Economy ‘Earnings Recap’ Week Ending February 15th, 2019 News Commentary

‘Futures had been drifting higher this morning [Thursday], but a ton of economic data was just released and it wasn”t good,’ wrote Paul Hickey of Bespoke Investment Group in a Thursday morning note to clients. ‘PPI missed on the headline but was stronger than expected at the core. Retail sales for December were much weaker than expected, and jobless claims also came in considerably higher than expected. Jobless claims have now been steadily drifting higher with the four-week moving average reaching its highest level in over a year and leading to the question, have we seen the low in jobless claims?’

Shopify Inc. (NYSE: SHOP) reported its fourth quarter financial results on Tuesday before market open. The e-commerce company topped expectations, however, shares slipped by 3% Tuesday morning. For the quarter, Shopify reported earnings of USD 26 cents per share on revenue of USD 343.86 Million. Analysts expected earnings of USD 20 cents per share on revenue of USD 327.63 Million. Shopify”s revenue and earnings have increased dramatically year-over-year; revenue has now increased by 54% from the same quarter last year, while earnings per share are up from USD 15 cents per share.

Under Armour, Inc. (NYSE: UAA) reported its fourth quarter financial results on Tuesday during pre-market hours. The Company reported better-than-expected earnings and revenue, sending shares 7% higher. For the quarter, Under Armour reported earnings of USD 9 cents per share on revenue of USD 1.4 Billion. Analysts expected earnings of USD 4 cents per share on revenue of USD 1.38 Billion. Under Armour said the stronger than expected quarter was resulted by boosted international apparel sales and growth.

Activision Blizzard, Inc. (NASDAQ: ATVI) reported mixed fourth-quarter results on Tuesday during extended trading hours, causing shares to seesaw. Despite the mixed reaction, Activision shares gained 7% at the opening bell on Wednesday. For the quarter, Activision reported earnings of USD 1.29 per share on revenue of USD 2.84 Billion. Analysts expected earnings of USD 1.28 per share on revenue of USD 3.04 Billion. Activision also announced that due to recent headwinds, the Company is planning to slash its global workforce by 8%.

Twilio Inc. (NYSE: TWLO) reported its fourth quarter results on Tuesday. The cloud communications company reported in earnings but topped revenue expectations. For the quarter, Twilio reported earnings of USD 4 cents per share on revenue of USD 204.3 Million. Analysts expected earnings of USD 4 cents and revenue of USD 185 Million. The Company saw its revenue grow substantially by 77% year-over-year as its active customer accounts rose to 64,286 from 48,979 in the quarter.

Nvidia Corporation (NASDAQ: NVDA) reported its fourth quarter financial results on Thursday during extended trading hours. The Company beat expectations for both earnings and revenue, sending shares 7% higher. For the quarter, Nvidia reported earnings of USD 80 cents per share on revenue of USD 2.21 Billion. Analysts projected earnings of USD 75 cents per share on revenue of USD 2.20 Billion. Nvidia reported that post-crypto excess channel inventory and decelerating market conditions drove the annual revenue decline. However, Nvidia also said it is seeing strength in its computing platform, artificial intelligence, autonomous driving, and robotics segments.

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NEW YORK, Feb. 15, 2019 /PRNewswire/ — U.S. markets continually rose throughout the week due to optimism revolving around U.S.-China trade talks. On Tuesday, the Dow Jones Industrial Average gained as much as 350 points or 1.3% following reports of a potential trade war deal between the two countries. Reports suggested that the U.S. and China are looking to negotiate a deal before the deadline in March. Both parties have expressed that the new negotiations, which began in Beijing on Monday, would bring them closer to an agreement. The positive news regarding the trade war tensions carried on into Wednesday after U.S. President Donald Trump said the talks are ‘going very well’ between the two sides. However, the bullish run was cut short on Thursday after the December retail sales reports were released. The data showed that retail sales fell by 1.2% in December, making it the biggest monthly drop since September 2009, according to the Commerce Department. The report sent Treasury yields and the U.S. dollar lower. The benchmark 10-year rate traded around 2.64%, slightly down from 2.69%, while the U.S. dollar fell against other major currencies. The Dow Jones Industrial Average fell by as much as 229.15 points or 0.8% on Thursday. However, markets began to quickly rebound throughout Thursday as the Dow recovered as much as 213.4 points by mid-day. The Nasdaq Composite gained 69.52 points, while the S&P 500 regained 22.83 points. Shopify Inc. (NYSE: SHOP), Under Armour, Inc. (NYSE: UAA), Activision Blizzard, Inc. (NASDAQ: ATVI), Twilio Inc. (NYSE: TWLO), Nvidia Corporation (NASDAQ: NVDA)