CPI falls in December, Goldman Sachs (GS) reports weak profits and investigation begins into Fiat Chrysler (FCAU) for Cherokee fire

Markets were heading higher on Friday after the Consumer Price Index reading came in on par with expectations. The Labor Department announced that their CPI dropped 0.4% in December, which notes the largest drop for the index since December 2008. During the last 12-months, CPI grew 0.8%. This is the slowest yearly growth since October 2009. Despite the seemingly weak data, it was in line with economists’ expectations. This data leaves many to believe the Fed will not be imposing a rate hike anytime soon. Michelle Girard, chief economist at RBS, said, “The odds of a rate hike in June are fading fast. The recent data cannot leave the Fed feeling more confident that inflation will move higher.” Shares of The Goldman Sachs Group, Inc. (GS) were sinking after the company reported weaker profits that were affected by lower fixed-income trading. They said that there was a 7% decline in fourth-quarter profits. The largest drop for the company was in fixed-income trading, which dropped 19%. This has been a moneymaker for the bank. This portion of trading has come under stricter guidelines following the financial crisis. During the last quarter of the year, the banking giant earned $2.17 billion, or…

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Car sales expected to hit 8-year high this month, Shake Shack to IPO and Fiat Chrysler (FCAU) to place recall

Markets were moving slightly higher on Monday, as trading volume remained light over the holidays. Cars.com released a report that shows the company predicts car sales to hit an eight-year high in December. This report showed that sinking gas prices are helping to fuel demand for SUV’s and trucks. They are predicting that sales will top last year’s by 11.3%, or about 1.5 million. Jesse Toprak, chief analyst with Cars.com, said, “New-car sales are finishing the year on a high note, with total industry sales expected to exceed 16.5 million units in 2014. Bolstered by low gas prices, SUV and full-size truck sales have been particularly strong this month – even beyond normal seasonality.” They are also predicting sales for 2015 to hit 17.1 million. The popular burger chain, Shake Shack, announced that they would be heading towards an initial public offering, in hopes to raise about $100 million. The fast-food company is a made-to-order burger restaurant that is known for providing fresh and natural ingredients, such as hormone and antibiotic free beef. There are currently 63 burger chains throughout the world. Last year, the company posted revenue of $84.5 million, which jumped up 45% from the previous year. They…

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ISM factory reading up, Fiat Chrysler (FCAU) sales hit higher and General Motors (GM) sales inch up.

Markets wavered on Monday after U.S. manufacturing data came in higher than expected for September. The Institute for Supply Management said that their national factory reading was up to 59 in October. This was up from the 56.6 recorded in September. The data blew past economist’s expectations of 56.2. Readings that come in above the 50 level show an expansion for the sector. Shares of Fiat Chrysler Automobiles (FCAU) were sinking after the company reported stellar sales. The company said that sales were up 22%. This marked the highest October on record since 2001. The boost was largely attributed to a growing demand for the company’s pickup trucks. The Ram truck showed sales of 39,834 vehicles, which was 36% higher over this time last year. Chrysler said that they sold 140,083 total vehicles last month. Reid Bigland, head of U.S. sales for Chrysler, said, “Chrysler Group sales increased 22 percent in October, our eighth month of double-digit growth this year and our 55th consecutive month of year-over-year sales gains. Chrysler Group is the industry’s fastest-growing automaker driven in part by sales of our all-new Jeep Cherokee and Chrysler 200 mid-size sedan, and by the strong consumer demand for our award-winning…

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Factory orders up, CVS Caremark (CVS) changing their name and Chrysler posts gains.

Markets were relatively flat on Wednesday after U.S. factory orders were up in July. The Commerce Department reported that factory goods orders rose a record 10.5% in July, and June’s data was up upwardly revised from the previous 1.1% to 1.5%. The gain was the largest recorded since 1992. The jump in July was still below the 11% increase economists were expecting. There was a four-fold increase in orders for civilian jets, which was a driving force for the jump. The report also revealed that durable goods orders were up 22.6%. Durable goods are items that will last for at least three years. Nondurable goods orders dropped 0.9%. Shares of CVS Caremark Corporation (CVS) were on the rise after the company announced its plans to hone in on their health conscious brand. CVS Caremark will be changing their name immediately to CVS Health. The signage for the 7,700 stores will no be changing. They will also stop selling all tobacco products a month sooner than they planned. In place of the tobacco section, the store will have nicotine gum and signs to urge people to stop smoking. Larry Merlo, CEO of CVS said, “We’re doing more and more to extend the…

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