Market News: Alibaba, Hertz Global, Eleven Biotherapeutics

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Market News: Alibaba, Hertz Global, Eleven Biotherapeutics
market news

The stock markets in the United States fluctuated and ended the trading with mixed results today. The S&P 500 climbed above its average price over the past 200 days. The index regained most of the 1.5% losses related to concerns regarding China’s economy.

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Yesterday, China’s central bank devalued the yuan, which ignited concerns that the country’s economy is falling. The surprising move of China boosted speculations regarding the possibility that the Federal Reserve will delay raising interest rates.

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The People’s Bank of China’s action was intended to align the yuan with the market rate. Authorities intervened to support the currency and instructed banks to limit dollar purchases, according to people familiar with the situation.

Gene Peroni, a fund manager at Advisors Asset Management commented, “It could have positive implications for the market because the Fed may be inclined to postpone raising rates, but I’m not sure how surprised they are by it. Weakness in the Chinese economy didn’t come about over the weekend.”

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On the other hand, Jonathan Mackay, a senior market strategist at Mongan Stanley told Bloomberg, “China’s move could be negative in the near-term if the market doesn’t believe they have it under control.”

Investors are monitoring the market up and down movement, which is happening alternately at an uncommon speed over the past several months.

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 17,402.51 (-0.00%)
  • S&P 500- 2,086.05 (+0.10%)
  • NASDAQ- 5,044.39 (+0.15%)
  • Russell 2000- 1,208.74(-0.20%)

European Markets

  • EURO STOXX 50 Price EUR- 3,484.41 (-3.35%)
  • FTSE 100 Index- 6,571.19 (-1.40%)
  • Deutsche Borse AG German Stock Index DAX- 10.924.61 (-3.27%)

Asia-Pacific Markets

  • Nikkei 225- 20,392.757(-1.58%)
  • Hong Kong Hang Seng Index- 23,916.02 (-2.38%)
  • Shanghai Shenzhen CSI 300 Index- 4,016.13 (-1.24%)

Stocks in Focus

The stock price of Alibaba Group Holding declined more than 5% to $73.38 per share after reporting its financial results for the June quarter. The Chinese e-commerce giant posted $0.59 in earnings per share on $3.26 billion revenue. Alibaba’s revenue missed the $3.39 billion consensus estimate. Wall Street analysts believed that Alibaba’s growth is slowing.

Hertz Global Holdings gained more than 8% to $17.91 per share. The company recently reported earnings of $0.05 per share on $2.7 billion in revenue for the second quarter. Hertz Global CEO John Tague said, “The second quarter demonstrates early progress in our efforts to drive performance improvement. Margins in our U.S. Rental Car business were stable.”

The stock value of Eleven Biotherapeutics surged more than 74% to $4.09 per share. The company announced a dose administration for the first patients in a Phase 3 study of EBI-005, a treatment for moderate to severe conjunctivitis. The patient dosing in the trial is a significant step in the clinical development of the drug.

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Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.
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