In May the U.S. economy added 217,000 jobs, according to the U.S. Bureau of Labor Statistics' Employment Situation report released on June 6. The U.S. unemployment rate remained unchanged at 6.3%, averaging 6.52% for the year seasonally adjusted
According to the BLS Establishment Survey Data jobs in the Government sector were basically unchanged from April to May adding 1,000 jobs to the sector overall. Local Governments added 11,000 workers while State and Federal Government both decreased workers by 5,000.
ADP's National Employment Report released on June 4 showed a slight downward trend in hiring in May. Nonfarm payroll jobs in Private sectors increased 179,000. May's increase was below the previous three month average of 198,000 and slightly below the previous six month average of 183,000.
According to ADP, the Service-providing sector continued to add the greatest majority of jobs overall with an increase of 150,000 or 0.15% from April. At 0.15% the Service-providing sector increase was slightly lower than the previous three month average increase of 0.18%.
Goods-producing employment also increased 0.15% in May. Goods-producing jobs increased to 19.036 million adding 29,000. In the Goods-producing job sector nonfarm payrolls increased 0.11% in April and 0.15% in March.
U.S. financial markets were up for the week following the employment data releases. The S&P 500 added 1.27% for the June 6 week with an increase of 0.46% on Friday, June 6. The S&P 500 continues to remain above 1,900 with a June 6 close of 1,949.44.
The Dow Jones Industrial Average was also up following the June 6 week's employment data releases. The index added 1.24% for the week and closed at 16,924.28 with an increase of 0.52% on Friday, June 6. Year to date the DJIA has gained 2.23% with Industrial stock Caterpillar continuing to lead index returns increasing 21.69%.
About the author:JulieYoung789Julie Young is a Chicago-based financial journalist with nine years of experience in the financial services industry. She primarily writes article publications on financial market news and economic trends. Julie holds a Master of Science degree in Finance from Boston College and a Bachelor of Science degree in Finance from the University of Arkansas.
Saturday, November 15, 2014
Walmart workers plan Black Friday protests
Shoppers won't be the only ones lined up outside Walmart on Black Friday. For the third year in a row, workers plan to protest outside stores. NEW YORK (CNNMoney) Shoppers lining up at Walmart for deals on Black Friday may have to contend with more than the throngs of other bargain hunters. A group of Walmart workers is planning to protest at stores on one of the busiest days of the holiday season asking for higher wages and fair schedules.
This will be the third year of Black Friday demonstrations in a row. Protests are planned at 1,600 Walmart locations -- the most ever -- according to organizers from the union-backed group OUR Walmart.
Since plans are still in the works, the group could not say how many workers would actually show up. Protesters gathered at about 1,200 stores last year, according to the group, but Walmart says that number is inflated.
It's not only Walmart workers who will participate. Teachers and other community members are also expected to join.
Workers want to be paid at least $15 an hour, they want to be given more hours and to be given more consistent schedules. They're also accusing the retailer of retaliating against workers who have protested against the company before.
"There's nothing further from the truth," said Walmart spokeswoman Brooke Buchanan.
But the National Labor Relations Board, which protects the rights of workers who organize for better wages, also alleges that Walmart unlawfully threatened or disciplined employees at more than a dozen stores for legally protected strikes and protests. Nineteen workers were fired for protesting and about 40 others were threatened or disciplined, according to the NLRB.
Walmart (WMT) has said it acted within its rights under the law. The latest hearing in that case was in June and no decision has been made yet.
Stores one-up each other on Thanksgiving Walmart worker protests tend to gain momentum around Black Friday, but protests occur throughout the year.
On Thursday, workers staged a sit-in at a store near Los Angeles. Twenty-six protesters were arrested for civil disobedience after moving to a second store, the union group OUR Walmart said.
Demonstrators sat in store aisl! es holding signs asking Walmart to "stop the illegal threats."
One month ago, 42 workers and other demonstrators were arrested in New York and D.C. for protesting for higher wages. Some were arrested outside the upscale Park Avenue home of Alice Walton, the billionaire daughter of Walmart's founder.
Saturday, November 8, 2014
Fannie Mae, Freddie Mac to Send Billions More to Treasury
Wednesday, November 5, 2014
EOG Resources Inc.'s Earnings Beat the Street As Oil Production Surges
Energy companies delivered a gusher of earnings announcements tonight, as EOG Resources (NYSE: EOG ) was one of three top-tier oil companies to report results. Its results were probably the best of the bunch, as its earnings beat analysts' estimates and the company raised its crude oil production growth target again this year. Let's take a closer look at the results.
