Financialbuzz.com: 'Buzz On the Street' Video Recap of Earnings Week Ending Nov. 2nd, 2018

NEW YORK, November 2, 2018 /PRNewswire/ --

The U.S. stock market closed higher on Thursday as the trade tension between the U.S. and China eased. The Dow Jones Industrial Average rose 1.06%, or 264.98 points, to 25,380.74 on Thursday. The S&P 500 closed 1.06% higher at 2,740.37, making its third straight gains this week. The Nasdaq Composite jumped 1.75% to 7,434.06, the longest three-day winning streak since February 2016. The Nasdaq gained about 5.4% for the last three trading sessions. The U.S. President said in a tweet on Thursday that he had a "long and very good conversation" with President Xi, indicating potential progress on U.S.-China trade. Facebook, Inc. FB, General Motors Co. GM, Yum! Brands, Inc. YUM, Fitbit, Inc. FIT, Apple Inc. AAPL

The U.S. stock is also supported by strong corporate earnings. According to CNBC, FactSet data shows that 76.9% of S&P 500 companies had reported better-than-expected third-quarter earnings. The rally in stock market this week come after the global equities sold off last month. Michael Shaoul, Chairman and CEO of Marketfield Asset Management, said: "All we can say so far is that Monday's accelerated drop lower found good support for the S&P 500 just above 2,600, and any subsequent retest should at least struggle to penetrate this level."

Facebook, Inc. FB on Tuesday announced third-quarter financial results. The social media company beat earnings estimates, but its revenue missed expectation. Facebook said revenue jumped 33% to USD 13.73 Billion in the quarter ended September 30^th, 2018. Earnings per share was USD 1.76, up from USD 1.59 per share a year earlier. Daily active users increased 9% year-over-year to 1.49 billion for September 2018. Monthly active users were 2.27 billion as of September 30, 2018. Facebook shares rose 2.91% on Wednesday.

For our video recap on Facebook Inc. please visit: https://www.youtube.com/watch?v=lmCMAK2FRxA

General Motors Co. GM reported on Wednesday its third quarter financial results. GM topped analysts' estimates, sending shares jumping by 6.3%. GM reported net income of USD 2.5 Billion or USD 1.75 a share, compared to its loss of USD 2.98 Billion or USD 2.03 a share the same quarter last year. The Company drove in revenue of USD 33.62 Billion, increasing by 6% year over year.

For our video recap on General Motors Co. please visit: https://www.youtube.com/watch?v=lmCMAK2FRxA

Yum! Brands, Inc. YUM reported its third quarter financial results on Wednesday and topped analysts' estimates in both revenue and earnings, sending shares 5.8% higher Thursday morning. For the quarter, Yum! Reported adjusted earnings per share of USD 1.04, increasing 52% year over year. However, revenue fell 3% to USD 1.39 Billion, but still topped analysts' estimates of USD 1.38 Billion.

For our video recap on Yum! Brands Inc. please visit: https://www.youtube.com/watch?v=lmCMAK2FRxA

Fitbit, Inc. FIT reported better-than-expected quarterly revenue and earnings, sending its share up over 25% on Thursday. The global wearable company said revenue came to USD 394 Million in the third quarter. The Company said it sold 3.5 million wearable devices in the third quarter, driven by the growing smartwatch sales. Smartwatch revenue grew to 49% of total revenue from less than 10% a year ago. Fitbit shares jumped as much as 25.58% to USD 5.94 per share on Thursday.

Apple Inc. AAPL on Thursday announced fiscal fourth quarter earnings that beat Wall Street estimates. However, its shares fell in after-hour trading as the iPhone sales missed estimates. The iPhone maker said quarterly revenue increased 20% to USD 62.9 Billion. Services revenue hit an all-time high of USD 10 Billion. Quarterly earnings per diluted share jumped 41% to USD 2.91. The Company sold 46.89 million iPhones during the quarter, missing analysts' estimates. Apple's shares fell 4.32% to USD 212.61 per share in the after-hour trading.

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For more video corporate news on Netflix, check out the Buzz on the Street: https://www.youtube.com/watch?v=OfEjLqwDK2U&

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