Market Overview 'Earnings Recap' Week Ending February 8th, 2019


NEW YORK, Feb. 8, 2019 /PRNewswire/ -- News Commentary

U.S. markets were focused around earnings results and U.S. President Donald Trump's State of the Union address this week, starting the week strong as they rose throughout Monday. Google's parent company reported its financial results after market close on Monday, but due to declining advertising prices and increased expenses, shares edged lower. The Dow Jones Industrial Average disregarded Alphabet's loss and rose by 430 points from Monday's open into Tuesday's high in anticipation of the speech. Investors seemed to be disappointed leading into Wednesday however, causing the early morning slump. Despite the news, markets quickly rebounded throughout Wednesday, closing approximately 40 points lower from the opening bell. The bullish run through the week was almost nearly erased after worse-than-expected results were reported and ongoing U.S.-China trade war tensions. Then, Twitter reported its financial results before the opening bell and provided weaker guidance, causing shares to plunge by 10%. Twitter's decline led markets to spiral down. In combination with the trade war news, the Dow Jones fell by as much as 370 points or 1.4%. National Economic Council Director Larry Kudlow said in an interview with Fox Business Network that there is still a long way to go before the U.S. and China reach a deal. CNBC also reported that a meeting between Trump and China's President Xi Jinping is not likely to happen before the deadline on March 1st, however, the U.S. is like to keep tariffs at 10% rather than raising them to 25% as scheduled. The S&P 500 Index fell by 62.66 points or 2.2% on Thursday, while the Nasdaq Composite fell by 134.48 points or 1.8%. Alphabet Inc. (NASDAQ:GOOG), Snap Inc. (NYSE:SNAP), Chipotle Mexican Grill, Inc. (NYSE:CMG), Twitter, Inc. (NYSE:TWTR), Grubhub Inc. (NYSE:GRUB)

Companies are reporting robust earnings growth for their respective fiscal quarters. However, many outlooks were much weaker than projected due to rising expenses as well as global economic weakness, which ended up snapping a 5-day winning streak for the S&P 500. Now, investors will shift their focus to trade talks as well as other global news. "The excuse for today's correction appears to be related to U.S.-China trade talks but to me the bigger factor is that many of the forces which have been driving the market rebound in recent weeks —investors getting back on the bandwagon, the Fed shift from hawkish to neutral, and the adjustment of expectations following the initial wave of earnings reports—, have run their course and investors appear to be waiting for the next big mover," said Colin Cieszynski, Chief Market Strategist at SIA Wealth Management. Cieszynski predicted the S&P 500 will move in a range of 2,600 to 2,800 in the near term with volatility rising on uncertainty over a possible second government shutdown, U.S.-China trade, and Brexit.

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Alphabet Inc. (NASDAQ:GOOG), Google's parent company, reported its fourth quarter financial results after market close on Monday. The tech giant topped estimates, however, shares declined on advertising prices and increased expenses, causing shares to fall by 3%. Alphabet reported earnings of USD 12.77 per share on revenue of USD 39.28 Billion. Analysts expected earnings of USD 10.82 per share on revenue of USD 38.93 Billion. The Company reported that its advertising revenue rose to USD 32.63 Billion, compared to USD 27.22 Billion the same quarter last year. Alphabet also reported that capital expenditures increased from USD 3.81 Billion last year to USD 6.85 Billion for the quarter.

Snap Inc. (NYSE:SNAP) reported its fourth quarter financial results after market close on Tuesday and surpassed analysts' estimates, sending shares 25% higher at the opening bell on Wednesday. Snap reported an adjusted earnings loss of USD 4 cents per share on revenue of USD 390 Million. Analysts projected earnings loss of USD 7 cents per share on revenue of USD 378 Million. The Company also reported 186 million daily active users, which fell from 187 million the same quarter last year. Despite the user decline, Snap reported staggering growth across its charts. Snap said its revenue increased by 36% year-over-year while earnings per share loss decreased by 65%.

Chipotle Mexican Grill, Inc. (NYSE:CMG) reported its fourth quarter financial results after market close on Wednesday. The fast-food chain crushed estimates in sales and earnings, sending shares soaring by 13.3% at the open on Thursday. Chipotle reported earnings of USD 1.72 per share on revenue of USD 1.23 Billion. Analysts forecasted earnings of USD 1.37 per share on revenue of USD 1.19 Billion. Chipotle saw its same-store sales grow to 6.1%, compared to expectations of 4.49%. Chief Executive Officer Brian Niccol's push for digitized transactions led digital sales also rose by an astounding 65.9%, accounting for 12.9% of total sales.

Twitter, Inc. (NYSE:TWTR) reported its fourth quarter financial results on Thursday morning. The Company beat expectations, but it provided weaker-than-expected guidance, sending shares tumbling down by 10%. For the fourth quarter, Twitter reported earnings of USD 31 cents per share on revenue of USD 909 Million. Analysts expected earnings of USD 25 cents per share on revenue of USD 878.1 Million. Twitter noted that it would be splitting its user metrics data into total users and total monetized users. The social media giant reported average monthly users of 321 million, which fell compared to 330 million last year. Average monetizable daily active users were 126 million for the quarter compared to 115 million year-over-year.

Grubhub Inc. (NYSE:GRUB) reported its fourth quarter financial results on Thursday before market open and missed its quarterly estimates, causing shares to plunge by 19%. For the fourth quarter, Grubhub reported earnings of USD 19 cents per share on revenue of USD 287.7 Million. Analysts expected earnings of USD 28 cents per share on revenue of USD 290 Million. The dining delivery service saw its active diners increased by 22% to 17.7 million. Daily average grubs, which the number of orders placed, increased by 19% to 467,500 orders. Gross food sales totaled USD 1.4 Billion, jumping by 21% year-over-year.

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