NEW YORK, August 4, 2017 /PRNewswire/ --
The U.S. equity market closed mixed on Thursday after the Wall
Street Journal reported that Special Counsel Robert Mueller impaneled a grand jury in the
Russia probe. The S&P 500
Index fell 0.22 percent, or 5.41 points, to 2,472.16 while the
NASDAQ Composite lost 0.35 percent to 6340.34. The Dow Jones
Industrial average continued its rally and closed 9.86 points
higher. The index has already posted its seventh straight record
close. Randy Frederick, Vice
President of Trading and Derivatives at Charles Schwab, said in a
CNBC report: "After the markets reach such a big milestone, it's
typical to see what is known as technical consolidation." Under
Armour Inc. (NYSE: UAA), Sprint Corp. (NYSE: S), Apple Inc.
(NASDAQ: AAPL), Tesla Inc. (NASDAQ: TSLA), Fitbit Inc. (NYSE:
FIT)
The stock market continues its momentum, as most of the
companies reported better-than-expected earnings in the second
quarter. On Wednesday, The Dow Jones climbed above 22,000 for the
first time after Apple shares hit record all-time highs.
Jack Ablin, CIO of BMO Private Bank
stated, "I think the market has already adjusted. I kind of viewed
tax reform as a call option that it really wasn't priced in, if we
get it great. I think the market as we can see, survives and
thrives without the benefit of pro-business policies," as reported
by CNBC.
Under Armour, Inc. (NYSE: UAA) shares fell
to a new 52-week low after the sports clothing company cut its
sales forecast for the full year and announced a restructuring
plan. The company now expects sales growth to be 9 to 11 percent,
below its previous forecast of 11 to 12 percent growth. Under
Armour reported second-quarter revenue of $1.088 billion on Tuesday, toppling analyst
estimates of $1.077 billion. Earnings
per share came at a loss of 3 cents,
beating analyst projections of a loss of 6
cents. Share value fell over 8 percent on Tuesday. The
company is facing more competition from its rivals Nike Inc. and
Adidas AG. The company said it plans to cut about 2 percent of its
global workforce, which is about 277 jobs.
Sprint Corporation (NYSE: S), the No.4 U.S. carrier,
reported a quarterly profit for the first time in three years on
Tuesday, sending the shares up over 11 percent on Tuesday. The
telecom giant posted a net income of $206
million, or 5 cents per share,
compared to a loss of $302 million,
or 8 cents per share, in 2016.
Analysts had expected a loss of 1
cent per share. Revenue rose 1.9 percent to $8.16 billion, compared to analyst expectations
of $8.11 billion. The company said
the better-than-expected financial results was aided by its cost
cut program. Sprint said it cut nearly $370
million of services and selling, general and administrative
expenses during the quarter and it expects to cut an additional
$1.3 billion to $1.5 billion of those
costs in fiscal 2017.
Apple, Inc. (NASDAQ: AAPL) jumped over 6
percent on Wednesday after the company announced
better-than-expected financial results. The iPhone maker posted
adjusted earnings of $1.67 per share,
beating analyst estimates of $1.57
per share. Revenue rose 7.2 percent to $45.40 billion, compared with analyst projections
of $44.89 billion. The demand for
iPhone was still strong during the quarter. The tech giant said it
shipped 41 million iPhones in the fiscal third quarter. Apple is
expected to introduce the new iPhone as soon as September. The
company now expects fourth-quarter revenue between $49 billion and $52 billion, with forecasted
gross margins between 37.7 percent and 38 percent. Apple shares hit
an all-time high of $159.75 on
Wednesday, bringing its market capitalization to over $830 billion.
Tesla, Inc. (NASDAQ: TSLA) on Wednesday
reported a loss that beat analyst expectations in the second
quarter. Revenue jumped 120.5 percent to 2.79 billion in the second
quarter, compared to $1.27 billion a
year earlier. The company posted a loss of $1.33 a share. Analysts estimated a loss of 1.82
per share. The robust earnings results are due to higher deliveries
of the Model S and Model X. Tesla shares jumped over 6 percent on
Thursday. The company said its less-expensive Model 3 is on track
to reach previously announced production targets.
Fitbit Inc. (NYSE: FIT) surged over 13 percent on
Thursday after the company reported quarterly results that topped
analyst estimates. The company sold 3.4 million devices, up 14%
sequentially from the first quarter of 2017, and down 40%
year-over-year from the second quarter of 2016. Three products that
were released in the past year, Fitbit Charge 2, Fitbit Alta HR,
and Fitbit Flex 2, account for 81% of revenue. Co-founder and CEO,
James Park said: "Consumer demand in
the second quarter was better than anticipated, enabling Fitbit to
reduce channel inventory and generate better sales. We are
executing according to our transition plan and have increased
confidence in achieving our full year results."
Follow us on Twitter for real time Financial News Updates:
https://twitter.com/FinInsiders
Follow and talk to us on Instagram:
https://www.instagram.com/financialinsiders/
Facebook Like us to receive live feeds:
https://www.facebook.com/financialinsiders/
About Financialinsiders.com
FinancialInsiders.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, FinancialInsiders.com creates 100%
unique original content. FinancialInsiders.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: Financialinsiders.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.Financialinsiders.com (the
"Site") is either original financial news or paid advertisements
provided [exclusively] by our affiliates (sponsored content),
Financialinsiders.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. Financialinsiders.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.
Financialinsiders.com receives fees for producing and presenting
high quality and sophisticated content on Financialinsiders.com
along with other financial news PR media services.
Financialinsiders.com does not offer any personal opinions or bias
commentary as we purely incorporate public market information along
with financial and corporate news. Financialinsiders.com only
aggregates or regurgitates financial or corporate news through our
unique financial newswire and media platform. For this release,
Financialinsiders.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. Financialinsiders.com will
always disclose any compensation in securities or cash payments for
financial news PR advertising. FinancialInsiders.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.
Financialinsiders.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. Financialinsiders.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 Financialinsiders.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 Financialinsiders.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.Financialinsiders.com.
For further information, contact:
E-mail: info@Financialinsiders.com
Tel no.: +1-212-381-6028
Url: http://www.Financialinsiders.com
SOURCE Financialinsiders.com