Yahoo Finance Stocks flop as rate hike odds strengthen
Stocks roll over as traders take in fresh comments from Fed Chair Janet Yellen, and her top lieutenant Stanley Fischer. Catch The Final Round at 4p ET with Jen Rogers, Editor-in-Chief Andy Serwer, reporter Justine Underhill, and columnist Rick Newman.
Winners & losers
Let’s take a look at some of today’s winners and losers. (FS) Stocks ending the week in the red include Brocade as the networking hardware-maker’s profit guidance came in light, Gamestop as the retailer saw same store sales drop over 10% from a year ago, and Herbalife – shares dropping after Bill Ackman, who is short the supplements company, told CNBC he was contacted by Jefferies to buy a stake in Herbalife. Earlier, the Journal reported Carl Icahn was likely to sell his Herbalife stake to a group that included Ackman.
Stocks in the green today include software design firm Autodesk on the back of upbeat guidance, cloud-based digital banking solutions provider Bottomline jumping after reaffirming guidance and announcing a buyback, and Rackspace – another name in the cloud space, shares climbing higher as Apollo Global Management agreed to buy Rackspace for $4.3 billion.
Looking ahead
On Monday we’ll get Personal Income and Outlays for July, including the Fed’s all-important preferred measure of inflation, the Core P-C-E index. In the prior month we saw it climb only 1.6% year over year.
On Thursday we’ll get I-S-M’s manufacturing index for August. Economists are looking for a build following last month’s 52.6 reading.
And on Friday – it’s the big one, the August jobs report. The street’s looking for around 160,000 jobs added, much less that July’s 255,000 figure.
