Market Overview 'Indexes Rise' Market News Recap Week Ending January 11th, 2019


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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