Financialbuzz.com: 'Trade Relations Between U.S. and China' Video Recap Week Ending December 14th, 2018
NEW YORK, December 14, 2018 /PRNewswire/ --
U.S. stocks briefly fell on Monday morning over concerns of trade tensions renewed following Apple's ban of iPhone sales in China. According to Qualcomm's press release, Apple is barred from selling iPhones up to the iPhone X Model. Shortly after the announcement, markets quickly rebounded as the Dow Jones Industrial Average closed 89 points higher on Monday. Monday's late afternoon rally carried on into Tuesday after signs that trade relations between the U.S. and China could be improving. Reports also showed that China is looking to cut tariffs on vehicles made in the U.S. to 15% from the current 40%. A proposal was submitted by the Chinese Cabinet and will undergo review over the next few days. Chinese Vice Premier Liu He also said on Tuesday that he's been in discussions with U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer in efforts to de-escalate global trade tensions. The Dow Jones Industrial Average gained 926.23 points or 3.8% from this week's low to the high. Meanwhile, the S&P 500 Index gained 99.61 points or 3.8%, while the Nasdaq Composite rose by 311.85 points or 4.5% from the week's low to the high. Apple Inc. (NASDAQ: AAPL), Stitch Fix, Inc. (NASDAQ: SFIX), Tencent Music Entertainment Group (NYSE: TME), Ciena Corporation (NYSE: CIEN), Adobe Inc. (NASDAQ: ADBE)
Despite concerns over trade wars settling this week, U.S. markets are still very volatile. Stocks have opened stronger each day, then would edge lower after the open. The trade wars will be the focus for investors as talks continue. "Trade tensions between the U.S. and China is the biggest factor creating volatility," of late, Patrick Healey, President of Caliber Financial Partners told MarketWatch. "Investors are clinging to the recent positive news about trade negotiations, but we won't see the end of this volatility until there is a concrete agreement in place."
For our latest "Buzz on the Street" Show featuring the "Trade Relations Between U.S. and China" please visit: https://www.youtube.com/watch?v=CMKi4gHPjHU
Apple Inc. (NASDAQ: AAPL) shares fell lower on Monday after Qualcomm Incorporated (NASDAQ: QCOM) announced that Apple infringed upon two patents. Qualcomm said in its press release that Apple violated one patent regarding photo editing and other about touch-screen device. A Chinese court order Apple to cease sale and offer for sales in China of older iPhone models, up to last year's edition of the iPhone X. Apple shares slipped by 2% on Monday.
Stitch Fix, Inc. (NASDAQ: SFIX) reported its first quarter financial results after market on Monday. The Company reported weaker-than-expected user growth, which sent shares plummeting by 28.7% on Tuesday. For the quarter, Stitch Fix reported earnings per share of USD 10 cents, which beat estimates of USD 3 cents per share. Revenue for the quarter grew to USD 366 Million, also beating estimates of USD 358 Million. The Company reported that active users increased by 22% to 2.9 million.
Tencent Music Entertainment Group (NYSE: TME) launched its initial public offering on the New York Stock Exchange on Wednesday. The music subsidiary of Chinese tech giant Tencent listed it shares at USD 13 per share. Since listing, Tencent Music shares rose by 12.3% to the high on Thursday. The group only raised approximately USD 1.1 Billion during its offering and held a valuation at USD 21.3 Billion.
Ciena Corporation (NYSE: CIEN) reported its fourth quarter financial results before market open on Thursday. The Company topped estimates in earnings and revenue, sending shares 11% higher shortly after the opening bell on Thursday. For the quarter, Ciena reported revenue of USD 899.4 Million and earnings per share of USD 53 cents. Analysts forecasted revenue of USD 862.4 Million and earnings per share of USD 48 cents.
Adobe Inc. (NASDAQ: ADBE) reported its fourth quarter financial results after market close on Thursday. Adobe surpassed revenue estimates, but fell short of earnings estimates. Despite the miss, Adobe shares went up as high as 4% and fell as low as 2.4% during the aftermarket session. For the quarter, Adobe reported revenue of USD 2.46 Billion and earnings per share of USD 1.87. Analysts forecasted revenue of USD 2.43 Billion and earnings of USD 1.88.
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