Monthly Archives: February 2016

Stocks Lower on Weak Service Data

WEDNESDAY – U.S. stocks were lower on Wednesday, erasing initial gains, despite an oil bounce and decent jobs data.

The Dow briefly rose 100 points shortly after the open and fell 100 after the ISM non-manufacturing index reading for January came in weaker than expected.

Coming Up This Week:

Wednesday

Earnings: MetLife, Allstate, AvalonBay, Boston Properties, GoPro, Lincoln Natl., NXP Semiconductor, Yum Brands
9:45 a.m. Services PMI
10 a.m. ISM nonmanufacturing
10:30 a.m.: Oil inventories

Thursday

Earnings: AstraZeneca, ConocoPhillips, Philip Morris, Cigna, Clorox, Credit Suisse, Dunkin Brands, NY Times, Tempur Sealy, Hartford Fincl., LinkedIn, News Corp., Symantec, Decker’s Outdoor, DeVry Education, Lions Gate
7:30 a.m.: Challenger Job-Cut Report
8:30 a.m. Initial claims; productivity and costs
10 a.m. Factory orders
10:30 a.m.: Natural gas inventories
4:30 p.m.: Fed Balance Sheet/Money Supply
5 p.m. Cleveland Fed President Loretta Mester on economy, policy

Friday

Earnings: BNP Paribas, Nippon Telegraph, Estee Lauder, Toyota Motors, Tyson Foods, Moody’s, Weyerhaeuser, Aon, CME Group, Ametek
8:30 a.m. Employment report; international trade
1 p.m.: Oil rig count
3 p.m. Consumer credit, Treasury STRIPS

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Chinese police bust $7.6B Ponzi scheme

Chinese police have arrested 21 people involved in the operation of peer-to-peer (P2P) lender Ezubao, the official Xinhua news agency said on Monday, over an online scam it said took in some 50 billion yuan ($7.6 billion) from about 900,000 investors.

Ezubao was a Ponzi scheme, the Xinhua report said, and more than 95 percent of the projects on the online financing platform were fake.

Among those arrested were Ding Ning, the chairman of Yucheng Group, which launched Ezubao in July 2014.

It was not possible to reach Ezubao officials for comment and it was not clear if Ding had legal representation.

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Google Will Highlight Core Business

Monday’s earnings report will mark a new day for Google’s parent company, Alphabet. ($GOOG)

For the first time, revenue for its core products — search, mobile and video — will be separated and $GOOG will account for the cost of its experimental projects when the company reports after the bell Monday.

Overall, analysts predict Alphabet’s profit on Class C shares will have grown 18 percent year on year to $8.09 per share, on revenue of $20.763 billion, up 43 percent year over year, according to Thomson Reuters’. Class A earnings per share are expected to have grown 18 percent year over year to $8.10 on $20.764 billion in revenue, a 15 percent increase.

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