As there have been no further major escalations in the North-Korea conflict DAX investors took a bullish stance. After a strong opening,rallieing up to the 12200 point mark, the German DAX closed on the 12165 point mark, an intraday increase of 1.26%. With the highly expected German Economic Data about to be revealed tomorrow, the Investors seem to expect a positive development in Germany.
As we are off-schedule today, we will be reporting on today’s stock market developments. Stocks are moving nicely higher today, as we embark on a new trading week. Of note, traders are likely pleased that geopolitical tensions seem to be easing. At just past noon in New York, the Dow Jones Industrial Average is up roughly 147 points; the broader S&P 500 Index is ahead 25 points; and the NASDAQ is higher by 73 points. Market breadth shows broad based support for stocks, as winners are well ahead of losers on the NYSE. From a sector view, leadership can be found in the technology and financial issues. Meanwhile, the energy stocks, while still ahead, are logging more moderate gains. Elsewhere, traders received no major economic news items this morning. However, tomorrow should be a busier day for reports. Specifically, retail sales for the month of July, the latest monthly import and export prices, the Empire Manufacturing Survey, and a business inventories report, will all be released. These items won’t likely go unnoticed by traders. Finally, although the second-quarter corporate reporting season has largely concluded, we are still receiving some profit announcements. Specifically, Sysco stock is trading lower today, even though the food services company delivered a respectable quarterly report. In addition, shares of JD.com are lower, after the China-based Internet operator posted weaker-than-anticipated numbers. Technically, stocks are recovering some ground today, after a pulling back in price over the past week, or so. It remains to be seen, if the bulls can push the market higher from here, or if some consolidation will be in order. Traders will be looking at the corporate outlook, and also will likely be turning their attention to the domestic and international political arenas
Sysco Corp. reported earnings for its fourth quarter that advanced compared to the same period last year. The company said its bottom line came in at $388.30 million, or $0.72 per share. This was higher than $365.67 million, or $0.64 per share, in last year’s fourth quarter. Analysts had expected the company to earn $0.72 per share, according figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items. The company said revenue for the quarter rose 5.6% to $14.42 billion. This was up from $13.65 billion last year.
Sysco Corp. earnings at a glance:
- Earnings Growth (Y-o-Y): 6.2%
- EPS Growth (Y-o-Y): 12.5%
- Revenue Change (Y-o-Y): 5.6%
German technology startup investor Rocket Internet has announced a share buy-back with a total maximum consideration of up to 100 million Euros ($118 million). The buy-back scheme will include up to 5,000,000 shares, representing a maximum of up to 3.03 per cent of the outstanding share capital of the company, Rocket Internet said in a statement. The buy-back will be executed via Xetra trading on the Frankfurt Stock Exchange and will begin on August 14, 2017, ending on April 30.
Sir of Finance 