Market Recap for the Week of Thanksgiving

NEW YORK, November 22, 2017 /PRNewswire/ --

U.S. equities rose to another all-time high on Tuesday. The Dow Jones Industrial average rose 0.69 percent, or 160.50 points, to 23,590.83. The S&P 500 index surpassed 2,600 for the first time during Tuesday's trading session, closing at a new record high of 2,599.03. Nasdaq composite Index also gained 1.06 percent to 6862, as the technology sector led the gains. The U.S. stocks have recovered from a two-week decline and were traded higher. Better-than-expected corporate earnings helped boost the stock market. Adam Sarhan, CEO of 50 Park Investments, said, "Earnings season is winding down and, when you look back, most companies have beaten expectations and that's a positive for the market." Marvell Technology Group Ltd. (NASDAQ: MRVL), Cavium, Inc. (NASDAQ: CAVM), Campbell Soup Company (NYSE: CPB), Palo Alto Networks Inc (NYSE: PANW), Cheetah Mobile Inc (NYSE: CMCM)

The S&P 500 has gained 16 percent year to date and it is on track for its ninth straight quarterly gains. According to CNBC, Goldman Sachs projected that the S&P 500 will hit 2,850 in 2018. Goldman's chief U.S. equity strategist David Kostin said, "The current equity market valuation is certainly stretched in historical terms but it does not appear unreasonable based on the high level of corporate profitability. An earnings-driven bull market is inherently rational for a fundamental equity investor."

Marvell Technology Group Ltd. (NASDAQ: MRVL) and Cavium, Inc. (NASDAQ: CAVM) announced on Monday a definitive agreement, unanimously approved by the boards of directors of both companies, under which Marvell will acquire all outstanding shares of Cavium common stock in exchange for consideration of $40.00 per share in cash and 2.1757 Marvell common shares for each Cavium share. Upon completion of the transaction, Marvell will become a leader in infrastructure solutions with approximately $3.4 billion1 in annual revenue. Marvell President and Chief Executive Officer, Matt Murphy, said, "This is an exciting combination of two very complementary companies that together equal more than the sum of their parts. This combination expands and diversifies our revenue base and end markets, and enables us to deliver a broader set of differentiated solutions to our customers."

Campbell Soup Company (NYSE: CPB) shares fell more than 8% after the company reported on Tuesday its first-quarter results for fiscal 2018. Net sales and organic sales decreased 2 percent, Earnings Per Share (EPS) decreased 3 percent to $0.91; adjusted EPS. Decreased 8 Percent to $0.92, reflecting the benefit of a lower adjusted tax rate. Denise Morrison, Campbell's President and Chief Executive Officer said, "This was a difficult quarter, particularly for our U.S. soup business. The operating environment remains volatile with a rapidly evolving retailer landscape and competitive activity pressuring the top line. Our bottom line performance was negatively impacted by a lower adjusted gross margin rate due in part to cost inflation, higher carrot costs and escalating transportation and logistics costs following the hurricane season."

Palo Alto Networks Inc (NYSE: PANW) announced on Monday after market financial results for its fiscal first quarter 2018 ended October 31, 2017. Shares jumped more than 4% after a strong quarter. Total revenue for the fiscal first quarter 2018 grew 27 percent year over year to $505.5 million, compared with total revenue of $398.1 million for the fiscal first quarter 2017. GAAP net loss for the fiscal first quarter 2018 was $64.0 million, or $0.70 per diluted share, compared with GAAP net loss of $56.9 million, or $0.63per diluted share, for the fiscal first quarter 2017. Mark McLaughlin, Chief Executive Officer of Palo Alto Networks, said in a statement, "I am pleased with our start to fiscal year 2018 as we delivered record first quarter revenue of $505.5 million, growing 27 percent year over year, and added more than 2,500 new customers, bringing the total number of customers we now serve to more than 45,000. We continue to drive disruptive evolutions in a large and growing market by delivering highly automated and orchestrated security capabilities that increase prevention rates and simplify consumption models."

Cheetah Mobile Inc (NYSE: CMCM) shares spiked about 18% after the company announced Tuesday its unaudited consolidated financial results for the third quarter ended September 30, 2017. Total revenues increased by 5.9% year over year to RMB1,194.7 million (US$179.6 million), mostly driven by the Company's growth in mobile revenues, which increased by 16.9% year over year and achieved a record high during the third quarter of 2017. Cheetah Mobile also reported Operating profit increased to RMB132.3 million (US$19.9 million) from an operating loss of RMB33.8 million in the same period last year. Non-GAAP operating profit increased by 303.4% year over year to RMB153.7 million (US$23.1 million).

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