NEW YORK, December 1, 2017 /PRNewswire/ --
U.S. equities rose to record high on Thursday as
investors' optimism toward the tax cut plan continues to grow. The
Dow Jones Industrial average surpassed 24,000 for the first time
during Tuesday's trading session, closing at a new record
high of 24,272.21. The S&P 500 index rose 0.82 percent, or
21.51 points, to 2,647.58. Nasdaq composite Index rebounded
from Wednesday's sell off, gained 0.73 percent to
6,873.97. The Dow Jones was up about 3.9 percent in November,
marking its eighth-straight monthly gains, the longest winning
streak since July 1995. Progress over
the tax reform helped boosting the market. The Senate is expected
to vote before the end of this week. Momo Inc. (NASDAQ: MOMO),
Autodesk, Inc. (NASDAQ: ADSK), Michaels Companies Inc (NASDAQ:
MIK), Ulta Beauty Inc (NASDAQ: ULTA), Ambarella Inc (NASDAQ:
AMBA)
According to MarketWatch, Alicia
Levine, investment strategist at BNY Mellon Investment
Management, said: "What had lifted the market in the first part of
the year was an ever-improving economy and profitability. It wasn't
about the prospect for tax reform. What you're seeing now, however,
is the next leg where tax reform starts to get baked in. If you
bake in what tax reform means, the market doesn't look pricey…There
are still a lot of details we don't know, but if the corporate tax
rate is moved down near 20%, you'd be adding $10 per share to S&P 500 earnings. If you do
that, valuations are not out of whack with what growth rates will
be."
Momo Inc . (NASDAQ: MOMO) announced Tuesday its financial
results for the third quarter 2017. Net revenues increased 126%
year over year to $354.5, and increased 204% year over
year to $931.9 million for the first nine months of 2017.
"We've had a good quarter with strong financial performance and
progresses in other operational areas", commented Yan Tang,
Chairman and CEO of Momo. "Momo 8.0 allows us to further diversify
the social and entertainment offerings on the platform. We are
confident that Momo will continue to drive user growth through
product innovations, use case expansions as well as a more result
driven marketing plan." Cost and expenses were $266.3
million in the third quarter of 2017, an increase of 122%
from $120.0 million in the third quarter of
2016.
Autodesk, Inc. (NASDAQ: ADSK) stock was down more than
15% after the company reported earlier on Tuesday its financial
results for the third quarter of fiscal 2018. Total ARR
was $1.90 billion, an increase of 24 percent compared to the
third quarter last year as reported, and 25 percent on a constant
currency basis. Deferred revenue increased 15 percent to $1.76
billion, compared to $1.53 billion in the third quarter
last year. Unbilled deferred revenue at the end of the third
quarter was $148 million. Revenue was $515 million, an
increase of 5 percent compared to the third quarter last year as
reported, and 6 percent on a constant currency basis. "We are
pleased with another solid quarter of execution and progress on our
business model transition," said Andrew
Anagnost, Autodesk president and CEO. "We're
experiencing healthy trends in several key transition metrics,
including ARR and deferred revenue growth, as customers continue to
embrace our new subscription offerings."
Michaels Companies Inc (NASDAQ: MIK) stock jumped 13% on
Thursday, after the arts and crafts specialty
retailer announced financial results for the third quarter
ended October 28, 2017. Net sales increased 1.1%
to $1,240.2 million, from $1,227.2 million in the
third quarter of fiscal 2016, inclusive of an estimated $10
million in lost sales related to Hurricanes Harvey and
Irma. "We are pleased we delivered third quarter operating
income in-line with our guidance and diluted EPS above our
guidance. We are seeing nice momentum in our business, excluding
the disruption from the hurricanes, and we are encouraged by the
customer's response to the improvements we have made, both
in-stores and online, to make it easier for customers to MAKE,"
said Chuck Rubin, Chairman and Chief Executive
Officer.
Ulta Beauty Inc (NASDAQ: ULTA) shares fell more than 3%
after the company announced financial results for third quarter and
fist nine month. Net sales increased 18.6% to $1,342.2 million from $1,131.2 million in the third quarter of fiscal
2016. The Company estimates that Hurricanes Harvey and Irma
resulted in approximately $14 million
in lost sales. The company's E-commerce sales grew 62.9% to
$119.8 million from $73.6 million in the third quarter of fiscal
2016, representing 370 basis points of the total company comparable
sales increase of 10.3%. "Our third quarter results clearly
demonstrate the strength and distinct advantages of the Ulta Beauty
business model," said Mary Dillon,
Chief Executive Officer.
Ambarella Inc (NASDAQ: AMBA), a developer of
low-power, HD and Ultra HD video compression and image processing
semiconductors, announced Thursday after market financial results
for its third quarter of fiscal year 2018 ended October 31,
2017. Revenue for the third quarter of fiscal 2018 was $89.1 million, down 11.4% from $100.5 million in the same period in fiscal 2017.
For the nine months ended October 31,
2017, revenue was $224.8
million, up 0.9% from $222.8
million for the nine months ended October 31, 2016. "During the quarter, we
continued our solid execution in support of the development and
delivery of our next generation of computer vision solutions. We
met our aggressive goal of demonstrating our CV1 performance to
customers and commenced sampling in the security and automotive
markets," said Fermi Wang, CEO of Ambarella. "We continue to
invest in leading edge technology to expand our market
opportunities, both in current markets, and in a broad range of new
automotive applications," he said.
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