'Market Recap' Week Ending March 29th, 2019 'Market Recap' Week Ending March 29th, 2019 News Commentary

PR Newswire

NEW YORK, March 29, 2019

NEW YORK, March 29, 2019 /PRNewswire/ -- U.S. markets had mixed reactions to start the week on Monday as global economic growth lingered. Markets began strongly on Monday, led by Apple as it announced its new credit card and streaming service, which sent other streaming provider stocks soaring. On Tuesday, stocks opened higher as U.S.-China trade talks resumed again. U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin were in China throughout the week to discuss negotiations. Despite the strong pre-market movement, markets quickly retracted as investors were concerns over the falling Treasury yield. The 10-year Treasury yield was at 2.418%, holding near its lowest since 2017. Worries of falling yields and inversion of the yield curve continued into Wednesday as the Dow Jones plunged by as much as 300 points or by 1.1%. Data showed that the Treasury 10-year yield has fallen below that of the three-month bill, which is viewed as an indicator of recessions happening in the next 12 months to 24 months. Markets opened stronger on Thursday after data showed that fourth-quarter gross domestic product in the U.S. grew by 2.9% year-over-year and reports that the U.S. and China have made progress on their negotiations. Beijing officials have made proposals to resolve the tariff dispute between the two countries. The proposal is aiming to end charges that China steals from U.S. intellectual property, according to Reuters, citing U.S. officials. Apple Inc. (NASDAQ: AAPL), Cronos Group Inc. (NASDAQ: CRON), Carnival Corporation (NYSE: CCL), WellCare Health Plans, Inc. (NYSE: WCG), Lululemon Athletica Inc. (NASDAQ: LULU) 

Although the market had mixed reactions throughout the week, the Dow Jones still posted a 166 points gain or 0.6% leading into Thursday's opening bell. The S&P 500 rose by 10.98 points or 0.3% in the same session, while the Nasdaq Composite climbed by 24.43 points or 0.3%. Despite the optimistic news early on Thursday, markets began to pull back throughout early morning trading sessions. Analysts said that while the growth data and China talks were uplifting for the market, investors may see otherwise and argue that the news has already been priced into the market. "Trade has stolen the headlines from concerns over the yield curve to drive the market today," Ryan Nauman, Market Strategist with Informa Financial Intelligence told MarketWatch. While reports of fresh progress have helped boost stocks Thursday, Nauman said, "I do believe that a trade deal is mostly baked into the prices, which is a bit scary because the longer this drags on without a concrete deal, it will create growing angst."

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Apple Inc. (NASDAQ: AAPL) announced a series of new products and service offerings on Monday at its Keynote event held on its Cupertino campus in California. Apple shares gained 1.5% leading into its event. Notably, Apple announced its new Apple Card, Apple News+, and Apple TV+. Apple Card is a credit card that is built into the Apple Pay app on users' iPhones, allowing them to digitally send transactions without fees and less interest on top of stronger security. Apple News+ and AppleTV+ are both subscription-based services that offer customers a variety of content. AppleNews+ includes publications such as The Wall Street Journal, Bon Appétit, GQ, National Geographic, Sports Illustrated, and Time. AppleTV+ allows viewers to watch media content from HBO, SHOWTIME, and Starz.

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Cronos Group Inc. (NASDAQ: CRON) reported its fourth quarter financial results before market open on Tuesday and reported weaker than expected results. Shares edged lower by as much as 7.4% leading into Wednesday's opening bell after the cannabis-based Company reported that losses widened year-over-year. For the fourth quarter, Cronos reported an earnings loss of CAD 11.8 Million, or CAD 6 cents per share on revenues of CAD 5.6 Million. Analysts expected earnings loss of CAD 1 cents on revenues of CAD 10.4 Million. Despite the increase in net losses, Cronos reported that net revenues grew by 284% year-over-year primarily due to the legal cannabis market in Canada. Additionally, Cronos saw an increase in growth within its medical client base and growth in its cannabis oil revenues.

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Carnival Corporation (NYSE: CCL) reported its first quarter financial results during Tuesday's pre-market hours and beat estimates. Despite the quarterly beat, Carnival provided a weaker guidance, which sent shares lower by 9.2% throughout the day. For the first quarter, Carnival reported earnings of USD 49 cents per share on revenues of USD 4.67 Billion. Analysts projected earnings of USD 44 cents on revenues of USD 4.31 Billion. As for the next quarter, Carnival expects earnings between USD 56 cents to USD 60 cents per share, representing a USD 8 cents decline year-over-year. For the full year, Carnival expects earnings in the range of USD 4.35 to USD 4.55 per share. Analysts are projecting second-quarter earnings of USD 72 per share and full-year earnings of USD 4.76 per share.

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WellCare Health Plans, Inc. (NYSE: WCG) shares skyrocketed by 12.8% on Wednesday after the Company reached an agreement to be acquired by Centene Corporation (NYSE: CNC). Centene will acquire Wellcare in a cash-and-stock transaction valued at approximately USD 17.3 Billion or USD 305.39 per share. The combined company will serve a total of 22 million members across the U.S. The acquisition is expected to have estimated pro forma 2019 revenues of approximately USD 97 Billion and USD 5 Billion in EBITDA. Centene and WellCare expect the transaction to close in the first half of 2020.

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Lululemon Athletica Inc. (NASDAQ: LULU) announced its fourth quarter financial results during extended trading hours on Thursday and surpassed estimates, sending shares 15.6% higher on Friday morning. For the fourth quarter, Lululemon reported earnings of USD 1.85 per share on revenues of USD 1.17 Billion. Analysts projected earnings of USD 1.74 per share on revenues of USD 1.15 Billion. Comparable sales rose by 16%, which fell in-line with estimates. For fiscal 2019, Lululemon expects revenues in the range of USD 740 Million to USD 750 Million, increasing in low-double digits year-over-year. The Company also expects diluted earnings of USD 0.68 to USD 0.70 per share.

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