NEW YORK, August 11, 2017 /PRNewswire/ --
The stock market pulled back Thursday as escalated geopolitical
tensions with North Korea weighed
down markets. The Dow Jones industrial average fell over
175 points with Goldman Sachs contributing the most significant
losses. The S&P 500 fell 1.36 percent as the
information technology and financial sectors led the decline.
According to CNBC, the S&P 500 index also fell below its 50-day
moving average, a key technical level, for the first time in a
month. "We're through most of the earnings season and the
valuations (in the stock market) become a bit problematic when you
have something like North Korea
come up," Maris Ogg, President of
Tower Bridge Advisors, said in a CNBC report. Macy's Inc. (NYSE:
M), Walt Disney Co (NYSE: DIS), NetEase Inc. (NASDAQ: NTES),
Michael Kors Holdings Ltd (NYSE: KORS), Live Nation Entertainment,
Inc. (NYSE: LYV).
"Looking historically, there's relatively little volatility when
it comes to stock market and North Korean provocations," said
Kent Boydston, a Research Analyst at
the Peterson Institute for International Economics. The
language from the administration raised concerns of escalation with
North Korea. Despite the concerns,
the long-term view remains optimistic, with some possible hurdles
along the way. "I think the market would put it as a very low
probability that this turns into anything extremely meaningful,"
said Scott Wren, Senior Global
Equity Strategist at the Wells Fargo Investment Institute.
Macy's Inc. (NYSE: M) stock lost about 9% in value
Thursday, after the retailer posted second quarter financial
results. Sales in the second quarter of 2017 totaled $5.55
billion, a decrease of 5.4 percent, compared with sales
of $5.86 billion in the second quarter of 2016. The
year-over-year decline in total sales resulted from previously
announced store closures by the company. Comparable sales were down
2.8 percent in the second quarter. Year to date, Macy's, sales
totaled $10.89 billion, down 6.4 percent from total sales
of $11.63 billion in the first half of 2016. Macy's
reaffirmed its previously provided guidance for full-year 2017. The
company expects comparable sales to decline between 2.2 percent and
3.3 percent.
Walt Disney Co (NYSE: DIS) shares fell about 3.5% after
the entrainment giant reported third quarter earnings Tuesday after
market. According to the company's report, diluted earnings per
share (EPS) for the quarter decreased 5% to $1.51 from $1.59
from a year ago. Diluted EPS for the nine months ended July 1, 2017 decreased to $4.55 from $4.63. Disney announced a new strategy to
distribute content. "Today we announced a strategic shift in the
way we distribute our content. The media landscape is increasingly
defined by direct relationships between content creators and
consumers, and our control of BAMTech's full array of innovative
technology will give us the power to forge those connections, along
with the flexibility to quickly adapt to shifts in the market,"
said Robert A. Iger, Chairman and
Chief Executive Officer of The Walt Disney Company. "This
acquisition and the launch of our direct-to-consumer services mark
an entirely new growth strategy for the Company, one that takes
advantage of the incredible opportunity that changing technology
provides us to leverage the strength of our great brands."
NetEase Inc. (NASDAQ: NTES) shares crashed over 9%
Thursday. NetEase is a technology company based in China, and is one of the country's leading
internet and online game service providers. For the second quarter
of 2017, the company published a mixed earnings report. NetEase
reported net revenues of RMB13.4
billion (US $2.0 billion), an
increase of 49.4% compared with the second quarter of 2016. Net
revenues of online game services were RMB9.4
billion (US $1.4 billion), an
increase of 46.5% compared with the second quarter of 2016. Yet
profits fell short. Gross profit for the second quarter of 2017 was
RMB6,736.9 million (US $993.7 million), compared to RMB7,483.6 million and RMB5,280.4 million for the preceding quarter and
the second quarter of 2016, respectively.
Michael Kors Holdings Ltd (NYSE: KORS) shares jumped over
21% Tuesday after the company announced financial results for
fiscal 2018 first quarter ended July 1, 2017. Retail net sales
increased 10.1% to $619.9 million
driven by 67 new store openings since the end of the first quarter
of fiscal 2017, which include the acquisition of the Greater China license. Comparable sales
decreased 5.9%. Wholesale net sales decreased 23.0% to $303.6 million. Earnings per diluted share
exceeded the Company's prior expectations of $0.60 to
$0.64. Net income for the first
quarter of fiscal 2017 was $147.1 million,
or $0.83 per diluted share, based on a 21.2% tax rate and
176.6 million weighted average diluted shares
outstanding.
Live Nation Entertainment, Inc. (NYSE: LYV) stock was up
over 9% Thursday after strong financial results. Live Nation
continued growing its businesses in the second quarter, with
revenue up 29%, operating income up 53% and adjusted operating
income up 22%. Net cash provided by operating activities increased
to $43 million. According to the
company press release, Live Nation sold over 68 million tickets to
shows this year through July, a 12 million ticket increase compared
to this point last year.
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