JPMorgan Chase, Facebook, Coca-Cola: Stocks That Defined the Week
By Francesca Fontana
UnitedHealth Group Inc.
The ailing health care sector is licking some of its wounds.
UnitedHealth Group and Johnson & Johnson reported earnings that
topped analyst expectations and raised full-year profit guidance,
sending shares higher. UnitedHealth surged 8.2% Tuesday, lifting
health care-related stocks across the board. The health care sector
has been lagging behind the S&P 500 this year due largely to
legal troubles. Johnson & Johnson on Friday recalled about
33,000 bottles of its Johnson's Baby Powder after the U.S. Food and
Drug Administration found a small amount of asbestos in a single
Uber Technologies Inc.
Uber's problems aren't yet in its rearview mirror. The
ride-hailing company said Monday it will cut about 350 jobs, or
about 1% of its workforce in units including its food-delivery
service Uber Eats and autonomous driving. The move marks a third
round of layoffs for Uber as it faces pressure to cut losses and
assure investors it can turn a profit. Earlier this year, the
company cut more than 800 workers. TechCrunch earlier reported
about the latest round of layoffs. Uber's shares closed Monday up
3.3%, but the stock remains below the May IPO price of $45.
A drama is unfolding inside Netflix: Will it be able to fend off
competition from Disney and Apple? Netflix missed its
subscriber-growth target Wednesday in its last quarterly report
before Walt Disney Co. and Apple Inc. enter the streaming-video
field with offerings that cost less than Netflix's most-popular
plan. The company's shares rose 2.5% Thursday as Netflix's U.S.
subscriber base did grow in the third quarter. Netflix played down
the looming threat from Disney, Apple and others -- but warned that
there may be some immediate impact to its own ability to
Facebook's Mark Zuckerberg hit 'like' on free expression last
Thursday as he pushed back on calls for tighter controls in a rare
policy speech at Georgetown University. The chief executive said he
worries that "increasingly today across the spectrum, it seems like
there are more people who prioritize getting the political outcomes
that they want over making sure that everyone can be heard."
Facebook has spent much of the last two years trying to quell
concerns about misinformation, hate speech and safety issues on its
platform. Facebook shares gained 0.4% Thursday.
Yum Brands Inc.
Taco Bell Corp. said Tuesday it voluntarily recalled about 2.3
million pounds of seasoned beef from its restaurants and
distribution sites Friday after a customer reportedly found a metal
shaving in an order of food. The Yum Brands subsidiary said the
products were removed from restaurants in 21 states across the
Midwest, Southeast and Northeast. Taco Bell also got hit by a
supplier issue this summer when it ran out of 10-inch tortillas,
prompting backlash on social media from customers and hurting
sales. Yum Brands shares fell 1.4% Tuesday.
Coca-Cola is getting some of its fizz back. CEO James Quincey
said the company's sales rose in the latest quarter large part
thanks to variations on its namesake cola, including some that
contain less sugar such as Coke Zero Sugar and its 7.5 oz "mini
cans." The beverage giant over the past few years has expanded into
coffee, tea, dairy and water as consumers shifted away from sugary
sodas. It is rolling out a coffee-flavored variant called Coca-Cola
Plus Coffee and a new energy drink called Coca-Cola Energy.
Coca-Cola shares rose 1.8% Friday.
JPMorgan Chase & Co.
Big banks have yet to feel the sting of recent rate cuts and
stock market turbulence. JPMorgan Chase shares touched a record
Tuesday following a strong third-quarter earnings report,
underscoring the continued solid performance of the largest U.S.
lenders at a time of global tensions and economic worries.
Similarly, Citigroup Inc. also exceeded analysts' expectations,
pushing shares higher. Still, executives warned that falling
interest rates would eventually take their toll on profit. JPMorgan
Chase's shares rose 3% Tuesday.
(END) Dow Jones Newswires
October 18, 2019 18:40 ET (22:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Historical Stock Chart
From Aug 2020 to Sep 2020
Historical Stock Chart
From Sep 2019 to Sep 2020