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Published on Aug 19, 2016
U.S.
stocks moved lower Friday as oil prices lost steam after a week-long
rally. Oil rose $4 this week and trades just over $48 a barrel. 'Oil
doesn't have to go meaningfully higher, but we can't support a bull
market in stocks or anything without oil at least stabilizing,' said
David Nelson, chief strategist at Belpointe Asset Management. Viacom's
board has reached an agreement on the ouster of CEO Philippe Dauman,
sources tell TheStreet. He is expected to score a severance package
worth $72 million. COO Tom Dooley is expected to be take the role as
interim CEO. Shares gained 2.1 percent. Foot Locker posted second
quarter earnings of $0.94 a share, beating estimates by $0.04. Revenue
rose 5 percent year-over-year to $1.78 billion, slightly ahead of the
$1.76 billion analysts had expected. Same store sales rose 4.7 percent.
The stock is up 5 percent. Estee Lauder reported earnings of $0.43 a
share, beating estimates of $0.40. Sales gained 5 percent year-over-year
to $2.65 billion, largely in-line with estimates. Shares slipped almost
4 percent. TheStreet's Scott Gamm reports from Wall Street.
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