Career News 24/7: STOCKS FALL, TESLA TANKS: Here's What You Need To Know, July 16, 2013

Tuesday, July 16, 2013

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Tuesday, July 16, 2013

The S&P 500 8-day winning streak ended today.

First, the scoreboard:

And now, the top stories:

Consumer prices jumped 0.5% in June, which was higher than the 0.3% expected by economists. "The gasoline index rose sharply in June and accounted for about two thirds of the seasonally adjusted all items change," said the Bureau of Labor Statistics. Excluding food and energy, prices climbed 0.2%, which was right in line with expectations.
U.S. industrial production grew 0.3% in June, which was right in line with expectations. Capacity utilization ticked up to 77.8% from 77.6% a month ago. "Q2 production of computers and electronics in the IP data showed a 9.7% increase in the quarter, a good sign for capex," said Deutsche Bank's Joe LaVorgna.
The NAHB Homebuilder confidence index unexpectedly surged to 57, the highest level since January 2006. Economists expected the number to fall to 51. “Today’s report is particularly encouraging in that it shows improvement in builder confidence across every region as well as solid gains in current sales conditions, traffic of prospective buyers and sales expectations for the next six months,” said the NAHB's Rick Judson.
Shares of Tesla fell 14% on no obvious news. However, Goldman Sachs' Patrick Archambault published a massive report on the U.S. auto industry, which included his Tesla price target of $84 per share. He also offered a worst case scenario price target of $58. The stock closed at $109 today.
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