Stocks are higher this morning as jobless claims rose by less
than expected and Chinese demand for imports surged.
Initial claims for unemployment insurance rose by 5,000 last week
to 333,000. Economists expected a bigger bump in claims to 336,000.
The four-week moving average fell to a post-recovery low of
Stocks are erasing the week's losses this morning. Just before the
(INDEXDJX:.DJI) futures were up 0.41% to 15,505 while futures
contracts on the
(INDEXSP:.INX) gained 0.39% to 1,694.70.
(INDEXNASDAQ:.IXIC) futures rose 0.45% to 3,130.00.
China reported today that its trade surplus fell by nearly $10
billion to $17.82 in July. On a yearly basis, imports grew 10.9%
and exports rose 5.1% after falling 3.1% in June. Outbound
electronics shipments rose 11.3%. These results far exceeded
The surge in Chinese imports and exports sent the Australian dollar
up 0.78% to $0.9007 to the US dollar. The Aussie is very sensitive
to the Chinese economy because Australia provides a lot of the raw
material for Chinese factories.
Japanese stocks declined today after the Bank of Japan announced no
change to its interest rate and quantitative easing policy. BoJ
governor Haruhiko Kuroda did warn the government that it needs to
act to increase the sales tax to decisively beat deflation.
) announced today that it added customers for the first quarter in
over four years. Over the quarter, T-Mobile merged with MetroPCS
and became a publicly traded US company.
(OTCMKTS:DTEGY) still owns a majority stake in the company. It also
) iPhones directly in stores. Shares of the No. 4 wireless carrier
are up 4%.
) managed to speed past Wall Street's expectations again. The
automaker lost $30.5 million or $0.26 per share, after losing a
full dollar in the same period last year. Excluding special items,
it earned a profit of $0.20 per share. Margin per vehicle
increased, but the company didn't raise its estimate for full-year
sales. Tesla shares rose 15% in after-market trading.
) shares rose nearly 25% after booking a better-than-expected
second quarter. It earned $0.02 per share and revenue rose 7% to
$608.7 million. Groupon will also buy back $300 million in stock.
The company also announced that interim CEO Eric Lefkofsky will
take over permanently.