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Financialinsiders.com News Commentary
NEW YORK, January 18, 2019 /PRNewswire/ —
Financialinsiders.com News Commentary
U.S. stocks began the week strong as investors anticipated the upcoming earnings season and the Dow Jones Industrial posted three days of consecutive gains leading into Thursday. Citigroup kicked off the earnings season and reported better-than-expected results, lifting the markets on Monday. The rally continued on into Tuesday even though JPMorgan Chase missed its earnings estimates. JPMorgan has not missed its earnings estimates in nearly 12 straight quarters now. The bank’s results were quickly suppressed by stronger-than-expected earnings from United Continental, Bank of America, and Goldman Sachs, sending markets surging on Wednesday. The Dow Jones gained 233.07 points or approximately 1% from Wednesday’s close into Thursday’s afternoon high of 24,284.38. The markets then spiked in late afternoon on Thursday after reports surfaced of the U.S. possibly easing trade tariffs with China. Regardless of the positive trade news, markets began to edge lower towards the end of Thursday’s trading session. Since Monday’s opening bell into Thursday’s jump, the Dow Jones Industrial Average had gained 659.2 or 2.7% points, while the S&P 500 gained 73.06 points or 2.8% in the same time-frame, and the Nasdaq Composite rose by 220.2 points or 3.1%. Lululemon Athletica Inc. (NASDAQ: LULU), Blue Apron Holdings, Inc. (NYSE: APRN), United Continental Holdings Inc. (NASDAQ: UAL), The Goldman Sachs Group, Inc. (NYSE: GS), Morgan Stanley (NYSE: MS)
Netflix reported its fourth-quarter results after the market close on Thursday and surpassed expectations for subscriber growth and earnings, however, shares still declined. Although Netflix missed its revenue estimates, U.S. markets continued to remain green shortly into Thursday’s extended trading hours. American Express also missed its estimates, which sent shares declining by 2.7%. Despite the number of large corporations missing their estimates, markets maintained almost neutral levels throughout Thursday. “There are so many earnings reports yet to come, and that’s why you’re not seeing more movement in the markets today,” Tom Martin, Senior Portfolio Manager at Globalt Investments, told MarketWatch.
Lululemon Athletica Inc. (NASDAQ: LULU) shares rose by 5.4% on Monday after the Company raised its guidance outlook for its fourth quarter. For Q4, Lululemon is expecting net revenue in the range of USD 1.14 Billion to USD 1.15 Billion compared to its previous forecast of USD 1.115 Billion to USD 1.125 Billion. The retailer also projects diluted earnings per share to be in the range of USD 1.72 to USD 1.74, compared to its previous estimates of USD 1.64 to USD 1.67.
Blue Apron Holdings, Inc. (NYSE: APRN) shares surged by 47.6% on Tuesday after providing an update on its strategic activities and its upcoming fourth quarter. The meal kit service said that it would be profitable in 2019, pushing the stock price to as high as USD 1.50 after falling below USD 1. Blue Apron said it plans to reaffirm profitability during both the first quarter of 2019 and the full year.
United Continental Holdings Inc. (NASDAQ: UAL) reported its fourth quarter financial results after the closing bell on Tuesday and topped analysts’ estimates. United shares rose by 5.91% during Tuesday’s after market hours. For the fourth quarter, United reported adjusted earnings of USD 2.41 on revenue of USD 10.49 Billion whereas analysts estimated earnings of USD 2.04 per share on revenue of USD 10.34.
The Goldman Sachs Group, Inc. (NYSE: GS) shares rose by 4% during early trading sessions on Wednesday after beating analysts’ estimates for its fourth-quarter profits. The bank reported a profit of USD 2.54 Billion or USD 6.04 per share. Goldman results crushed analyst’s estimates of USD 1.64 Billion or USD 4.27 per share. Quarterly revenue was USD 8.1 Billion.
Morgan Stanley (NYSE: MS) reported its fourth quarter financial results and missed analysts’ estimates, causing shares to fall by 5% on Thursday morning. For the quarter, the bank reported earnings per share of USD 80 cents on revenue of USD 8.55 Billion. Analysts expected earnings per share of USD 89 cents on revenue of USD 9.3 Billion.
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