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Market Update

U.S. Production Picks Up Pace, Euro Ministers Set to Approve Greek Bailout

Author: Nichole Harper
Last Update: 5:04 AM ET August 14 2015

1:45 PM New York City, New York – Stocks on Wall Street lacked direction on Wall Street after a week of bouncing around and industrial output increased at its fastest pace in eight months on the rising auto production. Euro zone finance ministers are set to approve €85.5 billion financial bailout to Greece.

After a slight uptick in stocks on Wall Street, market indexes showed a slight rebound in Friday’s trading.

The seasonally adjusted Producer Price Index in July jumped 0.2% followed by 0.4% increase in June and 0.5% increase in May, Department of Labor said.

July industrial production rose 0.6% from 0.1% in June. Manufacturing production grew 0.8% and mining output rose 0.2%. Utility output fell 1%.

Total industrial production in July jumped 1.3% from a year earlier and capacity utilization for total industry increased to 78%, the Federal Reserve Bank reported.

On Wall Street, Tollbooth Strategy Index increased 19.25 or 0.2% to 10,843.02.

S&P 500 index edged up 1.66 to 2,085.02 and the Nasdaq Composite Index slid 8.91 or 0.2% to 5,025.09.

Crude oil in New York rose 45 cents to $42.14 a barrel and gold fell $2.30 to $1,113.30 an ounce.

U.S. Movers

Goldman Sachs Group Inc (GS) rose 88 cents to $201.62 after the financial services provider agreed to acquire GE Capital Bank’s online banking business from General Electric Co without disclosing of financial terms.

J.C. Penney Company Inc (JCP) soared 6.3% or 51 cents to $8.57 after the department stores operator reported sales in the second-quarter ending on August 1 increased 2.9% to $2.88 billion from a year ago period.

Same store sales in the quarter jumped 4.1%

Net loss in the quarter narrowed to $138 million or 45 cents per diluted share compared to $172 million or 56 cents from the same quarter last year.

Nordstrom, Inc (JWN) jumped 5.4% or $4.02 to $78.94 after the specialty fashion retailer said net sales in the second-quarter ending on August 1 increased 9.2% to $3.6 billion from a year ago period.

Same store sales in the quarter soared 4.9%

Net income in the quarter jumped 15.3% to $211 million or $1.09 per diluted share compared to $183 million or 95 cents from the same quarter last year.

The retailer lifted net sales estimate for the year to grow in the range of 8.5% to 9.5% from the earlier forecasted growth rate between 7% and 9% and earnings per share in the range of $3.85 to $3.95 from the previous guidance between $3.65 and $3.80.

European Markets

In the preliminary estimate, second-quarter gross domestic product rose 0.3% in the euro-area and 0.4% in the wider region of EU28.

Compared to year ago period gross domestic product jumped 1.2% in the euro-area and 1.6% in the wider region of EU28, the statistics office of the European Communities reported.

Separately, the department said in a preliminary estimate, the annual inflation rate in the euro area remains unchanged at 0.2% in July compared to June.

In the year ago month the rate was 0.4%. In the wider region of EU28 annual inflation rate was stable at 0.1% in July from June. In the year ago month the rate was 0.5%.

In London trading, FTSE 100 index slid 10.41 or 0.2% to 6,558.86 and in Frankfurt the DAX index fell 41.69 or 0.4% to 10,972.82.

In Paris, CAC 40 index slumped 31.06 or 0.6% to 4,954.24.

For the week, FTSE 100 index dropped 2.4% and the DAX index plunged 4.5% and the CAC 40 index declined 3.9%.

Air Berlin Plc rose 0.6% to €1.12 after the Germany-based discount airline reported revenues in the second-quarter ending in June declined 6.6% to €1.07 billion from €1.15 billion in a year ago period.

Net loss in the quarter swung to loss of €43.53 million compared to profit of €7.71 million in the year ago period and diluted loss per share swung to €0.37 from diluted earnings per share of €0.03.

Swiss Life Holding AG jumped 2% to 238.40 Swiss francs after he Switzerland-based life insurance and pension services provider reported total revenues in the first-half period ending in June soared 5% to 12.19 billion francs from 11.62 billion francs in a year ago period.

Profit in the period increased 1% from a year ago to 490 million francs compared to 484 million francs and diluted earnings per share fell to 1.43 franc from 1.45 franc.

Asian Markets

Nikkei average in Tokyo extended weekly losses and the yen traded near low of the year so far. In volatile weekly trading, yen came under pressure after China devalued yuan for three days in a row. Asatsu-DK, the advertising company reported flat first-half revenues.

Nikkei average in Tokyo closed down and extended weekly losses after China devalued renminbi for three days in a row.

The Nikkei 225 Stock Average fell 76.10 or 0.4% to 20,519.45 and the broader Topix index slid 3.49 to 1,664.46.

For the week, Nikkei 225 decreased 0.9%.

The yen eased to 124.33 against a dollar.

Asatsu-DK Inc soared 6.9% to 2,875 yen after the advertising company reported net sales in the first-half ending in June edged up 0.4% to 175.11 billion yen from 174.49 billion yen in a year ago period.

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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