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Daily Market Review – 4 Aug 2015

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Daily Market Review – 4 Aug 2015

Aug 04 2015, 06.55am GMT

Stock.com

 

Twitter Down to All-Time Low

 

STOCK.com   Stocks

Twitter (TWTR, -5.53%) has had some hard times lately and on Monday, the shares of the micro blogging company declined to an all-time low since the company’s IPO (initial public offering) in November 2013. Twitter’s stock has been under pressure since last week when the company reported user growth in the second quarter that did little to impress. Despite this sharp decline, analysts at J.P. Morgan maintained the stock price target of Twitter at $50 while also remaining upbeat regarding the company’s potential. According to analyst Nicholas Rosato Jr., J.P. Morgan believes that it will take some time before Twitter shows its true potential and that they believe the “platform is differentiated". After hours on Monday, Twitter dropped 6.2 percent to trade at $29.09 a share. This came after Twitter shares traded as low as $28.91 a share during the trading session. Year to date, Twitter shares are off 19% and over the last 12 months, we have seen a decline of 34 percent in the share price.

STOCK.com   Indices

Twitter (TWTR, -5.53%) has had some hard times lately and on Monday, the shares of the micro blogging company declined to an all-time low since the company’s IPO (initial public offering) in November 2013. Twitter’s stock has been under pressure since last week when the company reported user growth in the second quarter that did little to impress. Despite this sharp decline, analysts at J.P. Morgan maintained the stock price target of Twitter at $50 while also remaining upbeat regarding the company’s potential. According to analyst Nicholas Rosato Jr., J.P. Morgan believes that it will take some time before Twitter shows its true potential and that they believe the “platform is differentiated". After hours on Monday, Twitter dropped 6.2 percent to trade at $29.09 a share. This came after Twitter shares traded as low as $28.91 a share during the trading session. Year to date, Twitter shares are off 19% and over the last 12 months, we have seen a decline of 34 percent in the share price.

STOCK.com   Currencies.

On Monday, the U.S. dollar (USD) pared gains and this came after data showed that the manufacturing activity in the U.S. in July expanded at a slower rate than expected. As a result, this prompted concerns among investors regarding the timing of an interest rate hike by the Federal Reserve. According to the Institute for Supply Management, its PMI (purchasing manager’s index) declined from a reading of 53.5 in June to a reading of 52.7 in July. This missed expectations for the manufacturing PMI to hold steady. In a separate report, data showed that personal spending in the U.S. in June increased 0.2% which was in line with expectations. In addition, data showed that in June, the U.S. personal income rose by 0.3%. This beat expectations for an increase of 0.2%. The EUR/USD traded steady at 1.0980 while the USD/JPY traded at 123.91, up 0.08%. Against the Swiss franc, Canadian dollar and the British pound, the U.S. dollar traded mixed, with USD/CHF trading at 0.9662, down 0.10%, the USD/CAD trading at 1.3118, up 0.21%, while the GBP/USD traded at 1.5520. Also, the U.S. dollar index was steady at 97.39.

STOCK.com   Commodities

In Asian trading on Tuesday, crude oil prices rebounded. This came ahead of the weekly industry data on stockpiles in the U.S. Today, the API (American Petroleum Institute) is set to report on the stocks of refined products and crude as of the end of last week. On Wednesday, this will be followed by the data on the same figures by the Department of Energy in the country. WTI crude oil for September delivery traded at $45.44 a barrel, up 0.31%, on the NYMEX. Meanwhile, Brent crude oil for delivery in September traded at $49.53 a barrel, down 5.13%, or $2.68, on the Intercontinental Exchange (ICE) in London. Currently, the spread between the U.S. and the international benchmarks of crude stands at $4.30.

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