NEW YORK, November 16, 2018 /PRNewswire/ --
U.S. stocks plummeted through the entire week, continuing to push the market into bear territory. The Dow Jones plunged by
over 600 points or approximately 2.23% on Monday due to decline in crude-oil prices and negative investor sentiment. The market
was also driven down by a stronger dollar, which pressured investors. The stronger dollar is a concern because it can hurt sales
of multinational companies. In addition, U.S. markets continued to fall throughout the week due to weaker-than-expected earnings,
primarily driven by Apple's iPhone sales projections. The Nasdaq Composite fell by 4.18%, while the S&P 500 Index fell by
3.7%. Globally, markets fell after U.K. Prime Minister Theresa May's leadership and her plans for
an organized exit from the European Union are being questioned after she received approval of her cabinet for a draft Brexit
plan. The continuing Brexit negotiations are creating concern about slowing global growth, especially after Germany and Japan both reported declining economic data in their third
quarters. Apple Inc. (NASDAQ: AAPL), Tyson Foods, Inc. (NYSE: TSN), The Home Depot, Inc. (NYSE: HD), General Electric Company
(NYSE: GE), NVIDIA Corporation (NASDAQ: NVDA)
"I believe [what] the stock market is experiencing is a continuation of the selling pressure that began in early October,"
wrote Robert Pavlik, chief investment strategist at SlateStone Wealth, in a note to clients.
Pavlik also suggested that Trump is under greater pressure to reach some sort of a detente with China on the trade war, according to MarketWatch. "I suspect that given the recent election results with the
Democrats taking control of the U.S. House of Representatives, President Trump probably thinks he needs a 'win,' and I believe
that win will come eventually in the form of a trade deal with China. I don't suspect that the
trade deal will be ideal. However, our president seems to be willing to claim any result as a win. With a trade deal behind us
the market should be able recapture some confidence thus bringing in buyers."
Apple Inc. (NASDAQ: AAPL) shares plunged by 5.04% on Monday, falling below its USD 200.00
threshold. Apple's supplier Lumentum released an annual filing for its fiscal year and within the filing, Lumentum did not
provide a forecast for Apple's orders. Lumentum only released that Apple is its customer and that it accounts for 30% of its
revenue. Lumentum's release concerned investors that Apple may see a decline within its iPhone sales.
Tyson Food Inc. (NYSEL: TSN) reported its fourth quarter financial results on Tuesday before the market open. Tyson
topped earnings estimates, but missed revenue estimates. Tyson also reported a weaker-than-expected guidance, causing shares to
slip by 6.7%. For the fourth quarter, Tyson reported revenue of USD 9.99 Billion, falling short of
estimates of USD 10.3 Billion. The Company reported an adjusted earnings per share of USD 1.58, topping estimates of USD 1.33.
Home Depot Inc. (NYSE: HD) reported its third quarter financial results on Tuesday and topped analysts estimates and
also raised its full year guidance. Despite the stronger-than-expected earnings, Home Depot shares slipped by 4% because the home
improvement chain suggested that the pace of U.S. home sales was slowing and impending tariffs could drive prices up. Home Depot
reported sales of USD 26.30 Billion, which topped estimates and also increased 5.1% year over year.
The Company reported an earnings per share of USD 2.51, beating estimates of USD 2.26 and increasing 32.4% year over year.
General Electric Co. (NYSE: GE) shares jumped by 7.89% on Tuesday after the Company said it will sell part of its stake
in Baker Hughes. GE shares rose to its highest intraday in nearly three and a half years. GE said it will reduce its ownership in
Baker Hughes from 62.5% to 50%. The sale can offer up to 166 million shares, which can net GE approximately USD 4 Billion in cash for the fourth quarter.
NVIDIA Corp. (NASDAQ: NVDA) reported its third quarter financial results after market close on Thursday. Nvidia topped
earnings estimates, but missed revenue estimates, sending share plunging 15%. For the third quarter, Nvidia reported revenue of
USD 3.18 Billion, increasing 21% year ove r year, but missing estimates of USD 3.24 Billion. The Company reported earnings per share of USD 1.84, increasing
38% year over year and topping estimates of USD 1.71. For the fourth quarter, Nvidia is forecasting
revenue to be USD 2.7 Billion, plus or minus 2%.
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