industrial Production for August rose 0.4%, higher-than-expected.
  • Friday: Consumer Sentiment for September hit 100.8 vs. estimate of 96.6.

News Next Week

  • Monday: Empire State Index for September at 8.30am.
  • Tuesday: Home Builders’ Index for September at 10.00am.
  • Wednesday: Housing Starts for August at 8.30am.
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  • Thursday: Philly Fed Index for September at 8.30am.
  • Thursday: Existing Home Sales for August at 10.00am.
  • Friday: Markit Manufacturing PMI (Flash) for September at 9.45am.
  • Friday: Markit Services PMI (Flash) for September at 9.45am.

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