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Financialbuzz.com: 'Market Recap' Week Ending August 9th, 2019

FinancialBuzz.com News Commentary


News provided by

FinancialBuzz.com

09 Aug, 2019, 13:00 GMT

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NEW YORK, Aug. 9, 2019 /PRNewswire/ -- U.S. markets faced renewed pressure on Monday after China devalued the yuan in an effort to fight back against U.S. President Donald Trump's additional tariffs. Last week, Trump imposed an additional 10% tariff on USD 300 Billion worth of Chinese goods starting on September 1st. China's move to devalue its currency will allow it to soften the damage the Trump has dealt. In response, Trump called China's decision "currency manipulation," leading analysts to believe that efforts for a trade agreement are abandoned. The Dow Jones Industrial Average plummeted by 406.87 points or 1.54% on Monday morning. On Tuesday, U.S. markets bounced back as the Dow closed over 300 points higher after China set its reference rate for its yuan at a stronger-than-expected level, according to MarketWatch. The People's Bank of China set the official reference rate of the yuan at 7.0039 yuan per dollar, marking the lowest level since 2008. Nonetheless, the reference rate was higher than what investors and analysts anticipated. On Wednesday, markets began to pull back once again, however this time amid rising concerns over the global economic weakness. By late afternoon on Wednesday, markets quickly reversed as the S&P 500 and Nasdaq Composite closed slightly higher. On Thursday, U.S. markets surged by 300 points as global bond yields rebounded and trade war fears began to settle among investors. The benchmark 10-year Treasury note yield traded at 1.71% after falling to 1.6% in the previous session. The bond yield rebound subsided investors' fears over the slowing global economy. Take-Two Interactive Software, Inc. (NASDAQ: TTWO), The Walt Disney Company (NYSE: DIS), Roku, Inc. (NASDAQ: ROKU), The Trade Desk, Inc. (NASDAQ: TTD), Uber Technologies, Inc. (NYSE: UBER)

The rebound on Thursday allowed U.S. markets to recover a significant portion of the losses they witnessed throughout the rocky week. As of late Thursday afternoon, the Dow Jones Industrial Average was up 296.26 points or 1.14%. The S&P 500 was up 46.71 points or 1.62%, while the Nasdaq Composite gained 158.6 points or 2.02%. "The net result of all this has been a collapse in global rates both at the long end and short end of curves that far outstrips the deceleration in global activity," said Michael Shaoul, Chief Executive Officer of Marketfield Asset Management, in a note. "We are far more used to seeing the reverse take place, with central banks historically slow to react to sharp deteriorations in corporate earnings and only stepping in once employment markets start to signal the impact on employment."

Take-Two Interactive Software, Inc. (NASDAQ: TTWO) released its first quarter financial results after the market close on Monday. The game developer reported stronger-than-expected results, sending shares surging by over 11% at the open on Tuesday. For the first quarter, Take-Two reported earnings of USD 0.41 per share on revenues of USD 540.5 Million. Take-Two did not provide adjusted earnings results for the quarter. However, analysts polled for adjusted earnings of USD 0.04 per share. Overall, Take-Two reported a solid quarter driven by its popular franchise games such as NBA 2K19, Grand Theft Auto Online, Grand Theft Auto V, Red Dead Redemption 2, and its Borderland franchise series. The popularity of the games allowed the Company to deliver 39% growth in its revenue and a 46% increase in net bookings, reaching USD 422.2 Million for the quarter. Analysts expected net bookings of USD 357 Million.

The Walt Disney Company (NYSE: DIS) reported its third quarter financial results after the closing bell on Tuesday. Disney missed analysts' estimates for both revenues and earnings, causing shares to fall by 5% during Wednesday's pre-market hours. For the third quarter, Disney reported earnings of USD 1.35 per share on revenues of USD 20.25 Billion. Analysts expected earnings of USD 1.75 per share on revenues of USD 21.47 Billion. Disney mentioned that its weaker-than-expected quarter was primarily because of its effort to integrate 21st Century Fox assets into its transformation. Disney also announced it expects Disney+ to launch in November this year at a cost of USD 7.99 per month and will feature services such as Disney, Pixar, Marvel and Star Wars.

Roku, Inc. (NASDAQ: ROKU) reported its second quarter financial results after the market close on Wednesday. The streaming service provider reported better-than-expected quarterly results and provided an upbeat guidance, sending shares soaring by over 20% on Thursday morning. For the second quarter, Roku reported earnings loss of USD 0.08 per share on revenues of USD 250.1 Million. Analysts expected earnings loss of USD 0.21 per share on revenues of USD 224.4 Million. Roku reported that its revenue surged by 59% year-over-year, primarily driven by the increase in active accounts and streaming hours. Active accounts reach 30.5 million, a net addition of 1.4 million quarter-over-quarter. Roku's active account numbers fell in-line with estimates. With the addition of over a million accounts sequentially, Roku also reported that streaming hours increased by an additional 0.5 billion hours compared to 9.4 billion in the previous quarter. Streaming hours rose by 72% year-over-year. The increase in active accounts and streaming hours led to an average revenue per use (ARPU) of USD 21.06, increasing by USD 2.00 from the previous quarter. 

The Trade Desk, Inc. (NASDAQ: TTD) reported its second quarter financial results during extended trading hours on Thursday. Despite beating estimates, shares slipped by 5% shortly after reporting. For the second quarter, Trade Desk reported earnings of USD 0.95 per share on revenue of USD 159.9 Million. Analysts' consensus estimated earnings of USD 0.68 per share on revenue of USD 155.1 Million. Revenue grew by 42% year-over-year, representing a decline from the second quarter's year-over-year growth of 54% in 2018. Nonetheless, Trade Desk witnessed growth across its business segments. The Company reported mobile video spending grew by 50% year-over-year, while mobile-in app grew by 63% in the same period. Connected TV spend rose by 2.5x year-over-year and audio spend jumped by 270% year-over-year. Based on the stronger-than-expected quarter, Trade Desk revised its financial outlook and now expects revenues of USD 163 Million for the third quarter. As for the full year, Trade Desk expects revenues of at least USD 653 Million, increased from its previous forecast of USD 645 Million. 

Uber Technologies, Inc. (NYSE: UBER) reported its second quarter financial results after the market close on Thursday. Shares plunged by 12% after the ride hailing service Company reported a larger-than-expected earnings loss. For the quarter, Uber reported an earnings loss of USD 4.72 per share on revenue of USD 3.17 Billion. Analysts projected earnings loss of USD 2.03 per share on revenue of USD 3.3 Billion. Gross bookings for the quarter rose by 31% to USD 15.75 Billion. Monthly active platform consumers jumped by 30% to 99 million and recorded over 1.67 billion trips, representing a 35% increase year-over-year.

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About FinancialBuzz.com 

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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