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Market Update

Auto Sales and Factory Orders Lift U.S. Growth Outlook


Author: Nichole Harper
ticker.com
Last Update: 11:49 AM ET September 03 2014

11:45 PM New York – Stocks in New York and in Europe traded higher after Russia and Ukraine sought to end violence. The apparent agreement is expected to find a political settlement with the leaders of eastern Ukraine and end violence. U.S. auto sales surged led by 20% sales increase at Chrysler.

Stocks on Wall Street opened higher after Ukraine and Russia appeared to nearing a agreement that will cease armed activities in Eastern Ukraine.

S&P 500 index increased 4.26 to 2,006.55 and the Nasdaq Composite Index dropped 4.79 to 4,593.39.

New orders for manufactured goods in July jumped a record 10.5% on a surge in transportation equipment demand. June orders were revised higher to 1.5% from the previous estimate of 1.1% increase, the Commerce Department said today.

Orders excluding volatile transportation category declined 0.8% in July following a 1.4% increase in the prior month.

Last week the government agency reported durable goods orders increased 22.6% in July and orders excluding transportation declined revised 0.7%.

U.S. Auto Sales Jump in August

U.S. auto sales in August month were estimated at seasonally adjusted 17.4 million annual units and monthly sales are estimated to surpass 1.5 million units.

General Motors said August sales declined 1.2% but truck sales jumped 18% and big commercial vans also were popular.

GM also added average price was record high at $33,750, an increase of $500 from July and a surge of $2,900 from a year ago month.

Ford auto sales increased 0.4%, the best August month in eight years and Escape SUV and Fusion reported best August month sales ever.

Chrysler sales increased 20% driven by 11% sales surge for the Town & Country minivan. Sales of 200 sedan soared 39% in July and gained 7% in the month and the company said August month sales were a mix of close-out sales of 2014 and the new model of 2015.

Nissan sales increased 11.5% to 134,388 units, the best August month sales ever. Hyundai said August month sales were the second-best month ever.

Volkswagen said August month sales declined 12.8% to 35,181. The German automaker has been struggling with sales and its ageing lineup of models are increasingly losing market share to revamped Chrysler and resurgent Asian makers.

U.S. Movers

CVS Caremark Corp (CVS) increased 0.6% to $80.20 after the pharmaceutical products retailer stopped selling tobacco products from today. The retailer also said it is planning to change its name to CVS Health to “reflect its broader health care commitment.”

Coupons.com Inc (COUP) plunged 10.6% to $14.56 after the online coupon retailer reported wider than estimated loss.

The stock fell below the IPO price of $16 a share in March. The stock has declined 51% from the high of $30.17 in June.

Groupon Inc dropped 13% and RetailMeNot Inc plunged 29% after two companies reported lower than expected sales.

Home Depot, Inc (HD) declined 0.6% to $90.62 after the home renovation retailer reported a possible payment data breach. The retailer is working with law enforcement agencies and banks to determine the extent and nature of the breach.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc