FinancialBuzz.com: 'Market Recap' Week Ending September 27th, 2019

NEW YORK, Sept. 27, 2019 /PRNewswire/ -- U.S. markets opened lower on Monday amid investor concerns over the weakening global growth and the possibility of an international slowdown impacting domestic growth. The Dow Jones Industrial Average opened approximately 90 points lower on Monday. However, throughout Monday, markets began to edge higher despite data indicating that manufacturing activity in the eurozone posted its worst reading in nearly seven years. Analysts speculated that investors are more concerned with domestic growth rather than international matters. Heading into Tuesday, markets opened higher for a short period before plummeting after reports that the House Democrats were preparing to meet to determine an impeachment inquiry against U.S. President Donald Trump. Later on Tuesday, markets slightly regained after Trump authorized the release of a transcript phone call with the Ukrainian President following reports that the United States Commander in Chief threatened Ukraine by withholdings economic aid in order to pressure officials in Kiev to produce information that will damage Democratic presidential candidate Joe Biden. On Wednesday, markets continued to edge higher throughout the day as investored honed in on news of an impeachment inquiry against Trump. The transcript of the phone call with Ukraine revealed that Trump had asked Ukrainian President Volodymyr Zelensky to "look into" Biden's son. However, Trump did not link aid to the country to a probe of Biden's son, according to MarketWatch, citing White House officials. The release of the transcript prompted House Speaker Nancy Pelosi to open an impeachment inquiry against Trump. Pelosi's move sent the Dow Jones higher by 100 points. Additionally, Trump's comments that a deal between the U.S. and China could happen sooner than expected also fueled market, leading the Dow to close 160 points higher. NIO Inc. (NYSE: NIO), NIKE, Inc. (NYSE: NKE), Rite Aid Corporation (NYSE: RAD), Beyond Meat, Inc. (NASDAQ: BYND), Micron Technology, Inc. (NASDAQ: MU)

Then on Thursday, impeachment talks continued to weigh down the markets after a whistleblower alleged that Trump sought foreign election interference using his powers of his office for the 2020 Presidential elections. Joseph Maguire, Acting Director of the National Intelligence, provided testimony before the U.S. House Intelligence Committee before the market opened. While the alleged report only dragged the Dow Jones down by 52 points, analysts believe that the market could heavily be impacted by where the testimony heads. Throughout Thursday as the testimony continued, the Dow Jones edged lower by as much as 200 points before slightly recovering. "The market is completely dependent on where this testimony goes," Brent Schutte, Chief Investment Strategist at Northwestern Mutual Wealth Management Company told MarketWatch. Investors will be looking to see if the evidence could "push us toward a less market-friendly president in 2020," he added. On the other hand, "If it ends up being a non-starter, the market could potentially close much higher."

NIO Inc. (NYSE: NIO) reported its second quarter financial results during Tuesday's pre-market hours. Nio shares plunged by 25% after the Chinese electric vehicle manufacturer reported larger-than-expected losses and cancelled its earnings call with analysts. For the second quarter, Nio reported adjusted earnings loss of RMB 3.11 (USD 0.44) per share on revenues of RMB 1.5 Billion (USD 210.97 Million). Analysts expected Nio to report earnings loss of USD 0.18 per share on revenues of USD 185 Million. Nio reported that its revenue grew by 3,180% year-over-year, primarily driven by the increased demand for its vehicles. However, with the growth in demand, Nio witnessed its net losses widen. Net losses totaled RMB 3.28 Billion at the end of the second quarter, representing an 83.1% increase compared to the same quarter a year ago. During the quarter, Nio delivered a total of 3,553 vehicles. Primarily, 3,140 of the delivered vehicles were Nio's ES8 model, while 413 were the ES6 model. Nio's deliveries for the quarter fell compared to the 3,989 vehicles delivered in the first quarter.

NIKE, Inc. (NYSE: NKE) reported its first quarter financial results for fiscal 2020 and topped analysts' expectations. Nike shares edged higher by 5% during Wednesday's pre-market trading hours. For the first quarter, Nike reported earnings of USD 0.86 per share on revenues of USD 10.66 Billion. Analysts projected earnings of USD 0.70 per share on revenues of USD 10.44 Billion. Nike witnessed its revenue increased by 7% year-over-year, primarily driven by stronger revenues across its geographic regions. Predominantly, stronger sales in Greater China paved the way for Nike's better-than-expected quarter. Revenues for the Nike Brand were USD 10.1 Billion, representing a 10% increase year-over-year. The segment was primarily driven by growth across NIKE Direct and wholesale, with key categories including Sportswear and the Jordan Brand as well as continued growth across Nike's footwear and apparel segments. Revenues for Converse were USD 555 Million at the end of the quarter, increasing by 8% year-over-year. 

Rite Aid Corporation (NYSE: RAD) reported its second quarter financial results before the opening bell on Thursday. Rite Aid shares shares soared by over 26% after topping analysts' earnings expectations. For the second quarter, Rite Aid reported earnings of USD 0.12 per share on revenues of USD 5.37 Billion. Analysts expected earnings of USD 0.07 per share on revenue of USD 5.41 Billion. While Rite Aid's revenue narrowly slipped compared to USD 5.42 Billion the same quarter a year ago, the Company was able to return to profitability during the quarter. Rite Aid reported adjusted net income of USD 6.3 Million compared to an adjusted net loss of USD 7.9 Million a year ago. For the remainder of the fiscal year, Rite Aid reiterated its revenue guidance range between USD 21.5 Billion and USD 21.9 Billion. However, Rite Aid lowered its earnings guidance and expects to lose USD 235 Million to USD 275 Million compared to a net loss of USD 170 Million to USD 220 Million. 

Beyond Meat, Inc. (NASDAQ: BYND) shares surged by over 15% during Thursday's pre-market hours after McDonald's (NYSE: MCD) announced that it will conduct a 12-week test of a new plant-based burger in Canada. The burger, P.L.T. or Plant. Lettuce. Tomato will be available in 28 restaurants throughout the Southwestern part of Ontario starting on September 30. The P.L.T. is made with a Beyond Meat plant-based burger patty that has been exclusively created for McDonald's. The burger will cost CAD 6.49 including tax. Ann Wahlgren, McDonald's Vice President of Global Menu Strategy, said during the test, McDonald's will receive feedback from customers to better understand the demand and impact on its restaurant operations. 

Micron Technology, Inc. (NASDAQ: MU) reported its third quarter financial results after the closing bell on Thursday. Despite topping estimates, Micron shares edged lower by 6% shortly after reporting. For the quarter, Micron reported earnings of USD 1.05 per share on revenue of USD 4.79 Billion. Analysts expected earnings of USD 0.48 per share on revenue of USD 4.56 Billion. Micron's revenue substantially dropped compared to its revenue of USD 7.79 Billion in the third quarter of last year. Micron Chief Executive Sanjay Mehrotra has mentioned previously that the memory chip industry is completely different in a post-PC world. Micron has struggled largely because chip prices continued to increase while inventory issues caused excess supply.

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