NEW YORK, November 16, 2018 /PRNewswire/ --
After facing a shaky week, U.S. stocks began to rebound on
Thursday led by higher bounces from J.P. Morgan Chase and Apple.
Stocks were pushed into bear market territory early on the week
driven by a stronger dollar fear and Brexit drama. Global markets
began to rebound quickly after the U.S. and China continued efforts to mend relations as
the trade wars continue. Despite the rebound on Thursday, the Dow
Jones Industrial Average fell by 2.9% or approximately 734.15
points, slightly recovering from a low of 24,835.48 this week. The
S&P 500 rose by 0.87% on Thursday, while the Nasdaq Composite
gained 1.4%. YY Inc. (NASDAQ: YY), Canada Goose Holdings Inc.
(NYSE: GOOS), Cisco Systems, Inc. (NASDAQ: CSCO), Walmart Inc.
(NYSE: WMT), KB Home (NYSE: KBH)
"The hard part for most investors is not so much that earnings
are disappointing or not, the real issue is what's going to happen
next year," said Bruce McCain, Chief
Investment Strategist at Key Private Bank, according to CNBC.
"There's a sense that it can't get too much better. Looking
forward, with the market turmoil overseas and the recognition that
the effect of the tax cuts will begin to wane, it's hard to think
it'll get better."
YY Inc. (NASDAQ: YY) reported its third quarter financial
results after market close on Monday. Despite topping estimates,
shares fell by 5.65% during after hours. Although, YY shares
quickly recovered, recovering nearly 13%. For the third quarter, YY
reported net revenue of USD 597
Million, increasing 32.6% year over year. The Company
reported earnings per share of uSD
1.76, increasing 11.1% year over year and beating estimates
of USD 1.73.
Canada Goose Holdings Inc. (NYSE: GOOS) reported its
second quarter financial results and topped estimates, sending
shares rocketing by 9.2% during Wednesday's premarket hours. For
the second quarter, Canada Goose reported revenue of CAD 230.3 Million, beating estimates of
CAD 200.6 Million. The Company
reported earnings per share of CAD 0.46
cents, topping estimates of CAD
0.26.
Cisco Systems, Inc. (NASDAQ: CSCO) reported its first
quarter financial results on Wednesday after market close and
topped estimates, sending shares 5% higher. Cisco also provided
guidance that fell in-line with estimates. For the third quarter,
Cisco reported revenue of USD 13.07
Billion, beating estimates of USD
12.87 Billion. The Company reported earnings per share of
USD 0.75 cents, also beating
estimates of USD 0.72 cents.
Walmart, Inc. (NYSE: WMT) reported its third quarter
financial results before the opening bell on Thursday. Walmart
reported weaker-than-expected earnings, sending shares down by over
2% at the opening bell. For the third quarter, Walmart reported
revenue of USD 124.9 Billion,
increasing 1.4% year over year. Walmart comp sales increased by
3.4% year over year, due to stronger sales across its stores and
Sam's Club locations.
KB Home (NYSE: KBH) shares plummeted by 17.4% on Thursday
after the Company provided a lower-than-expected guidance of its
fourth quarter financial results. Chief Executive Officer
Jeff Mezger said in a conference
call that KB Home's fourth quarter revenue will be in the range of
USD 1.31 Billion to USD 1.34 Billion, lowered from its previous
guidance of USD 1.39 Billion to
USD 1.45 Billion. Analysts are
forecasting revenue of USD 1.43
Billion.
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