AP NEWS
Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

FinancialBuzz.com: ‘Market Recap’ Week Ending September 27th, 2019

September 27, 2019

NEW YORK, Sept. 27, 2019 /PRNewswire/ -- U.S. markets opened lower on Monday amid investor concerns over the weakening global growth and the possibility of an international slowdown impacting domestic growth. The Dow Jones Industrial Average opened approximately 90 points lower on Monday. However, throughout Monday, markets began to edge higher despite data indicating that manufacturing activity in the eurozone posted its worst reading in nearly seven years. Analysts speculated that investors are more concerned with domestic growth rather than international matters. Heading into Tuesday, markets opened higher for a short period before plummeting after reports that the House Democrats were preparing to meet to determine an impeachment inquiry against U.S. President Donald Trump. Later on Tuesday, markets slightly regained after Trump authorized the release of a transcript phone call with the Ukrainian President following reports that the United States Commander in Chief threatened Ukraine by withholdings economic aid in order to pressure officials in Kiev to produce information that will damage Democratic presidential candidate Joe Biden. On Wednesday, markets continued to edge higher throughout the day as investored honed in on news of an impeachment inquiry against Trump. The transcript of the phone call with Ukraine revealed that Trump had asked Ukrainian President Volodymyr Zelensky to “look into” Biden’s son. However, Trump did not link aid to the country to a probe of Biden’s son, according to MarketWatch, citing White House officials. The release of the transcript prompted House Speaker Nancy Pelosi to open an impeachment inquiry against Trump. Pelosi’s move sent the Dow Jones higher by 100 points. Additionally, Trump’s comments that a deal between the U.S. and China could happen sooner than expected also fueled market, leading the Dow to close 160 points higher. NIO Inc. (NYSE: NIO), NIKE, Inc. (NYSE: NKE), Rite Aid Corporation (NYSE: RAD), Beyond Meat, Inc. (NASDAQ: BYND), Micron Technology, Inc. (NASDAQ: MU)

Then on Thursday, impeachment talks continued to weigh down the markets after a whistleblower alleged that Trump sought foreign election interference using his powers of his office for the 2020 Presidential elections. Joseph Maguire, Acting Director of the National Intelligence, provided testimony before the U.S. House Intelligence Committee before the market opened. While the alleged report only dragged the Dow Jones down by 52 points, analysts believe that the market could heavily be impacted by where the testimony heads. Throughout Thursday as the testimony continued, the Dow Jones edged lower by as much as 200 points before slightly recovering. “The market is completely dependent on where this testimony goes,” Brent Schutte, Chief Investment Strategist at Northwestern Mutual Wealth Management Company told MarketWatch. Investors will be looking to see if the evidence could “push us toward a less market-friendly president in 2020,” he added. On the other hand, “If it ends up being a non-starter, the market could potentially close much higher.”

NIO Inc. (NYSE: NIO) reported its second quarter financial results during Tuesday’s pre-market hours. Nio shares plunged by 25% after the Chinese electric vehicle manufacturer reported larger-than-expected losses and cancelled its earnings call with analysts. For the second quarter, Nio reported adjusted earnings loss of RMB 3.11 (USD 0.44) per share on revenues of RMB 1.5 Billion (USD 210.97 Million). Analysts expected Nio to report earnings loss of USD 0.18 per share on revenues of USD 185 Million. Nio reported that its revenue grew by 3,180% year-over-year, primarily driven by the increased demand for its vehicles. However, with the growth in demand, Nio witnessed its net losses widen. Net losses totaled RMB 3.28 Billion at the end of the second quarter, representing an 83.1% increase compared to the same quarter a year ago. During the quarter, Nio delivered a total of 3,553 vehicles. Primarily, 3,140 of the delivered vehicles were Nio’s ES8 model, while 413 were the ES6 model. Nio’s deliveries for the quarter fell compared to the 3,989 vehicles delivered in the first quarter.

NIKE, Inc. (NYSE: NKE) reported its first quarter financial results for fiscal 2020 and topped analysts’ expectations. Nike shares edged higher by 5% during Wednesday’s pre-market trading hours. For the first quarter, Nike reported earnings of USD 0.86 per share on revenues of USD 10.66 Billion. Analysts projected earnings of USD 0.70 per share on revenues of USD 10.44 Billion. Nike witnessed its revenue increased by 7% year-over-year, primarily driven by stronger revenues across its geographic regions. Predominantly, stronger sales in Greater China paved the way for Nike’s better-than-expected quarter. Revenues for the Nike Brand were USD 10.1 Billion, representing a 10% increase year-over-year. The segment was primarily driven by growth across NIKE Direct and wholesale, with key categories including Sportswear and the Jordan Brand as well as continued growth across Nike’s footwear and apparel segments. Revenues for Converse were USD 555 Million at the end of the quarter, increasing by 8% year-over-year.

Rite Aid Corporation (NYSE: RAD) reported its second quarter financial results before the opening bell on Thursday. Rite Aid shares shares soared by over 26% after topping analysts’ earnings expectations. For the second quarter, Rite Aid reported earnings of USD 0.12 per share on revenues of USD 5.37 Billion. Analysts expected earnings of USD 0.07 per share on revenue of USD 5.41 Billion. While Rite Aid’s revenue narrowly slipped compared to USD 5.42 Billion the same quarter a year ago, the Company was able to return to profitability during the quarter. Rite Aid reported adjusted net income of USD 6.3 Million compared to an adjusted net loss of USD 7.9 Million a year ago. For the remainder of the fiscal year, Rite Aid reiterated its revenue guidance range between USD 21.5 Billion and USD 21.9 Billion. However, Rite Aid lowered its earnings guidance and expects to lose USD 235 Million to USD 275 Million compared to a net loss of USD 170 Million to USD 220 Million.

Beyond Meat, Inc. (NASDAQ: BYND) shares surged by over 15% during Thursday’s pre-market hours after McDonald’s (NYSE: MCD) announced that it will conduct a 12-week test of a new plant-based burger in Canada. The burger, P.L.T. or Plant. Lettuce. Tomato will be available in 28 restaurants throughout the Southwestern part of Ontario starting on September 30. The P.L.T. is made with a Beyond Meat plant-based burger patty that has been exclusively created for McDonald’s. The burger will cost CAD 6.49 including tax. Ann Wahlgren, McDonald’s Vice President of Global Menu Strategy, said during the test, McDonald’s will receive feedback from customers to better understand the demand and impact on its restaurant operations.

Micron Technology, Inc. (NASDAQ: MU) reported its third quarter financial results after the closing bell on Thursday. Despite topping estimates, Micron shares edged lower by 6% shortly after reporting. For the quarter, Micron reported earnings of USD 1.05 per share on revenue of USD 4.79 Billion. Analysts expected earnings of USD 0.48 per share on revenue of USD 4.56 Billion. Micron’s revenue substantially dropped compared to its revenue of USD 7.79 Billion in the third quarter of last year. Micron Chief Executive Sanjay Mehrotra has mentioned previously that the memory chip industry is completely different in a post-PC world. Micron has struggled largely because chip prices continued to increase while inventory issues caused excess supply.

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia

Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the “site”) is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For this release, FinancialBuzz.com has not been compensated for financial news dissemination and PR services by any parties. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.FinancialBuzz.com.

For further information:
Media Contact:
info@financialbuzz.com
+1-877-601-1879

Url: http://www.FinancialBuzz.com

View original content: http://www.prnewswire.com/news-releases/financialbuzzcom-market-recap-week-ending-september-27th-2019-300926748.html

SOURCE FinancialBuzz.com