NEW YORK, August 25, 2017 /PRNewswire/ --
U.S stocks remained relatively flat on Thursday, as investors
anticipate Fed Chair Janet Yellen
speech on Friday during the central bank's annual conference in
Jackson Hole, Wyoming. The Dow
Jones Industrial Average slid 29 points to 21,782, a decline of
0.13%. The S&P 500 was down 5.1 points, or 0.21%, at
2,438. The Nasdaq Composite Index lost 7 points, or 0.11%, to
6,271. This could be Yellen's last speech at the annual event. It
remains unclear if the current Presidential Administration will
replace the Fed Chair in February. "The concern is that a new
person would come in and fundamentally shake up the way the Fed
does policy," said Luke Bartholomew,
Investment Strategist at Aberdeen Investments, according to CNBC.
"In the short term, at least, I think the market would be concerned
about what that change would mean." Momo Inc (NASDAQ: MOMO), 58.com
Inc (NYSE: WUBA), Lowe's Companies, Inc. (NYSE: LOW), Signet
Jewelers Ltd. (NYSE: SIG), Guess?, Inc. (NYSE: GES).
This year's Jackson Hole
meeting will be particularly important. Investors will be looking
for specific information on short and long term plans the Fed has
regarding interest rates. "You can't underestimate the importance
of Jackson Hole, and this year is
especially interesting," said Brian
Battle, Director of Trading at Performance Trust Capital
Partners, according to MarketWatch. "Yellen's commentary will be
closely watched, because investors want to know both if the Fed
will be raising rates, and also the timing and the magnitude of the
Fed unwinding its portfolio."
Momo Inc (NASDAQ: MOMO) stock fell about 20% on Tuesday
after the company announced financial results for the second
quarter 2017. Net revenues increased 215% year over year
to $312.2 million. Monthly Active Users were 91.3 million
in June 2017, compared to 74.8 million in June 2016. Cost
and expenses were $246.0 million in the second quarter of
2017, an increase of 189% from $85.2 million in the
second quarter of 2016. Yan Tang, Chairman and CEO of Momo, is
optimistic. "The usage of short video service has reached new
milestones and revenues from live video service has hit new record
highs," the CEO commented. "More importantly, with the newly
launched 8 series, we have moved on to make new explorations and
innovations in the social and entertainment territories."
58.com Inc (NYSE: WUBA) stock jumped more than 18%
Monday, financial results for the second quarter ended June
30, 2017. The company reported total revenues of RMB 4,581.6
million (US$676.3 million), a
32.6% increase from the same period of last year. Income from
operations reached RMB 660.3 million (US$97.5 million), compared with loss from
operations of RMB103.1 million during the same period of last
year. "We are excited to report that revenues significantly
exceeded the higher end of our guidance during the quarter,"
commented Mr. Michael Yao, Chairman and Chief Executive
Officer of 58.com. "Among all our categories, jobs continued
to deliver the fastest year-over-year growth and increasingly
accounts for a larger proportion of total revenues. While the
housing market in tier one and two cities remains relatively soft,
revenues from our housing category continue to show resilience by
performing better than expected."
Lowe's Companies, Inc. (NYSE: LOW) shares fell Wednesday
after the home improvement company reported net earnings
of $1.4 billion and diluted earnings per share
of $1.68 for the quarter ended August 4, 2017,
compared to net earnings of $1.2 billion and diluted
earnings per share of $1.31 in the second quarter of
2016. For the six months ended August 4, 2017, net earnings
were $2.0 billion and diluted earnings per share
were $2.37 compared to net earnings of $2.1
billion and diluted earnings per share of $2.29 in
the same period a year ago. "While our results were below our
expectations in the first half of this year, the team remains
focused on making the necessary investments to improve the customer
experience and drive sales. This includes amplifying our consumer
messaging and incremental customer-facing hours in our stores which
will put pressure on our operating margin. We believe this is the
right strategy to more fully capitalize on strong traffic trends in
what we believe is a supportive macroeconomic backdrop for home
improvement," said Robert A. Niblock, Lowe's Chairman,
President and CEO of Lowe's.
Signet Jewelers Ltd. (NYSE: SIG) stock jumped more than
16% Thursday as the retailer of diamond jewelry announced its
results for the 13 weeks ('second quarter Fiscal 2018')
ended July 29, 2017. Signet's total sales were $1,399.6
million, up $26.2 million or 1.9%, compared to a decrease
of 2.6% in the 13 weeks ended July 30, 2016 ('second quarter
Fiscal 2017'). SSS increased 1.4% compared to a decrease of 2.3% in
the second quarter Fiscal 2017. Virginia C. Drosos, Chief
Executive Officer of Signet Jewelers, said, "Our encouraging
second quarter performance reflects Signet's fundamental
competitive strengths and the progress we are making on our
strategic priorities."
Guess?, Inc. (NYSE: GES) shares jumped more than 17%
after the apparel retailer released financial results for its
second quarter ended July 29, 2017.
The company's total net revenue for the second quarter of fiscal
2018 increased 5.3% to $573.7
million, compared to $545.0
million in the prior-year quarter. Guess showed a weaker
than expected performance in the U.S. Americas Retail revenues
decreased 11.2% in U.S. dollars and 10.8% in constant currency.
Victor Herrero, Chief Executive
Officer, commented, "Overall, the Company revenues increased 5%,
operating margin expanded 120 basis points and operating profit
grew 49% compared to last year's second quarter. We continue to see
the results of our efforts in Europe and Asia, where our revenues were up 20% and 17%,
respectively, mainly driven by new store openings, wholesale growth
and positive comp sales."
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