Market News: GoPro, Frontier Communications, L Brands

Market News: GoPro, Frontier Communications, L Brands
market news

The stock markets in the United States ended the trading session with a slight gain except the NASDAQ, down by 0.35% to 4,733.50 points today. Investors are cautious prior to the release of the jobs report tomorrow by the Department of Labor.

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In an interview with Bloomberg, Tim Ghriskey, a managing director and chief investment officer at Solaris Asset Management commented, “There’s going to be caution not only going into the jobs report but into the long weekend. “Draghi threw a degree of caution on the markets, but now people are waiting for tomorrow, absolutely.”

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Earlier today, European Central Bank (ECB) President Mario Draghi announced changes in quantitative easing (QE) and indicated that officials may increase the stimulus the market rout continues to pressure growth and inflation.

Draghi announced that the Governing Council decided ECB’s ability to buy bonds to 33% of each issue from 25%. He added that policy makers are prepared to make adjustments to ensure the full implementation of the $1.2 trillion program. Its action was due to weak global economic outlook.


“The information available indicates a continued though somewhat weaker, economic recovery and a slower increase in inflation rates compared with earlier expectations. Taking into account the most recent developments in oil prices and recent exchange rates, there are downside risks” to the latest inflation forecasts,” said Draghi.

James Nixon, head of forecasting for EMEA at Oxford Economics in London said, “The issue limit by itself isn’t particularly significant.” He also noted, “It’s a clear signal to the market that they’re ready to do more. If the economy weakens further, and inflation doesn’t come back as expected they’ll extend the QE.”

On the other hand, Larry Peruzzi, director of international trading at Cabrera Capital Markets said, “People are basically trading headline after headline right now, and Draghi’s comments about raising QE was good, but then you see deflation coming and cutting the GDP forecast, and that’s not good.”

Peruzzi added, “Deflation seeping into the markets is a little bit of concern, it eats away at profit margin, and it gets to be a difficult downward cycle to break.”

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 16,374.76 (+0.14%)
  • S&P 500- 1,951.13 (+0.12%)
  • NASDAQ- 4,733.50 (-0.35%)
  • Russell 2000- 1,147.31 (+0.11%)

European Markets

  • EURO STOXX 50 Price EUR- 3,270.09 (+2.23%)
  • FTSE 100 Index- 6,194.10 (+1.82%)
  • Deutsche Borse AG German Stock Index DAX- 10,317.84 (+2.68%)

Asia-Pacific Markets

  • Nikkei 225- 18,182.39 (+0.48%)
  • Hong Kong Hang Seng Index- 20,934.94 (-1.18%)
  • Shanghai Shenzhen CSI 300 Index- 3,365.83 (+0.11 %)

Stocks in Focus

The stock price of GoPro declined more than 6% to $38.65 per share. The company was affected the disappointing outlook of one of its suppliers Ambarella, a producer of chips for action-cameras, told analysts that its quarterly revenue for the wearable camera is expected to decline.

Frontier Communications gained almost 6% to $5.52 per share after Macquarie Capital analyst Kevin Smithen named the company as its new top idea until the end of the year.

The stock price of L Brands increased more than 4% to $89.28 per share. The company reported that its net sales climbed 8% to $826 million for the four weeks ended August 29. Its net sales for the 30 weeks increased 5% to $6.10 billion.


Updated on

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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