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Financialbuzz.com: 'Trade War Cease Fire' Video Recap Week Ending December 7th, 2018

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NEW YORK, December 7, 2018 /PRNewswire/ --

U.S. stocks rallied on Monday after trade war tensions settled at the G-20 Summit over the past weekend in Buenos Aires. U.S. President Donald Trump met with Chinese President Xi Jinping to discuss trade matters regarding trade war tensions. Trump said that China and the U.S. have mutually agreed to 'reduce and remove' tariffs on vehicles coming into China, now settling tariffs at 40%. However, if the U.S. and China do not reach a deal, the 10% tariff on the USD 200 Billion Chinese goods import can raise to 25%, which caused the Dow Jones to fall by almost 800 points on Tuesday, marking the fourth worst day in history. U.S. markets were closed on Wednesday to honor the passing of former 41st President George H.W. Bush, but the bearish market continued on Thursday. The major selloff continued following the arrest of Huawei executive Meng Wanzhou in Canada, elevating trade war fears again. The Dow Jones fell by 495 points during early morning trading sessions, before a sharp rebound to close the day. The Dow Jones Industrial Average fell as much as 1690.73 points or 6.5% this week. The S&P 500 Index declined by 6.1%, while the Nasdaq Composite slipped by 6.2%. Tesaro, Inc. (NASDAQ:TSRO), Tribune Media Company (NYSE:TRCO), Cronos Group Inc. (NASDAQ:CRON), Movado Group, Inc. (NYSE:MOV), Lululemon Athletica Inc. (NASDAQ:LULU)

"The timing of the arrest is key here. Markets are already incredibly nervous over slowing economic growth thanks to the inverted U.S. yield curve. Relations between the U.S. and China were supposed to be on the mend after a productive G-20. However, the arrest has the potential to shatter very fragile U.S.-Sino relations which will weigh further on global trade and growth concerns," said Jasper Lawler, Head of Research at London Capital Group, in a note to clients, according to MarketWatch.

For our latest "Buzz on the Street" Show featuring the "Trade War Cease Fire" Between President Trump and Xi Jinping please visit: https://www.youtube.com/watch?v=Hp7wsTEil68

Tesaro, Inc. (NASDAQ:TSRO) shares surged on Monday after GlaxoSmithKline plc (NYSE:GSK) announced it will acquire the Company. Tesaro shares surged by 58.7% on Monday. GSK agreed to acquire Tesaro for USD 5.1 Billion to strengthen its pharmaceutical business, accelerating the build of GSK's pipeline and commercial capability in oncology.

Tribune Media Company (NYSE:TRCO) shares rose on Monday by 9.9% after Nexstar Media Group (NASDAQ:NXST) agreed to acquire Tribune. Nexstar agreed to acquire all outstanding shares of Tribune for USD 46.50 per share in a cash transaction valuing USD 6.4 Billion. Nexstar will also assume all of Tribune's outstanding debt.

Cronos Group Inc. (NASDAQ:CRON) shares jumped intraday on Monday after the Company confirmed reports that it is in talks with Altria (NYSE:MO) about a potential investment. Cronos shares rose by as high as 31.2%. Cronos said that although the two are in talks about an investment, no agreement has been reached and that there is no assurance that the two will reach one.

Movado Group, Inc. (NYSE:MOV) shares surged by 14.7% on Tuesday after the Company topped its third quarter financial results. For the quarter, Movado reported earnings per share of USD 1.18 on sales of USD 208.9 Million. Analysts forecasted earnings per share of USD 1.12 on sales of USD 205.4 Million. The Company reiterated its 2019 forecast, now projecting earnings per share between USD 2.45 to USD 2.55 on sales between USD 660 Million to USD 675 Million.

Lululemon Athletica Inc. (NASDAQ:LULU) reported its third quarter financial results after market close on Thursday. Lululemon topped analysts' estimates in both earnings and revenue, despite the beat, shares went spiraling down by 4.9% shortly after reporting. For the third quarter, Lulu reported earnings per share of USD 75 cents, beating estimates of USD 69 cents, on revenue of USD 747.66 Million, also beating estimates of USD 737.52 Million.

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