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Financialbuzz.com: 'Market Recap' Week Ending May 10th, 2019

FinancialBuzz.com News Commentary


News provided by

FinancialBuzz.com

10 May, 2019, 13:00 GMT

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NEW YORK, May 10, 2019 /PRNewswire/ -- U.S. stocks faced a bearish week due to the ongoing conflicts between the U.S. and China as trade war tensions between the two countries sent the Dow Jones Industrial Average spiraling down by as much as 377 points on Monday. U.S. President Donald Trump tweeted on Sunday that he intended to raise the rate of tariffs on the USD 200 Billion worth of Chinese imports to 25%. The unexpected threat from Trump sent markets into a volatile spiral. Over the past year, Trump and Chinese President Xi Jinping met back and forth to discuss the trade war mbatters. While negotiations began uncertainly at first, it later appeared to investors that the two parties were finalizing agreements. Investor optimism allowed markets to recover throughout Monday, as many expected that the two parties would reach a negotiation breakthrough quickly. U.S. Trade Representative Robert Lighthizer quickly diminished the fervor after announcing that the rate hike on the tariffs would likely happen on Friday. The tension sent the Dow Jones tumbling by 350 points on Tuesday as investors' fears began to heighten. Markets began to stabilize on Wednesday, however, as the U.S. markets pulled back once again on Thursday with the tariff hike looming. On Wednesday, Trump said during a rally in Florida that China "broke the deal" between the two and that "they'll be paying." On the other hand, China's Commerce Ministry said that the country is prepared to take "necessary countermeasures" if the U.S. does increase tariffs. The tariff hike is expected to be implemented on Friday at 12:01 A.M. Eastern Time. Lyft, Inc. (NASDAQ: LYFT), Roku, Inc. (NASDAQ: ROKU), Stamps.com Inc. (NASDAQ: STMP), Tapestry, Inc. (NYSE: TPR), The Trade Desk, Inc. (NASDAQ: TTD)

Despite the ongoing tensions between the two administrations, investors and analysts still remained optimistic that an agreement will be reached within the next weeks or months. Nevertheless, the tensions caused the Dow Jones to fall by 958 points or 3.6% this week. The S&P 500 slipped by 105.26 points or 3.5% this week, while the Nasdaq Composite declined by 350.62 points or 4.2%. "Trade negotiating tactics are clearly being used by both the U.S. and China," wrote Edward Moya, Senior Market Analyst at Oanda, in a Thursday research note. "Give-and-take was to be expected by both sides as we near an ultimate conclusion to a trade deal. Recent obstacles have seen the risk of a total collapse grow which means we could be finally nearing a deal. While the base case remains for a deal to be reached, the timing is uncertain, but likely to occur by early June at the latest. If we see a disastrous outcome this week, we could see a 10% correction with U.S. equities. A framework agreement is likely to see stocks attempt another run at making fresh record highs."

Lyft, Inc. (NASDAQ: LYFT) reported its first quarter financial results after the market close on Tuesday. The ride-hailing service Company reported better-than-expected revenue for its first financial results since going public. However, Lyft's large net losses caused its shares to tumble by 3.4% on Wednesday morning. For the first quarter, Lyft reported earnings of USD 9.02 per share on revenue of USD 776 Million. Analysts expected revenue of USD 739.4 Million. Due to the lack of data because of Lyft's recent initial public offering, analysts estimated earnings loss anywhere between USD 0.63 to USD 4.73 per share. Lyft's aggressive push into the ride-sharing market resulted in stronger growth in its users. The Company reported that active riders grew by 46% year-over-year to 20.5 million. Revenue per active rider rose by 34% to USD 37.86.

Roku, Inc. (NASDAQ: ROKU) announced its first quarter financial results after the market close on Wednesday. The Company surpassed analysts' estimates and provided a better-than-expected outlook, sending shares surging by 22.2% on Thursday morning. For the first quarter, Roku reported an earnings loss of USD 0.09 per share on revenues of USD 206.66 Million. Analysts expected earnings loss of USD 0.24 per share on revenues of USD 190 Million. Roku's stronger-than-expected quarter was driven by its active account and streaming hours growth. Active accounts grew by 40% to 29.1 million, while streaming hours skyrocketed by 74% to 8.9 hours for the quarter. Roku reported that ARPU rose from USD 15.07 the same period last year to USD 19.06 this past quarter.

Stamps.com Inc. (NASDAQ: STMP) reported its first quarter financial results during Thursday's extended trading hours. The Company slashed its guidance outlook, which caused shares to crater by 54.7% after the opening bell on Thursday. For the first quarter, Stamps reported earnings of USD 0.87 per share on revenues of USD 136 Million. Analysts expected earnings of USD 1.11 per share on revenues of USD 127.2 Million. Stamps noted that the Company is expected to take a hit due to the contract changes that its partner companies have with the United States Postal Service. With the major impact coming after Stamps said that it will no longer partner with USPS. As for 2019, Stamps slashed its earnings guidance by 35% to the range of USD 3.35 per share to USD 4.85 per share. Analysts are expecting earnings of USD 5.42 per share.

Tapestry, Inc. (NYSE: TPR) announced its third quarter financial results before the market open on Thursday. Shares soared by 12% during pre-market hours after the Company reported better-than-expected earnings. For the quarter, Tapestry reported that earnings fell to USD 0.42 per share on revenues of USD 1.33 Billion. Analysts expected earnings of USD 0.41 on revenues of USD 1.34 Billion. Tapestry's Coach segment reported lower revenues of USD 965 Million compared to USD 969 Million the same quarter last. Despite the decline in revenue, Coach's comparable store sales increased by 1%. The Kate Spade segment reported revenues of USD 281 Million, up from USD 269 Million the same quarter a year ago. However, Kate Spade saw its comparable store sales decline by 3%.

The Trade Desk, Inc. (NASDAQ: TTD) reported its first quarter financial results before the market open on Thursday. Despite reporting stronger-than-expected results, the Company saw its shares plunge by 17.1% shortly after the opening bell. For the first quarter, Trade Desk reported earnings of USD 0.49 per share on revenue of USD 121 Million. Analysts forecasted USD 0.25 per share on revenue of USD USD 116 Million. Trade Desk continued to see its Omnichannel Spend grow during the quarter. Total mobile (in-app, video, and web) was 45% of gross spend for the quarter, highlighting the growing scale and importance of the channel to advertisers. Mobile video spend grew about 60% year-over-year. Mobile in-app also grew by 60% year-over-year. As for the second quarter, Trade Desk is forecasting revenue of USD 154 Million and adjusted EBITDA of USD 46 Million. For the full year, Trade Desk is expecting revenue of at least USD 645 Million, revised from USD 637 Million. The Company also expected full-year adjusted EBITDA of USD 188.5 Million, revised from USD 182 Million.

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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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