NEW YORK, November 30, 2018 /PRNewswire/ --
U.S. stocks rallied this week as they were lifted up by a strong rebound and the Federal Reserve's announcement on interest rates. Markets opened stronger on Monday as the Dow Jones Industrial Average rallied over 350 points after a major tech selloff last week. U.S. markets continued to rally into Wednesday ahead of Federal Reserve Chairman Jerome Powell's announcement. On Wednesday, Powell said the central bank's benchmark interest rate would be close to a neutral level, which sent the Dow Jones Industrial Average soaring by 627.33 points or a 2.5% gain. The S&P 500 Index gained 120.56 points or 4.5%, as the Nasdaq Composite gained 382.45 points or 5.5%. Powell's news hinted that the economy is neither growing nor slowing down, suppressing his previous forecast in October that the markets were a "long way" from neutral. Despite the strong rally, the Dow Jones fell by almost 100 points early morning on Thursday due to Wall Street analysts saying that the news may have been misinterpreted by investors and that there may be up to four more interest hikes in 2019 as well as one in December before the end of the year. Markets closed slightly lower on Thursday as investors awaited negotiations from the upcoming G20 Summit on Friday. U.S. President Donald Trump will meet Chinese leader Xi Jinping in Buenos Aires to discuss trade deals regarding the ongoing tariffs. salesforce.com, inc. CRM, Nutanix, Inc. NTNX, Tiffany & Co. TIF, Tilly's, Inc. TLYS, Abercrombie & Fitch Co. ANF
According to MarketWatch, Ryan Nauman, Market Strategist with Informa Financial Intelligence, said that the pullback on Thursday was due to investors re-evaluating Powell's announcement on interest rates and fears ahead of the G20 Summit. "Powell said we're 'just below' the neutral rate, but the neutral rate is a range between 2.5% and 3.5%. The Fed could raise rates three times next year and still be within that band," Nauman told MarketWatch. Then Numan discussed trade matters between the U.S. and China, "If we get some indication of a pause on new tariffs, that will be great for markets," he said. "If we get nothing much out of this weekend, you'll see rising volatility. There's a big concern about global growth slowing, and new tariffs will only hurt global growth."
For our "Buzz on the Street" video recap on the Federal Reserve's announcement please visit: https://www.youtube.com/watch?v=Ba9Vbvil6E0
Salesforce.com, Inc. CRM reported its third quarter financial results on Tuesday and topped analysts' estimates, sending shares 5.4% at the opening bell on Wednesday. For the quarter, Salesforce reported revenue of USD 3.39 Billion, jumping 26% year over year and also beat estimates of USD 3.37 Billion. Salesforce reported earnings per share of USD 61 cents, also beating analysts' estimates of USD 50 cents per share. Shares were also driven higher after Salesforce provided promising outlook for sales in the next upcoming quarter.
Nutanix Inc. NTNX shares spiked by 10% on Tuesday's market after hours as it topped estimates for its first quarter financial results. Nutanix reported earnings per share loss of 25 cents on revenue of USD 313 Million. Analysts forecasted earnings per share loss of USD 26 cents on revenue of USD 232.6 Million. Now, Nutanix is planning on undergoing a transition to phase out its hardware business and shift towards software-based products with recurring subscription revenue.
Tiffany & Co. TIF reported its third quarter financial results on Wednesday that sent shares 9.6% lower. Tiffany reported weaker-than-expected earnings due to weaker spending from tourists in the U.S. and Hong Kong. For the quarter, Tiffany reported earnings per share of USD 77 cents on revenue USD 1.01 Billion. Analysts forecasted revenue of USD 1.05 Billion for the quarter. Tiffany also missed same-store sale estimates, delivering results of 3% increase for the quarter compared to estimates of 5.3%.
Tilly's, Inc. TLYS reported its third quarter financial results after the closing bell on Wednesday and missed earnings estimates, sending shares plummeting by 20% on Thursday. For the quarter, Tilly's reported earnings per share of USD 24 cents on revenue of USD 146.8 Million. Analysts projected earnings per share of USD 31 cents on revenue of USD 150 Million. Comparable store sales, including e-commerce rose to 4.3%, which was the Company's strongest increase in comparable sales since 2012.
Abercrombie & Fitch Co. ANF reported its third quarter financial results before market open on Thursday and topped analysts' estimates, sending shares soaring by 20%. The better-than-expected results were delivered by its subsidiaries strengthening within the U.S. and the exposure of its Hollister brand. For the quarter, Abercrombie reported revenue of earnings per share of 35 cents on revenue of USD 861.2 Million. Analysts projected earnings per share of USD 15 cents on revenue of USD 853 Million.
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