It’s the weekend, but 24/7 Wall St. wouldn’t want its readers thinking we were just taking some down time. The week of September 30 has come to an end, and there were several major corporate developments this week that investors simply should not ignore or overlook.
On top of more potentially passable tax reform proposals helping the market, the news flow was less dominated by headlines about North Korea and about hurricanes and storms this past week. Investors and economists alike also got to see solid durable goods orders data, and second-quarter GDP growth was revised up to 3.1% from the prior 3.0% forecast.
24/7 Wall St. reviews 10 of the top corporate news stories that investors should not overlook. This covers the major companies with the largest news for the most part, so most of the smallest companies with huge moves were not included due to size and volume issues for most investors.
As of Friday, the markets had so far continued on with gains in 2017 for the quarter. Year-to-date gains have been massive: up 13% for the Dow Jones Industrial Average, 12% for the S&P 500 and almost 22% for the Nasdaq-100. Metals have risen in 2017, with gold up better than 11% and silver up more than 5% year to date. Treasury yields ticked up from the lowest levels of the month, and the 10-year was back above 2.30% and the 30-year was approaching 2.90%. Oil even hit $52.50 per barrel before coming off of its highs.
Here are 10 of the major corporate news events that took place in the final week of September 2017.
BlackBerry Ltd. (NASDAQ: BBRY) has seemed to do the impossible by impressing Wall Street. Its earnings report was a mere shadow of its prior glory days, but BlackBerry was up over 6% at $11.18 on Friday’s close. That is up a whopping 19% from the $9.23 share price that was there earlier in the week before earnings.
Boeing Co. (NYSE: BA) has continued to be impressive in 2017. It’s not just that the aerospace and defense giant is the best Dow stock by far (up over 60%). Boeing’s backlog of planes is now so large that the company may be set for years and years. Boeing shares were last seen at $254.21, down marginally for the week.
Chevron Corp. (NYSE: CVX) has confirmed that CEO John Watson will be retiring from the company. This confirms prior rumors that he would be out, but the effective date of February 1, 2018, hardly makes this seem like a rushed and worried exit. Chevron shares were down 0.1% at $117.50 on Friday, down from $117.29 a week earlier.
Equifax Inc. (NYSE: EFX) said its CEO was retiring at the age of 57, but this was effectively a termination or an act of “falling on the sword.” Equifax shares closed most recently at $105.99, versus a prior Friday close of $105.04. Our take: this may imply more problems are lurking, on top of just how long it took Equifax to fess up to the breach.