Drilling down into the numbers
EOG Resources reported net income of $1.1 billion, or $2.01 per share, well above last year's third quarter, when the company reported net income of $462.5 million, or $0.85 per share. However, on an adjusted basis, which is what Wall Street looks at, the company reported earnings of $720.6 million, or $1.21 per share. This was not only well ahead of last year's results of $634.3 million, or $1.16 per share, but it also beat analysts' estimates by a penny per share. Finally, the company's discretionary cash flow increased 10% to $2.2 billion, which shows the big disconnect between reported earnings and actual cash flowing out of the oil wells and into EOG Resources' pocket.
The company's strong financial results were fueled by its stronger-than-expected production. EOG Resources' third-quarter production was up 17% from last year's third quarter, with oil production up even higher as it surged 29%. Strong production gains in the Eagle Ford, Bakken, and Delaware Basin led the surge. The highlight, however, continues to be the monster wells EOG Resources drills in the Eagle Ford. One well topped 4,170 barrels of oil per day on an initial test, while dozens of others drilled in the quarter produced more than 1,200 barrels a day during initial tests.
The other item worth noting is that EOG Resources has now confirmed that 90,000 acres of its 140,000-net-acre position in the Delaware Basin in Texas is in a highly overpressured crude oil window of the Wolfcamp formation. The company therefore sees a significant enhancement in the play's reinvestment rate of return, and it now plans to increase its drilling activities in the area.
A look at the outlook
As a result of its strong showing this quarter, EOG Resources now expects to deliver much stronger full-year production than its previous forecast. Total production is now expected to grow by 16.5% this year, up from the 14% growth it previously expected. Fueling that better-than-expected outlook is the company's oil production, which is now expected to grow 31% and is up from the previous outlook of 29% growth.
Investor takeaway
EOG Resources has delivered another really excellent quarter. The company was still able to produce really strong earnings despite weakening oil prices, as its unparalleled position across the top U.S. tight oil plays is delivering incredible results. The company doesn't expect that situation to change, as its strong balance sheet and exceptional operations should continue to produce strong returns even as oil prices are weak.
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Tuesday, November 4, 2014
Markets Mixed As Oil Continues To Drop
U.S. markets were mixed to start the week as the price of crude oil traded at levels it hasn't seen in more than two years following Saudi Arabia's announcement it will cut the selling price of oil to the U.S. and raise prices for other locations.
Economic data released today showed manufacturing activity rose to its best reading since March 2011 while separate data showed construction spending dipped in September.
Looking forward to Tuesday, Alibaba (NYSE: BABA) will report earnings for the first time as a public company. International trade data will be released at 8:30 a.m. ET with factory orders to follow at 10:00 a.m. ET.
The Dow lost 0.14 percent, closing at 17,366.24. The S&P 500 lost 0.01 percent, closing at 2,017.81. The Nasdaq gained 0.18 percent, closing at 4,638.91. Gold lost 0.44 percent, trading at $1,166.50 an ounce. Oil lost 2.59 percent, trading at $78.34 a barrel. Silver gained 0.20 percent, trading at $16.19 an ounce. News Of Note October Gallop U.S. Consumer Spending rose to $89 from $87 in September. October ISM Manufacturing Index rose to 59.0 from 56.6 in September. September Construction Spending fell 0.4 percent month over month to $950.9 billion. Eurozone manufacturing PMI rose to 50.6 in October from 50.3 in September. China's HSBC manufacturing PMI rose to 50.4 in October from 50.2 in September. Top Equities-Specific NewsSysco (NYSE: SYY) reported its first quarter results this morning. The company earned $0.52 per share, beating the consensus estimate of $0.51. Revenue of $12.45 billion beat the consensus estimate of $12.35 billion. Shares lost 2.78 percent, closing at $37.47.
Analysts at Credit Suisse maintained a Neutral rating on Exxon Mobil (NYSE: XOM) with a price target raised to $100 from a previous $95. Analysts at JPMorgan maintained a Neutral rating with a price target lowered to $98 from a previous $101. Shares lost 1.50 percent, closing at $95.26.
Analysts at Morgan Stanley initiated coverage of Facebook (NASDAQ: FB) with an Overweight rating and $90 price target. Shares lost 1.48 percent, closing at $73.88.
