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Financialbuzz.com: 'Market Recap' Week Ending September 13th, 2019


News provided by

FinancialBuzz.com

13 Sep, 2019, 13:00 GMT

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FinancialBuzz.com News Commentary

NEW YORK, Sept. 13, 2019 /PRNewswire/ -- On Monday, U.S. markets opened slightly higher as investors focused on further monetary policy action from several central banks. Investors were hoping for an easier-money policy from the Federal Reserve in anticipation of its two-day meeting on September 17-18th. By Monday afternoon, markets began to flatline and remained relatively stable to end Monday's trading session. On Tuesday, markets opened lower, before stabilized and closing higher. Apple shares rose by 2.5% after its unveiling of the new iPhone 11 model on Tuesday afternoon, causing the Dow Jones to rise as well. Then on Wednesday, markets opened stronger and continued to rise throughout the day. Initially, markets were uplifted after China released a list of products that would be exempt from the first round of extra tariffs, according to MarketWatch. The list included products such as seafood and anti-cancer drugs. Investors also focused on U.S. President Donald Trump's comments for the Federal Reserve to cut interest rates to 'zero or less', expressing his support of negative interest rates. The Federal Reserve is currently targeting federal rates between 2% and 2.25%. During Wednesday evening, Trump announced that he will delay the tariffs on USD 250 Billion of Chinese goods for two weeks as a "gesture of good will," as per request by the Vice Premier of China. The additional tariffs have been moved from October 1st to October 15th. On Thursday, the Dow Jones rose by 130 points on continued optimism revolving around the trade tensions between the U.S. and China. U.S. and Chinese trade negotiators are expected to meet in early October. AT&T Inc. (NYSE: T), Aurora Cannabis Inc., Oracle Corporation (NYSE: ORCL), The Kroger Co. (NYSE: KR), Broadcom Inc. (NASDAQ: AVGO)

The U.S. and China have gone back and forth with trade matters for over a year now. Political leaders from both nations have tried to amend relations, however, most of the times the talks were unsuccessful. However, after a drawn out stalemate, the two sides have re-entered negotiations. And while investors may seem optimistic about the two nations continuing talks and lessening their hostile aggression against one another, it would be no surprise if either the U.S. or China once again back off on an agreement. "It is true that the US/China trade dispute is perhaps less hostile than it was a couple of weeks ago," said Michael Shaoul, Chairman and Chief Executive Officer of Marketfield Asset Management, in a note, according to CNBC. He added, however, it is reasonable to argue that its "influence on allocations may have become exhausted at the current time."

AT&T Inc. (NYSE: T) shares advanced by 6% on Monday morning after Paul Singer's Elliott Management announced its owns USD 3.2 Billion in stock. The firm sent a letter to AT&T's board of directors and expressed ways for the Company to "improve its business and realize a historic increase in value." Elliott noted that AT&T's stock could be worth as much as USD 60 per share. AT&T responded and said that it regularly maintains contact with shareholders and will review Elliott's comments in context with its business strategies.

Aurora Cannabis Inc. reported its fourth quarter financial results after the market close on Wednesday. On Thursday, shares declined by as much as 9% after the cannabis company missed expectations. For the fourth quarter, Aurora reported a net loss of CAD 2.26 Million on revenues of CAD 98.94 Million. Analysts expected earnings loss of USD 0.06 per share on revenues of CAD 108 Million. Despite the revenue miss, Aurora reported that its net cannabis revenue grew by 61% sequentially to CAD 94.6 Million. Canadian consume cannabis revenue accounted for CAD 44.9 Million, representing a 52% growth quarter-over-quarter. Production volume increased by 86% sequentially to 29,034 kgs. Meanwhile, cash cost to produce per gram sold declined by 20% sequentially to CAD 1.14 per gram.

Oracle Corporation (NYSE: ORCL) reported its first-quarter financial results after the market close on Wednesday. Oracle shares slipped by 5% during extended trading hours matched estimates but announced that Mark Hurd, one of Oracle's two Chief Executive Officer, is taking a leave of absence due to health reasons. For the first quarter, Oracle reported earnings of USD 0.81 per share on revenues of USD 9.22 Billion. Oracle's earnings fell in-line with analysts' estimates, but fell short of revenue projections of USD 9.29 Billion.

The Kroger Co. (NYSE: KR) reported its second quarter financial results during pre-market hours on Thursday. Kroger topped analysts' earnings estimates, which sent shares 4.6% at the open. For the quarter, Kroger reported earnings of USD 0.44 per share on revenues of USD 28.17 Billion. Analysts projected earnings of USD 0.41 per share on revenues of USD 28.37 Billion. Kroger witnessed its digital sales surge by 31% year-over-year, while its same-store sales were up 2.2%. Analysts expected same-store sales growth of 1.9%. Kroger reaffirmed its guidance for the remainder of the year. For fiscal 2019, the Company expects to report same-store sales growth in the range of 2% to 2.25% and earnings between USD 2.15 to USD 2.25 per share. Analysts are estimating same-store sales growth of 1.9% and earnings of USD 2.17 per share.

Broadcom Inc. (NASDAQ: AVGO) reported its third quarter financial results after the market close on Thursday. The stock price fell by 2% during extended hours, despite beating earnings. However, Broadcom provided a weaker-than-expected guidance. For the second quarter, Broadcom reported earnings of USD 5.16 per share on revenue of USD 5.52 Billion. Analysts polled earnings of USD 5.13 per share on revenue of USD 5.52 Billion. Broadcom reported that its revenue increased by 8.9% year-over-year, largely due to its robust growth in its semiconductor and infrastructure software segments. However, President and Chief Executive Officer Hock Tan said that the semiconductor segment demand has bottomed out and will continue to remain at the levels due to an uncertain environment. Broadcom expects full-year revenue of approximately USD 22.5 Billion, while analysts are projecting revenues of USD 22.61 Billion.

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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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