NEW YORK, September 14, 2018 /PRNewswire/ --
U.S. stocks were on track to rise for the fourth consecutive
day, lifted by strong tech stocks growth and reports over easing
trade tensions with China. The
U.S. recently reached out to China
to continue new negotiations regarding tariffs. The move for fresh
negotiations is meant to give Beijing another chance to address the U.S.'s
trade concerns before President Donald
Trump implements his USD 200
Billion tariff on Chinese exports. The strong bull week
continued to drive forward after Apple Inc.'s Keynote event. At the
event, Apple featured its latest upcoming products: the iPhone XS,
iPhone XS Max, and the iPhone XR. The Dow Jones Industrial Average
posted triple-digit growth, increasing 223.42 points. The S&P
500 gained 1.72 points or 3%, while the Nasdaq Composite gained
110.22 points or 1.3%. Adobe Systems Incorporated (NASDAQ: ADBE),
Sonos, Inc. (NASDAQ: SONO), The Kroger Co. (NYSE: KR), Pivotal
Software, Inc. (NYSE: PVTL), Apple Inc. (NASDAQ: AAPL).
"There are a lot of variables out there. Some are positive, like
earnings growth, while others are negative, like the U.S. Dollar.
Those crosscurrents mean there's been no real direction in either
way, and it makes September something of a scary month for me,
because there's a lack of earnings data and I'm worried the market
can be dragged down on light volume because of news flow
surrounding tariffs," said John
Thomas, Chief Investment Officer of Global Wealth Management
said in a MarketWatch report. "I wouldn't [say] we're becoming
immune to the issue, but we brush it off more every day, and I'm
worried markets underappreciated the impact it could have on
large-capitalization companies that export a lot. Complacent is a
good term for how things stand right now; everyone expects the
market to continue going up, and that's a concern."
Adobe Systems Incorporated (NASDAQ: ADBE) reported
financial results for its third quarter fiscal year 2018 ended
August 31st, 2018,
Thursday aftermarket. Adobe achieved record quarterly revenue of
USD 2.29 Billion in its third quarter
of fiscal year 2018, which represents 24% year-over-year revenue
growth. The Company's Digital Media segment revenue was
USD 1.61 Billion, with Creative
revenue growing to USD 1.36 Billion
and Document Cloud achieving record revenue of USD 249 Million, which represents a 21%
year-over-year growth. "Adobe continues to inspire creativity and
drive business transformation as reflected in our record Q3
results," said Shantanu Narayen,
President and CEO, Adobe. "Students, creatives, enterprises and
governments trust Creative Cloud, Document Cloud and Experience
Cloud to create and deliver the transformative digital experiences
required to compete today."
Sonos, Inc. (NASDAQ: SONO) reported its third quarter
financial results for the fiscal year 2018, which was its first
results since its initial public offering last month on Monday.
Revenue fell by 6% year over year to USD
208.4 Million as net loss widened to USD 27 Million or USD 45
cents per share. Sonos shares plummeted by 13% following the
report. In a letter to shareholders the company explained, "Since
our Q3 FY2018 results were at the high end of the preliminary
ranges we provided in the Recent Developments section of our final
prospectus filed in connection with the IPO, this quarter's letter
affords us a good opportunity to highlight our financial strategy
and provide an update on our progress against our five key growth
strategies. We are focused on driving sustainable, profitable
growth for the long-term."
The Kroger Co. (NYSE: KR) reported its second quarter
financial results for fiscal year 2018. Kroger reported adjusted
earnings per share of USD 41 cents on
revenue of USD 27.86 Billion. Kroger
topped earnings estimates, but missed revenue estimates of
USD 27.95 Billion, sending shares
9.1% lower on Thursday. Chairman and CEO Rodney McMullen said,
"We are only two quarters into our three-year Restock
Kroger plan, and we are making solid progress. Kroger
customers have more ways than ever to engage with us seamlessly
through our recently-launched Kroger Ship, expanded
availability of Instacart, successful ClickList offering, and
selling Simple Truth in China through Alibaba's Tmall… We
feel good about our net earnings per diluted share and ID sales
results in the second quarter. We expect our investments in space
optimization during the first half of 2018 to become a tailwind
late in the third quarter."
Pivotal Software, Inc. (NYSE: PVTL) reported second
quarter fiscal year 2019 financial results earlier this week.
Pivotal Software reported subscription revenue was USD 97.5 Million, an increase of 51% year over
year. Total revenue was USD 164.4
Million, an increase of 30% year over year. The Company also
registered a GAAP operating loss of USD 35.4
Million, or 22% of total revenue, compared to a loss of
USD 38.2 Million in Q2 of last year.
Non-GAAP operating loss was USD 14.6
Million, or 9% of total revenue, compared to a loss of
USD 29.9 Million, year over year.
"Pivotal delivered another strong performance in the second
quarter. We remain focused on customer success and winning new
customers with our differentiated, multi-cloud platform.
Subscription revenue growth of 51% and 30% total revenue growth
were driven by customer expansions and new customer wins," said
Rob Mee, CEO of Pivotal
Software.
Apple Inc. (NASDAQ: AAPL) held its Keynote Event on
Wednesday and showcased its newest upcoming products. Apple
unveiled its new Apple Watch Series 4, the updated HomePods and its
three latest iPhones: the iPhone XS, iPhone XS Max, and iPhone XR.
The pricing of the iPhones and the A12 Bionic chip led to positive
sales projections, causing Apple shares to gain 2.1% on
Thursday.
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