NEW YORK, Sept. 20, 2019 /PRNewswire/ -- U.S. markets opened lower on Monday following the attacks on Saudi Arabian oil facilities. On Sunday, crude oil prices surged by more than 10% after drone attacks targeted two major Saudi Aramco oil facilities. The attacks decimated more than half of the crude output from the world's largest exporter, affecting 5 million barrels of daily crude oil production. The Dow Jones Industrial Average declined by as much as 150 points on Monday from Friday's closing bell. Despite the attacks, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Tuesday that the country's oil supply levels were back to the same levels prior to the attack. Bin Salman also noted that the country's oil market will be fully back online by the end of September. On Tuesday, markets continued to edge lower ahead of the Federal Reserve's two-day meeting regarding interest rates. On Wednesday, markets opened higher after the Federal Reserve trimmed its benchmark interest rate to 1.75% from 2%, marking the second rate cut in the past months amid U.S.-China trade war tensions. Throughout Wednesday, the Dow declined by as much as 120 points following the Federal Reserve's decision. Shortly after, U.S. President Donald Trump expressed his displeasure about the quarter rate cut. Trump mentioned earlier in the week that he wanted the Feds to cut interest rates to "zero or less." Additionally, on Thursday, Trump told Treasury Secretary Steven Mnuchin to "substantially increase" sanctions on Iran following the attacks on the oil facilities. On Thursday, stocks edged higher by 100 points shortly after the opening bell as investors digested the Federal Reserve rate cut. Adobe Inc. (NASDAQ: ADBE), FedEx Corporation (NYSE: FDX), Chewy, Inc. (NYSE: CHWY), General Mills, Inc. (NYSE: GIS), Datadog, Inc. (NASDAQ: DDOG)
The Federal Reserve's decision to slash interest rates by a quarter percentage in an effort to prevent a slowdown in the global economic growth and hinder the possible impacts of Trump's trade policies. However, the U.S. and China resumed trade talks on Thursday, as officials from both nations met for the first time in nearly two months. The negotiations on Thursday and Friday are expected to layout a groundwork for high-level talks in October that will address the matter whether the two are able to reach a common agreement or result in additional tariffs. "The majority of market participants are still digesting the Fed, and we saw a quick shift of the focus back to the trade war," said Edward Moya, Senior Market Analyst at OANDA. "Markets thought this was supposed to be an easy week for trade," Moya told MarketWatch, but instead, the South China Morning Post reported that a senior White House official said tariffs on Chinese goods could go as high as 50 or even 100%.
Adobe Inc. (NASDAQ: ADBE) reported its third quarter financial results after the market close on Tuesday. Despite beating expectations, Adobe shares edged lower by 4% at the opening bell on Wednesday. For the fourth quarter, Adobe reported earnings of USD 2.05 per share on revenue of USD 2.83 Billion. Analysts expected earnings of USD 1.97 per share on revenues of USD 2.82 Billion. However, the Company provided a weaker-than-expected guidance for the fourth quarter. Adobe is anticipating earnings of USD 2.25 per share on revenues of USD 2.97 Billion. Meanwhile, analysts are projecting earnings of USD 2.30 per share on revenue of USD 3.02 Billion.
FedEx Corporation (NYSE: FDX) reported its first quarter financial results after the closing bell on Tuesday. FedEx stock price plunged by 14% after missing earnings and warning about weakening global macro conditions. FedEx reported earnings of USD 3.05 per share on revenues of USD 17.05 Billion compared to estimates of USD 3.16 per share on revenues of USD 17.06 Billion. Due to ongoing global trade tensions, FedEx reduced its revenue outlook since the Company's initial forecast in June for fiscal 2020. The Company is expecting earnings between USD 10.00 per share to USD 12.00 per share.
Chewy, Inc. (NYSE: CHWY) reported its second quarter financial during Tuesday's extended trading hours. Shares edged lower by 2%, despite the Company reporting narrower-than-expected losses. Chewy reported earnings loss of USD 0.10 per share on revenues of USD 1.15 Billion. Analysts expected earnings loss of USD 0.11 per share on revenues of USD 1.13 Billion. The Company reported that its quarterly revenue grew by 43% compared to the same quarter a year ago, primarily driven by its active customers and its auto-shipping service. Chewy reported a total of 12 million active customers, representing a 39% increase year-over-year. Moreover, the Company reported that auto-ship customers accounted for 69% of its total sales.
General Mills, Inc. (NYSE: GIS) reported its first quarter financial results during Wednesday's pre-market hours. The Company came out on top and surpassed analysts' estimates, sending shares roughly 2.5% higher. For the second quarter, General Mills reported earnings of USD 0.79 per share on revenues of USD 4.0 Billion. General Mills topped earnings estimates of USD 0.77 per share, but missed revenue estimates by 2.19%. The Company also reported that revenue declined by 2%, largely due to lower sales in its organic net sales. General Mills' North America retail segment sales remained flat, but its Convenience Stores & Foodservice, Europe & Australia, and Asia & Latin America markets all witnessed declining revenues. However, General Mills' Pet segment reported a 7% growth in net sales, which offset the losses in the Company's geographic segments.
Datadog, Inc. (NASDAQ: DDOG) debuted on the Nasdaq Stock Exchange on Friday. The stock price popped as much as 50% shortly after listing its shares. Datadog is a monitoring and analytics platform for developers, IT operations team and business users in the cloud space. Datadog's Software-as-a-Service (SaaS) platform integrates and automates infrastructure monitoring, application performance monitoring and log management to provide unified, real-time observability of its customers' entire technology stack. Towards late afternoon, Datadog shares were at USD 37.99 per share and circulating 19.4 million shares. The IPO pricing was expected to be between USD 24 to USD 26 per share, which was raised from a previous expectation range of USD 19 to USD 22 per share. Through the IPO, Datadog raised USD 648 Million, and could raise an additional USD 745.2 Million if the underwriters exercise their options to buy additional shares.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
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.
For further information: