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Financialbuzz.com: 'Market Recap' Week Ending July 19th, 2019

FinancialBuzz.com News Commentary


News provided by

FinancialBuzz.com

Jul 19, 2019, 09:00 ET

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NEW YORK, July 19, 2019 /PRNewswire/ -- U.S. markets began the week slightly weaker after last week's rally. Last week, U.S. markets went on a bullish run after the Federal Reserve indicated that a rate cut was impending after releasing its meeting minutes from June. However, investors turned their focus to corporate earnings this week as Citigroup kicked off on Monday. While Citi shares opened weaker on Monday, shares quickly rebounded in the early morning. As a result, markets closed slightly higher on Monday. Then on Tuesday, JPMorgan Chase, Wells Fargo, and Goldman Sachs all reported their quarterly results before the opening bell. All three banks reported better-than-expected results, however, U.S. markets pulled back after President Donald Trump said that there's "a long way to go" on a China trade deal, snapping a four-day win streak. So far, the tensions between the U.S. and China is the primary reason why the Feds were considering a rate cut. Markets continued to slide lower leading into Wednesday due to ongoing tensions between the U.S. and China, which affected corporate earnings and rattled throughout European and Asian markets. Bank of America reported its financial results on Wednesday, and despite its better-than-expected results, U.S. markets recorded back-to-back losses. U.S. markets continued to pull back on Thursday after tech giant Netflix reported its quarterly results on Wednesday during extended trading hours. The stream service provider missed analysts' subscriber growth count, which sent shares spiraling down by over 10%. Moreover, The Wall Street Journal reported that talks have been stalled once again on negotiations regarding Huawei Technologies. eBay Inc. (NASDAQ: EBAY), Netflix, Inc. (NASDAQ: NFLX), Skechers U.S.A., Inc. (NYSE: SKX), Chewy, Inc. (NYSE: CHWY), UnitedHealth Group Incorporated (NYSE: UNH).  

The Dow Jones Industrial Average declined by 100.81 points or 0.3% from Monday's opening bell into Thursday's closing bell. Meanwhile, the S&P 500 fell by 47.96 points or 0.5%, while the Nasdaq Composite slipped by 17.43 points or 0.5%. Moving forward, corporate earnings and tensions revolving around the U.S. and China will continue to remain in focus. Investors will pay close attention to negotiation talks regarding the two nations. Next week, Boeing, AT&T, Caterpillar, Intel, and Alphabet are expected to report. As of early Thursday morning, more than 7% of S&P 500 companies reported their quarterly results, according to FactSet data. Of those companies, 85% reported profits and surpassed expectations. Many investors and analysts believed that the current earnings seasons would be a rather bearish one. "There are good reasons to believe that despite the downbeat expectations, earnings season could come in better than expected—which would be good for markets," Brad McMillan, Chief Investment Officer at Commonwealth Financial Network said in a note, according to MarketWatch. "With markets priced for slower growth, faster growth should be a tailwind. With markets priced for a meaningful earnings decline, a smaller decline — or even growth — would be another tailwind."

eBay Inc. (NASDAQ: EBAY) reported its second-quarter financial results after the market close on Wednesday. The e-commerce giant reported better-than-expected results, sending shares higher by 5.4% on Thursday morning. For the second quarter, eBay reported earnings of USD 0.68 per share on revenues of USD 2.69 Billion. Analysts expected earnings of USD 0.62 on revenues of USD 2.68 Billion. eBay reported that its active buyers grew by 4% year-over-year across all of its platforms, totaling 182 million global active buyers. As for the third quarter, eBay expects earnings between USD 0.62 to USD 0.65 per share on sales of USD 2.61 Billion to USD 2.66 Billion. Analysts are expecting earnings of USD 0.63 per share on revenues of USD 2.68 Billion. 

Netflix, Inc. (NASDAQ: NFLX) reported its second-quarter financial results on Wednesday during extended trading hours. The streaming service giant reported worse-than-expected subscriber growth count, sending shares plunging by more than 10%. For the second quarter, Netflix reported earnings of USD 0.60 per share on revenue of USD 4.92 Billion. Analysts expected earnings of USD 0.56 per share on revenue of USD 4.93 Billion. As for the Company's subscriber count, Netflix reported that it lost 126,000 Domestic subscribers compared to a gain of 352,000, which was previously forecasted. Moreover, Netflix also missed its international growth count. Analysts estimated net addition of 4.81 million international subscribers, but Netflix reported a growth of 2.83 million. For the third quarter, the Company forecasts global paid net adds of 7.0 million compared to 6.1 million in the third quarter of 2018. Netflix expects to add 0.8 million users in the U.S. and 6.2 million users internationally.

Skechers U.S.A., Inc. (NYSE: SKX) reported its second-quarter financial results after the market close on Thursday. The Company topped analysts' expectations, sending shares 11% higher shortly after reporting. For the second quarter, Skechers reported earnings of USD 0.49 per share on sales of USD 1.25 Billion. Analysts' previously forecasted earnings of USD 0.33 per share on revenues of USD 1.21 Billion. Skechers reported a stronger-than-expected quarter due to its international business growth. During the quarter, international sales accounted for 55.7% of Skechers total sales. International sales increased by 19.8% year-over-year, leading to a 4.9% growth in total comparable same-store sales. 

Chewy, Inc. (NYSE: CHWY) reported its first-quarter financial results after the market close on Thursday, marking its first financial results since launching its initial public offering back in June. The pet product supplier reported a narrower loss than expected, sending shares higher by 3% shortly after reporting. For the quarter, Chewy reported net losses of USD 29.6 Million on total sales of USD 1.1 Billion. Compared to the previous quarter, Chewy reported that net losses improved by 50.6% and revenue grew by 45.2%. 

UnitedHealth Group Incorporated (NYSE: UNH) reported second quarter 2019 results according to which the second quarter of 2019 earnings grew from operations by 12.1 percent to $2.6 billion driven by revenue growth and strong cost disciplines. The business grew to serve 705,000 more people with medical benefits over the past year, including a greater mix of people with higher acuity needs, helping grow revenues by $2.7 billion, or 6.0 percent, to $48.6 billion in the quarter. "Our results in the quarter reflect strong and balanced performance from both Optum and UnitedHealthcare and are driven by the 320,000 women and men of UnitedHealth Group who focus every day on creating value for those we serve," said David S. Wichmann, chief executive officer of UnitedHealth Group.

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FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the "site") is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For this release, FinancialBuzz.com has not been compensated for financial news dissemination and PR services by any parties. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.FinancialBuzz.com.

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