Analysts at Raymond James downgraded Home Depot (NYSE: HD) to Market Perform from Outperform. Shares lost 1.47 percent, closing at $96.09.
Analysts at Morgan Stanley initiated coverage of Twitter (NYSE: TWTR) with an Equal-Weight rating and $42 price target. Shares lost 3.04 percent, closing at $40.21.
The Wall Street Journal reported Apple (NASDAQ: AAPL) is considering a bond sale in a currency other than dollars. A euro-denominated offering is expected as early as Tuesday. Shares hit new 52-week highs of $109.90 before closing the day at $109.40, up 1.30 percent.
Recommended: Alibaba Earnings Preview: Why Analysts Are Excited
LabCorp (NYSE: LH) has agreed to acquire Covance (NYSE: CVD) for $5.6 billion in cash and stock. Shares of LabCorp lost 7.37 percent, closing at $101.23 while shares of Covance surged 25.87 percent, closing at $100.57.
France-based Publicis Groupe (OTC: PUBGY) has agreed to acquire Sapient (NASDAQ: SAPE) for $3.7 billion, or $25 per share. Shares of Sapient surged to new 52-week highs of $24.73 before closing the day at $24.60, up 42.03 percent.
RCS Capital (NYSE: RCAP) said that it will no longer pursue its $700-million acquisition of Cole Capital Advisors from American Realty Capital (NASDAQ: ARCP). Shares of RCS Capital hit new 52-week lows of $13.55 before closing the day at $13.69, down 16.58 percent. Shares of American Realty Capital also hit new 52-week lows of $7.38 before closing the day at $7.85, down 11.50 percent.
Allergan (NYSE: AGN) confirmed that it was approached by Actavis (NYSE: ACT) over a potential acquisition and stated that “premature disclosure with respect to the possible terms of any transaction might jeopardize continuation of any discussions or negotiations. Shares of Allergan hit new 52-week highs of $193.63 before closing the day at $193.14, up 1.62 percent while shares of Actavis gained 1.96 percent, closing at $247.50.
Ford (NYSE: F) sold 188,654 vehicles in the U.S. throughout October, a decrease of 2 percent from a year ago. Shares lost 0.71 percent, closing at $13.99.
General Motors (NYSE: GM) sold 226,819 vehicles in the U.S. throughout October, a 0.2 percent increase from a year ago. Shares lost 0.70 percent, closing at $31.18.
Quote Of The Day“Although Wall Street analysts were soured by [Elon Musk's] Los Angeles presentation of the Dual Motor Tesla Model S P85D and the mysteriously tweeted "something else" (Musk's personal wealth dropped $500 million by the next morning), all we can say is that the Wall Street suits haven't ridden in the Model S P85D. And best they don't if they want to keep their Brooks Brothers slacks dry, because we've just tested it, and as insane goes, it makes Charlie Manson look like Charlie Rose.” – MotorTrend reviewing Tesla's Model S P85D.
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UBS Profits Rise 7% on Strong Wealth Results: Q1 Earnings
UBS said Tuesday that its first-quarter profits improved about 7%. It had net income of 1.05 billion Swiss francs, or about $1.2 billion, versus 988 million francs a year ago, beating estimates.
The company’s revenue in Q1 was about $7.23 billion, a drop of roughly 7% from last year, though it had net-new-money inflows of 12.8 billion Swiss francs into its wealth management units.
“I’m pleased with the first quarter as we demonstrated sustainable profitability across all business divisions and regions,” said Group CEO Sergio Ermotti, in a press release. “Dedicated and disciplined execution of our strategy for the benefit of clients and shareholders remains our top priority.”
Wealth Management Americas had a pretax profit of $272 million, up 7% from the prior period and 30% year over year; after adjustments, the pretax profit for Q1’14 was $284 million; expenses declined roughly 1% year over year.
Revenue for the U.S.-based unit was about 1.66 billion Swiss francs, down slightly from 1.67 billion a year ago.
Net new money during the most-recent period was $2.1 billion vs. $4.9 billion last year, “mostly due to lower flows from net recruited FAs,” Group CFO & COO Thomas Naratil told analysts on a conference call transcribed by Seeking Alpha. Net new money from veteran advisors, though, increased quarter over quarter.
“Our FAs continue to be highly productive, maintaining revenue per FA of greater than $1 million annualized and record invested assets per FA of $139 million,” Naratil added.
Other results for the unit are as follows:
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