Market News: GrubHub, Trivascular Technologies, Rite Aid

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Market News: GrubHub, Trivascular Technologies, Rite Aid
market news

The stock markets in the United States declined as corporations reported mixed financial results and the Federal Reserve started its two-day monetary policy meeting today. Economic data also reignited investors’ concern regarding the strength of the global economy.

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In an interview with Bloomberg, Yousef Abbasi, a global market strategist at Jones Trading Institutional Services, commented, “We’re in a wait-and-see mode for the Fed. We’re definitely seeing softer data across the U.S., and more negatives than positives in earnings.”

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Last week, the People’s Bank of China reduced its interest rates while the European Central Bank (ECB) indicated its intention to boost stimulus to support economic growth.

Today, the Department of Commerce reported that the orders for business equipment declined by 0.3% in September. The demand for all durable goods dropped 1.2% last month.

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Millian Mulraine, deputy head of U.S. research and strategy at TD Securities, said, “We’re seeing the lingering impact of the global uncertainty that erupted over the summer. This certainly isn’t helpful for third-quarter growth. Any support from business investments will be modest at best.”

Separately, the S&P/Case-Schiller index of property values increased 5.1%, and the prices of homes in 20 U.S. cities rose at a faster pace in the year ended August.

The Conference Board’s Consumer Confidence index declined to 97.6 in October, lower than the 103 expected by economists.

Consumers were less positive in their assessment of present-day conditions, in particular, the job market, and were moderately less optimistic about the short-term outlook. Despite the decline; consumers still rate current conditions favorably, but they do not anticipate the economy strengthening much in the near-term,” said Lynn Francisco, Director of Economic Indications at the Conference Board.

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 17, 581.43 (-0.24%)
  • S&P 500- 2,065.89 (-0.26%)
  • NASDAQ- 5,030.15 (-0.09%)
  • Russell 2000- 1,145.64 (-1.20%)

European Markets

  • EURO STOXX 50 Price EUR- 3,381.01 (-0.98%)
  • FTSE 100 Index- 6,365.27 (-0.81%)
  • Deutsche Borse AG German Stock Index DAX- 10,322.40 (-1.49%)

Asia-Pacific Markets

  • Nikkei 225- 18,777.04 (-0.90%)
  • Hong Kong Hang Seng Index- 23,142.73 (+0.11%)
  • Shanghai Shenzhen CSI 300 Index- 3,592.88 (+0.10%)

Stocks in Focus

The stock price of GrubHub closed $24.51 per share, down by more than 23%. The company was negatively impacted by its third-quarter financial results, which were lower than the expectations of Wall Street analysts.

Trivascular Technologies surged more than 38% to $7 per share. The company released its preliminary financial results for the third quarter indicating that its revenue grew 20% to $9.5 million. The company announced its merger agreement with Endologix.

The shares of Rite Aid Corporation increased more than 425 to $8.67 per share due to the report that it is close to reaching a deal to sell itself to Walgreens Boots Alliance for more than $10 billion.

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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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