NEW YORK, January 11, 2019 /PRNewswire/ --
U.S. stocks continued their climb throughout the week, lifted by
ongoing trade discussions between the U.S. and China. Investors seemed optimistic about the
talks, especially after U.S. President Donald Trump tweeted that the "talks were going
well," on Tuesday. On Thursday, however, major retailers reported
disappointing sales results and provided weaker guidance, causing
the Dow Jones Industrial Average to slide nearly 200 points shortly
after the opening bell. Macy's led the charge as its share price
tumbled by 19%. Other major retailers such as Kohl's fell by as
much 10%, while Target Corporation fell by 4.9%. However, markets
quickly rebounded throughout Thursday as the Dow Jones closed
higher once again, marking five straight days of gains. The Dow
Jones gained approximately 533.98 points or 2.27% since last
Friday's close into Thursday's close, pushing the Dow to over
24,000 points. The S&P 500 gained 64.48 points or 2.5% during
the same period while the Nasdaq Composite rose by 248.5 points or
3.6%. Eli Lilly and Company (NYSE: LLY), Union Pacific Corporation
(NYSE: UNP), Kohl's Corporation (NYSE: KSS), Target Corporation
(NYSE: TGT), American Airlines Group Inc. (NASDAQ: AAL)
"The power of the recovery rally in US and global equities has
been impressive," Michael Shaoul,
Chairman and Chief Executive Officer of Marketfield Asset
Management, wrote in a note to clients, according to CNBC. "As
encouraging as all of this has been to witness it does not change
the fact that a sell-off of this magnitude does not happen in a
vacuum. The decline marks a key downward-shift in the long
technology driven bull market. There is simply no way to tell at
present whether we have witnessed the completion of a brief but
tumultuous sell-off."
Eli Lilly and Company (NYSE: LLY) announced on Monday
that it has entered into an agreement to acquire Loxo Oncology
(NASDAQ: LOXO) for USD 235.00 per
share or a transaction valued at approximately USD 8.0 Billion. Loxo Oncology shares surged by
65.4% following the announcement. Through the acquisition, Lilly
will broaden its cancer treatment efforts with Loxo Oncology's
technology and abilities.
Union Pacific Corporation (NYSE: UNP) shares gained 8% on
Tuesday after the Company announced Jim
Vena as its new Chief Operating Officer. Vena will oversee
Union Pacific's operations, including its Unified Plan 2020
implementation. Vena joins Union Pacific two years after ending his
40-year tenure with rival Canadian National.
Kohl's Corporation (NYSE: KSS) reported its
comparable sales for the combined months of November and December.
The retailer reported weaker-than-expected holiday sales, which
sent shares tumbling down by as much as 9% on Thursday. For the two
months, Kohl's reported that comparable sales for the holidays
increased by 1.2% compared to its 7% increase the same period last
year. Based on the results, Kohl's raised its lower-end fiscal 2018
earnings per share guidance to USD
5.50 to USD 5.55 compared to
its previous guidance of USD 5.35 to
USD 5.55.
Target Corporation (NYSE: TGT) announced its comparable
sales report for November and December. Despite topping analysts'
estimates, Target shares fell by 4% on Thursday due to weakness in
the retail sector. Target reported that comparable sales for the
two months grew by 5.7%, outpacing its 3.4% growth rate last year.
Based on the strong results, Target now expects full-year
comparable sales to grow approximately 5%. The Company also
forecast adjusted earnings per share of USD
5.30 to USD 5.50 compared to
analysts' estimates of USD 5.39.
American Airlines Group Inc. (NASDAQ: AAL) shares fell by
10% on Thursday after the Company slashed its profit forecast and
warned investors that it struggled to produce revenue growth at the
end of 2018. American Airlines said that its revenue seat per mile
rose by 1.5% year over year compared to its previous forecast of
1.5% to 3.5%. The airline also said it expects to earnings per
share to be between USD 4.40 to
USD 4.60, which is lowered from its
previous expectations of USD 4.50 to
USD 5.00.
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