Financialbuzz.com: 'Market Recap' Week Ending November 8th, 2019

NEW YORK, Nov. 8, 2019 /PRNewswire/ -- U.S. markets experienced a bullish week, which continuously pushed the three main indexes to record highs throughout the week. On Monday, markets were lifted after Friday's announcement from Washington and Beijing said that they had made progress in defusing the trade tensions and U.S. officials mentioned that a deal could be signed within the month. Then, on Tuesday morning, the markets continued to rally as investors looked to extend record gains from Monday. However, markets closed relatively flat on Tuesday as investors continued to digest the ongoing negotiations. As part of the "phase one" deal, China is pushing for the U.S. to remove more of its enforced tariffs. However, on Wednesday, markets slightly slid after reports emerged that a meeting between U.S. President Donald Trump and Chinese President Xi Jinping could be delayed until December, according to Reuters, citing a senior official of the Trump Administration. Nonetheless, investors continued to hold on to an optimistic view that a deal between the two nations could be reached. Then on Thursday, the three indexes hit record highs once again as U.S. markets were stimulated after reports that Beijing and Washington will cancel planned import tariffs in stages. Under Armour, Inc. (NYSE: UAA), Uber Technologies, Inc. (NYSE: UBER), QUALCOMM Incorporated (NASDAQ: QCOM), Roku, Inc. (NASDAQ: ROKU), The Walt Disney Company (NYSE: DIS)

The Dow Industrial Average rose by as much as 250 points, reaching 27,749.92 during Thursday's early morning trading sessions. The S&P 500 reached 3,095.00, gaining as much as 18 points. Meanwhile, the Nasdaq Composite gained 70 points and hit 8,479.24. "Trading got off to a volatile start on Thursday as negative headlines late on Wednesday quickly turned positive," wrote Raffi Boyadjian, Senior Investment Analyst at XM, wrote in a Thursday note. "Risk aversion abruptly faded after Bloomberg today reported that the US and China have agreed to scale back some of the tit-for-tat tariffs they've imposed on each other's goods," he added.

Under Armour, Inc. (NYSE: UAA) reported its third-quarter financial results before the opening bell on Monday morning. The Company topped analysts' expectations but slashed its revenue outlook for the year, which sent shares tumbling by 16%. For the quarter, Under Armour reported earnings of USD 0.23 per share on revenues of USD 1.43 Billion. Analysts expected earnings of USD 0.18 per share on revenues of USD 1.41 Billion. For the remainder of the fiscal year, Under Armour is anticipating revenues to be up approximately 2% compared to its prior forecast of 3% to 4%. Analysts anticipated revenue growth of 3.1%.

Uber Technologies, Inc. (NYSE: UBER) reported its third-quarter financial results after the closing bell on Monday. The ride-hailing service provider reported better-than-expected earnings and revenue, however, shares tumbled by as much as 8% on Tuesday morning. For the quarter, Uber reported an earnings loss of USD 0.68 per share on revenues of USD 3.81 Billion. Analysts expected earnings loss of USD 0.81 per share on revenues of USD 3.69 Billion. While Uber surpassed estimates, the Company reported a net loss of USD 1.16 Billion, representing an 18% increase in losses year-over-year.

QUALCOMM Incorporated (NASDAQ: QCOM) shares popped by 7.3% on Thursday morning after reporting its fourth-quarter financial results on Wednesday. For the quarter, Qualcomm reported earnings of USD 0.78 per share on revenues of USD 4.8 Billion. Analysts anticipated earnings of USD 0.71 per share on revenues of USD 4.7 Billion. As for the first quarter, Qualcomm is expecting revenues between USD 4.4 Billion to USD 5.2 Billion versus Refinitiv analysts' estimates of USD 4.8 Billion.

Roku, Inc. (NASDAQ: ROKU) reported its third-quarter financial results after the closing bell on Wednesday. The Company topped revenue estimates, however, shares cratered by as much as 17% on Thursday morning. For the quarter, Roku reported an earnings loss of USD 0.22 per share on revenues of USD 261 Million. Analysts expected revenues of USD 256.9 Million. Analysts surveyed adjusted loss per share of USD 0.28, but it was not immediately clear whether the reported loss and expected loss were comparable, according to CNBC. As for the fourth quarter, Roku is expecting revenue between USD 380 to USD 396 Million. And as for the full year, Roku is projecting total revenues in the range of USD 1.09 Billion to USD 1.11 Billion. Roku's higher end of its guidance falls in-line with analysts' expectations.

The Walt Disney Company (NYSE: DIS) reported its quarterly financial results after the closing bell on Thursday. The Company topped earnings and revenue estimates, sending shares higher by 3.6% during extended trading hours. For the quarter, Disney reported earnings of USD 1.07 per share on revenue of USD 19.1 Billion. Analysts anticipated earnings of USD 0.95 per share on revenue of USD 19.04 Billion. Disney reported that overall revenue grew by 34% year-over-year, driven by a 22% revenue growth in its Media Networks segment as well as a 52% revenue growth in its Studio Entertainment segment. Disney's quarterly results arrive just days before the Company is expected to launch its Disney+ streaming service on November 12.

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