Market Overview 'Market Recap' Week Ending June 21st, 2019


NEW YORK, June 21, 2019 /PRNewswire/ -- U.S. stocks witnessed a strong week once again, primarily lifted the Feds' decision to keep rates unchanged and buoyed by optimism revolving around the U.S.-China trade war tensions. U.S. markets ended slightly higher on Monday as investors focused on the Feds' two-day meeting. On Tuesday, the Dow Jones Industrial Average surged by over 300 points in the morning after the European Central Bank President Mario Draghi expressed his view that rate cuts may be necessary if the economic climate in Europe worsens and if inflation fails to rise closer to the ECB's annual target at or near 2%, according to MarketWatch. Additionally, U.S. President Donald Trump tweeted on Tuesday that there will be an "extended meeting" with Chinese President Xi Jinping at the G-20 Meeting in Japan and that he had a productive call with Xi related to the tariffs. Trump's announcement comes just after the U.S.-Chinese trade talks were stalled and the public's doubt whether the tariffs will be implemented or not. Stocks continued to edge higher leading into Wednesday as investors awaited the conclusion of the Feds' meeting. Federal Reserve Chairman Jerome Powell ultimately announced that the central bank decided to keep rates unchanged. The Fed said it understands the uncertainties floating around, and as a result, the bank decided to leave the benchmark rates at a range between 2.25% to 2.5%. Despite the Feds' decision, the Dow Jones remained relatively unchanged on Wednesday. However, investors focused in on and embraced the Feds' decision leading into Thursday. The Dow Jones gained approximately 250 points shortly after Thursday's opening bell, but markets quickly treated throughout the day after Trump's message about a possible retaliation towards Iran after a U.S. drone was shot down in U.S. territory. Array BioPharma Inc. (NASDAQ:ARRY), Adobe Inc. (NASDAQ:ADBE), Oracle Corporation (NYSE:ORCL), PG&E Corporation (NYSE:PCG), Slack Technologies, Inc. (NYSE:WORK)

Leading into Thursday's opening bell, U.S. markets have experienced tremendous growth in the month of June so far. The Dow Jones gained over 1,800 points during the month while the S&P 500 gained about 200 points, and the Nasdaq Composite increased by 700 points. The bullish run this week mainly focused on the Fed's announcement. However, investors are expected to divert their attention back to the trade talks between the U.S. and China. The G-20 meeting is expected to occur on June 28th until June 29th in Osaka, Japan. On Thursday, the Dow Jones closed 249.17 points or 0.94% higher. The S&P 500 finished 27.72 points or 0.95% higher, while the Nasdaq Composite gained 64.02 points or 0.80%. "My initial thoughts are that the Fed did what the market thought they would do today, and offered to give them what they really want in the near future. That could be as early as July, and that could be as much as 50 basis points," said Kevin Giddis, Head of Fixed-Income Capital Markets at Raymond James, according to MarketWatch. "The long journey for the Fed to catch up [to] where the market has always been is over. They finally realize that they are not going to see inflation, can't move it higher with their words, and must finally face the music that they mistakenly assumed that traditional policy moves would work in today's economy."

Array BioPharma Inc. (NASDAQ:ARRY) shares surged by over 57% on Monday after Pfizer (NYSE:PFE) announced that it would acquire the Company for a total enterprise value of USD 11.4 Billion. Array is a commercial stage biopharmaceutical company focused on the discovery, development, and commercialization of targeted small molecule medicines to treat cancer and other diseases that are unmet. The transaction is expected to slash Pfizer's adjusted earnings by USD 0.04 to USD 0.05 per share in 2019 and an additional USD 0.04 to USD 0.05 in 2020 as well. The Company expects earnings per share to remain neutral in 2021 and accretive beginning in 2022. Pfizer expects growth and accretion after 2022 as well. Pfizer expects the acquisition to be completed in the second half of 2019.

Adobe Inc. (NASDAQ:ADBE) reported its second quarter financial results after the market close on Tuesday. The Company reported better-than-expected results, which sent shares 4% higher during Tuesday's extended trading hours. For the quarter, Adobe reported earnings of USD 1.83 per share on revenues of USD 2.74 Billion. Analysts projected earnings of USD 1.78 per share on revenues of USD 2.71 Billion. Adobe achieved a record quarterly revenue growth of 25% year-over-year, primarily driven by its Digital Media segment, which witnessed a 22% growth in revenue year-over-year. Adobe's Digital Experience segment revenue also saw strength, as it grew by 34% year-over-year. Despite the stronger-than-expected quarter, Adobe provided a soft guidance for the third quarter, forecasting earnings of USD 1.95 per share on revenues of USD 2.80 Billion, while analysts are expecting earnings of USD 2.05 per share on revenues of USD 2.83 per share.

Oracle Corporation (NYSE:ORCL) reported its fourth quarter financial results after the closing bell on Wednesday. The tech giant's shares edged 8% higher on Thursday morning after surpassing analysts' expectations. For the quarter, Oracle reported earnings of USD 1.16 per share on revenues of USD 11.1 Billion. Analysts expected earnings of USD 1.07 per share on revenues of USD 10.93 Billion. Oracle saw its revenue only grow by 1% year-over-year, however, the Company focused its attention to the fiscal year growth of its Fusion and NetSuite cloud revenues, which both witnessed a 32% increase year-over-year. Cloud services and license support revenue was USD 6.79 Billion at the end of the quarter, representing a 3% increase year-over-year. Cloud license and on-premise license grew by 15% year-over-year to USD 2.52 Billion.

PG&E Corporation (NYSE:PCG) shares soared by 14.8% on Thursday after the Company announced that it reached agreements to pay USD 1 Billion towards the wildfires in 2015, 2017, and 2018. PG&E settled the claims held by 18 local public entities that were severely impacted by the fire damages. The payment of the settlement fund is subject to Bankruptcy Court confirmation. PG&E Chief Executive Officer and President Bill Johnson said the Company remains committed to supporting its customers and the communities by helping them rebuild and recover from the damages. Moving forward, PG&E said it will continue to enhance its wildfire safety efforts and continue to deliver safe and reliable natural gas and electric service during its Chapter 11 process.

Slack Technologies, Inc. (NYSE:WORK) launched its initial public offering mid-day Thursday. Slack priced its shares at USD 26 per share for its direct listing, which valued the Company at approximately USD 15.7 Billion. Analysts expected the Company's stock price to pop once it began trading. Shortly into Slack's debut, the stock price surged by more than 50%, hitting USD 42 per share and pushing its valuation upwards to USD 21 Billion. Slack is a workplace and business communications application which users can use directly from their mobile devices or their computers. Slack had over 136.47 million in circulation at the end of its first day of trading.

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