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Omar Venerio
Articles (873) 

Wall Street Rallies Ahead of Fed Minutes

Hudson Technologies, Twenty-First Century Fox fall on Wednesday

October 11, 2017 | About:

The U.S. stock market reversed the negative trend seen in premarket trading Wednesday. Minutes from the September meeting of the Federal Open Market Committee indicate a December interest rate hike is likely, despite members being divided on where inflation is headed. 

Some members felt inflation was too low currently, due to transitory factors, while others thought the rate hike should be delayed until the inflation target is reached. For the central bank, a 2% inflation target is ideal for healthy growth, so the decision will depend on whether the economic data in the upcoming months meets that target.

Shares of Hudson Technologies Inc. (NASDAQ:HDSN) plummeted 13% on the back of the company announcing its preliminary financial results for the third quarter and nine months ended Sept. 30. The company forecasts quarterly revenues of about $25 million and earnings per share in the range of three cents to five cents, which sent shares sliding.

Shares of Twenty-First Century Fox Inc. (NASDAQ:FOXA) declined almost 3% on news the U.S. men's soccer team is out of the World Cup in Russia next year. The company invested $425 million for the rights to televise the 2018 and 2022 World Cups, but now the team will not play.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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