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Financialbuzz.com: 'Market Recap' Week Ending September 20th, 2019


News provided by

FinancialBuzz.com

20 Sep, 2019, 13:03 GMT

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- FinancialBuzz.com News Commentary

NEW YORK, Sept. 20, 2019 /PRNewswire/ --  U.S. markets opened lower on Monday following the attacks on Saudi Arabian oil facilities. On Sunday, crude oil prices surged by more than 10% after drone attacks targeted two major Saudi Aramco oil facilities. The attacks decimated more than half of the crude output from the world's largest exporter, affecting 5 million barrels of daily crude oil production. The Dow Jones Industrial Average declined by as much as 150 points on Monday from Friday's closing bell. Despite the attacks, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Tuesday that the country's oil supply levels were back to the same levels prior to the attack. Bin Salman also noted that the country's oil market will be fully back online by the end of September. On Tuesday, markets continued to edge lower ahead of the Federal Reserve's two-day meeting regarding interest rates. On Wednesday, markets opened higher after the Federal Reserve trimmed its benchmark interest rate to 1.75% from 2%, marking the second rate cut in the past months amid U.S.-China trade war tensions. Throughout Wednesday, the Dow declined by as much as 120 points following the Federal Reserve's decision. Shortly after, U.S. President Donald Trump expressed his displeasure about the quarter rate cut. Trump mentioned earlier in the week that he wanted the Feds to cut interest rates to "zero or less." Additionally, on Thursday, Trump told Treasury Secretary Steven Mnuchin to "substantially increase" sanctions on Iran following the attacks on the oil facilities. On Thursday, stocks edged higher by 100 points shortly after the opening bell as investors digested the Federal Reserve rate cut. Adobe Inc. (NASDAQ: ADBE), FedEx Corporation (NYSE: FDX), Chewy, Inc. (NYSE: CHWY), General Mills, Inc. (NYSE: GIS), Datadog, Inc. (NASDAQ: DDOG)

The Federal Reserve's decision to slash interest rates by a quarter percentage in an effort to prevent a slowdown in the global economic growth and hinder the possible impacts of Trump's trade policies. However, the U.S. and China resumed trade talks on Thursday, as officials from both nations met for the first time in nearly two months. The negotiations on Thursday and Friday are expected to layout a groundwork for high-level talks in October that will address the matter whether the two are able to reach a common agreement or result in additional tariffs. "The majority of market participants are still digesting the Fed, and we saw a quick shift of the focus back to the trade war," said Edward Moya, Senior Market Analyst at OANDA. "Markets thought this was supposed to be an easy week for trade," Moya told MarketWatch, but instead, the South China Morning Post reported that a senior White House official said tariffs on Chinese goods could go as high as 50 or even 100%.

Adobe Inc. (NASDAQ: ADBE) reported its third quarter financial results after the market close on Tuesday. Despite beating expectations, Adobe shares edged lower by 4% at the opening bell on Wednesday. For the fourth quarter, Adobe reported earnings of USD 2.05 per share on revenue of USD 2.83 Billion. Analysts expected earnings of USD 1.97 per share on revenues of USD 2.82 Billion. However, the Company provided a weaker-than-expected guidance for the fourth quarter. Adobe is anticipating earnings of USD 2.25 per share on revenues of USD 2.97 Billion. Meanwhile, analysts are projecting earnings of USD 2.30 per share on revenue of USD 3.02 Billion.

FedEx Corporation (NYSE: FDX) reported its first quarter financial results after the closing bell on Tuesday. FedEx stock price plunged by 14% after missing earnings and warning about weakening global macro conditions. FedEx reported earnings of USD 3.05 per share on revenues of USD 17.05 Billion compared to estimates of USD 3.16 per share on revenues of USD 17.06 Billion. Due to ongoing global trade tensions, FedEx reduced its revenue outlook since the Company's initial forecast in June for fiscal 2020. The Company is expecting earnings between USD 10.00 per share to USD 12.00 per share. 

Chewy, Inc. (NYSE: CHWY) reported its second quarter financial during Tuesday's extended trading hours. Shares edged lower by 2%, despite the Company reporting narrower-than-expected losses. Chewy reported earnings loss of USD 0.10 per share on revenues of USD 1.15 Billion. Analysts expected earnings loss of USD 0.11 per share on revenues of USD 1.13 Billion. The Company reported that its quarterly revenue grew by 43% compared to the same quarter a year ago, primarily driven by its active customers and its auto-shipping service. Chewy reported a total of 12 million active customers, representing a 39% increase year-over-year. Moreover, the Company reported that auto-ship customers accounted for 69% of its total sales. 

General Mills, Inc. (NYSE: GIS) reported its first quarter financial results during Wednesday's pre-market hours. The Company came out on top and surpassed analysts' estimates, sending shares roughly 2.5% higher. For the second quarter, General Mills reported earnings of USD 0.79 per share on revenues of USD 4.0 Billion. General Mills topped earnings estimates of USD 0.77 per share, but missed revenue estimates by 2.19%. The Company also reported that revenue declined by 2%, largely due to lower sales in its organic net sales. General Mills' North America retail segment sales remained flat, but its Convenience Stores & Foodservice, Europe & Australia, and Asia & Latin America markets all witnessed declining revenues. However, General Mills' Pet segment reported a 7% growth in net sales, which offset the losses in the Company's geographic segments.

Datadog, Inc. (NASDAQ: DDOG) debuted on the Nasdaq Stock Exchange on Friday. The stock price popped as much as 50% shortly after listing its shares. Datadog is a monitoring and analytics platform for developers, IT operations team and business users in the cloud space. Datadog's Software-as-a-Service (SaaS) platform integrates and automates infrastructure monitoring, application performance monitoring and log management to provide unified, real-time observability of its customers' entire technology stack. Towards late afternoon, Datadog shares were at USD 37.99 per share and circulating 19.4 million shares. The IPO pricing was expected to be between USD 24 to USD 26 per share, which was raised from a previous expectation range of USD 19 to USD 22 per share. Through the IPO, Datadog raised USD 648 Million, and could raise an additional USD 745.2 Million if the underwriters exercise their options to buy additional shares. 

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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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