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Financialbuzz.com: 'Market Recap' Week Ending May 3rd, 2019


News provided by

FinancialBuzz.com

03 May, 2019, 14:15 GMT

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FinancialBuzz.com News Commentary

NEW YORK, May 3, 2019 /PRNewswire/ -- U.S. stocks focused on corporate financial results again this week. Specifically, investors weighed in on the technology companies which reported this week. The companies reported mixed results throughout the week, causing a shaky overall market. On Monday, markets edged higher throughout the day as investors focused in on Spotify's quarterly results. However, during Monday's extended trading hours, Alphabet's worse-than-expected revenue growth caused markets to pull back. Then on Tuesday, markets quickly retreated throughout the day, erasing the gains from Monday. Despite Alphabet's pullback, markets began to recover after the Dow Jones Industrial Average plunged by 144 points or 0.5%. Investors focused their attention on Apple, as the Company reported its first-quarter results after the market close on Tuesday. Apple reported better-than-expected earnings, resulting in a strong opening on Wednesday, but the release of the ISM Manufacturing Index report for April caused markets to quickly nose dive. The report fell short of expectations which caused the Dow Jones Transportation Average to slip by 130 points or 1.2%. The Dow Jones Industrial Average retreated by as much as 312 points or 1.17% throughout Wednesday. Wednesday's bearish close carried on into Thursday following the Federal Reserve's policy update. Alphabet Inc. (NASDAQ: GOOGL), Apple Inc. (NASDAQ: AAPL), Advanced Micro Devices, Inc. (NASDAQ: AMD), Square, Inc. (NYSE: SQ), Under Armour, Inc. (NYSE: UA)

Chairman Jerome Powell emphasized at a conference about a healthier global domestic growth picture and indicated that neither a rate reduction or a rate hike were happening any time soon. Powell's decision undermined investor's expectations that a near-term rate reduction was likely to happen. The Fed's update caused the Dow Jones to slip by 230 points or 0.8% on Thursday. The S&P 500 Index also tumbled by 30.63 points or 1.0%, while the Nasdaq Composite fell by 116.42 points or 1.4%. "I think investors need to get into their heads that the period of low inflation, low interest rates and monetary policy continuing to provide nothing but stimulus is over," Abby Joseph Cohen, senior U.S. investment strategist at Goldman Sachs, told CNBC's "Squawk on the Street." "Markets instead should be looking at the economy and profits. It's a good picture and one we think makes sense."

Alphabet Inc. (NASDAQ: GOOGL) shares plunged by 8.2% on Tuesday morning after the tech giant reported that its ad revenue was slowing down. Additionally, the Company also missed analysts' revenue estimates. For the first quarter, Alphabet reported earnings of USD 11.90 per share on revenue of USD 36.34 Billion. Analysts expected earnings of USD 10.61 per share on revenue of USD 37.33 Billion. Total revenue grew by 17% year-over-year for the quarter, however, Alphabet reported slowing growth compared to the first quarter last year. The same period last year, Alphabet reported total revenue of 26% year-over-year. Alphabet's total traffic acquisition cost was USD 6.86 Billion for the quarter, compared to USD 6.28 Billion last year. TAC also missed analysts' estimates of USD 7.26 Billion.

Apple Inc. (NASDAQ: AAPL) reported its second quarter financial results after the closing bell on Tuesday. The Company surpassed quarterly estimates and provided a stronger-than-expected guidance causing shares to rise by 4%. For the quarter, Apple reported earnings of USD 2.46 per share on revenues of USD 58.02 Billion. Refinitiv analysts expected earnings of USD 2.36 per share on revenues of USD 57.37 Billion. Apple's Products revenue slipped down to USD 46.56 Billion compared to USD 51.28 Billion the same period last year. On the other hand, service revenues grew from USD 9.85 Billion last year to USD 11.45 Billion. Apple's weaker Product revenue was a direct result of its lower iPhone sales. iPhone revenue fell from USD 37.55 Billion last year compared to USD 31.05 Bill this quarter.

Advanced Micro Devices, Inc. (NASDAQ: AMD) reported its first quarter financial results after the market close on Tuesday. The chipmaker surpassed estimates for both revenue and earnings, which sent shares 4.4% higher at the opening bell on Wednesday. AMD reported earnings of USD 0.06 per share on revenues of USD 1.27 Billion. AMD narrowly beat analysts' earnings estimates of USD 0.05 per share and anticipated revenues of USD 1.26 Billion. Despite the beat, AMD's revenue has now fallen by 23% year-over-year primarily due to lower revenue in its Computing and Graphics segment. Revenue was also down 10% sequentially due to lower client processor sales. AMD's Computing and Graphic segment revenue was USD 831 Million for the quarter, down 26% year-over-year and 16% quarter-over-quarter. The lower revenue was due to lower graphic channel sales, which was partially offset by increased client processor and datacenter GPU sales.

Square, Inc. (NYSE: SQ) reported its first quarter financial results during Wednesday's extended trading hours. The Company reported a weaker-than-expected payment volume which caused shares to tumble by 7.8% on Thursday morning. For the first quarter, Square reported earnings of USD 0.11 per share on revenues of USD 489 Million. Analysts expected earnings of USD 0.08 per share on revenues of USD 478 Million. Despite Square surpassing revenue and earnings estimates, the Company missed its payments volume which caused shares to fall. Square also reported that gross payments volume (GPV) was USD 22.6 Billion during the quarter, under analysts' estimates of USD 22.8 Billion. As for Square's second quarter, the Company is expecting earnings between USD 0.14 and USD 0.16 per share on revenue between USD 545 Million and USD 555 Million. Square's light guidance also came in below analysts' expectations.

Under Armour, Inc. (NYSE: UA) reported its first quarter financial results before the opening bell on Thursday. The sports retailers reported better-than-expected results and also provided a higher guidance, causing shares to jump by 9.4%. For the quarter, Under Armour reported earnings of USD 0.05 per share on revenues of USD 1.21 Billion. Analysts expected earnings to break even per share on revenues of USD 1.18 Billion. Under Armour reported that its revenue increased by 2% year-over-year, primarily driven by its Wholesale and Apparel revenue growth. Wholesale revenue increased by 5% to USD 818 Million, however, Under Armour's direct-to-consumer revenue fell by 6% to USD 331 Million. As for the rest of the fiscal year, Under Armour expects to report earnings in between USD 0.33 to USD 0.34 per share compared to its previous estimate of USD 0.31 to USD 0.33 per share. Under Armour is still expecting revenue to increase between 3% to 4% due to flat results from its North American region.

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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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