‘Market Recap’ Week Ending April 5th, 2019 News Commentary

The U.S. and China trade war talks have been ongoing for the past year now. The talks stirred fear within investors, which caused a volatile market towards the end of 2018. Back and forth talks between the two nations ended up pricing into the market. According to CNBC, Matt Lloyd, Chief Investment Strategist at Advisors Asset Management, expects some sort of trade deal to be reached. This will boost equity prices, but volatility will persist as key issues like intellectual property theft will likely not be fully solved. ‘The trade deal is really two deals. First, you have the numbers, the tariffs and all that; that”s the easy fix. Intellectual property on the other side, that”s not going to be fixed right away. That”s going to take a few years, in my opinion,’ said Lloyd.

Walgreens Boots Alliance, Inc. (NASDAQ: WBA) reported its second quarter financial results on Tuesday before the market open. Walgreens missed analysts estimates, which sent shares lower by 10%. For the quarter, Walgreens reported earnings of USD 1.64 per share on revenue of USD 34.53 Billion. Analysts projected earnings of USD 1.72 per share on revenue of USD 34.56 Billion. The Company saw its same-store sales dropped by 3.8% in the U.S., primarily due to a weak flu season, continued de-emphasis on tobacco products, and decline in seasonal merchandise sales. Walgreens now expects its 2019 earnings to be roughly flat, compared to its previous growth of 7% to 12%.

GameStop Corp. (NYSE: GME) reported its fourth quarter financial results after the market close on Tuesday. GameStop shares plummeted by 12.1% after it missed its quarterly estimates. Additionally, GameStop said it would not provide its annual earnings guidance. For the fourth quarter, GameStop reported earnings of USD 1.45 per share on revenue of USD 3.1 Billion. Analysts projected earnings of USD 1.58 per share on revenue of USD 3.27 Billion. GameStop saw its total global sales fall by 7.6% year-over-year, however, comparable store sales rose by 1.4%. Analysts expected GameStop to report a 2.1% decline in comparable sales. For fiscal 2019, GameStop is expecting total sales decline between 5% to 10%, while comparable store sales are also expected to fall by 5% to 10%.

Delta Air Lines (NYSE: DAL) shares rose by 7% on Tuesday after the airline renewed its partnership with American Express (NYSE: AXP) for its Delta SkyMiles credit card. The partnership will continue until the end of 2029. Delta expects the partnership renewable to be accretive to its revenue stream. In 2018, Delta reported that the relationship with American Express delivered revenue of USD 3.4 Billion. Now, the airline expects the continued partnership to double revenue to USD 7 Billion by 2023. Delta reported in 2018 that it added one million new cardholders while spending across the card portfolio grew by double digits.

Tesla, Inc. (NASDAQ: TSLA) shares plunged by 10% on Wednesday after the electric vehicle manufacturer reported disappointing delivery numbers. Tesla announced that it delivered 63,000 vehicles in the quarter, which is a 110% increase year-over-year, but a 31% decline sequentially. Analysts expected Tesla to deliver 76,000 vehicles in the quarter. Out of the 63,000 total vehicles, 50,900 of those were Model 3 vehicles. Analysts projected a total of 52,450 Model 3 deliveries.

Office Depot, Inc. (NASDAQ: ODP) issued a warning for its preliminary financial results for its first quarter. The disappointing guidance sent shares tumbling by 23.6% throughout Thursday. The office and school supply retailer expects revenue of approximately USD 2.76 Billion and adjusted operating income of USD 65 Million. Office Depot said that the lower-than-expected operating performance is a result of its CompuCom division. CompuCom is expected to report an operating loss of USD 15 Million in the first quarter, primarily driven by lower-than-expected revenue from existing customers. Profits in the division are being pressured by ongoing expenditures to develop and market additional services.

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NEW YORK, April 5, 2019 /PRNewswire/ — U.S. markets opened stronger on Monday following better-than-expected China manufacturing data, suppressing investors fears of a slowing global economic growth. The Dow Jones Industrial Average rallied throughout Monday, gaining 328.2 points or 1.2% throughout the day. Monday”s rally was also attributable to China”s decision on Sunday to suspend additional tariffs on U.S. autos and auto parts in order to ‘create a good atmosphere for the continuing trade negotiations between both sides,’ according to Reuters. On Tuesday, markets remained flat, primarily due to Walgreens” weaker-than-expected financial results. Despite Walgreens” quarterly results, U.S. markets were offset as Monday”s rally continued into Tuesday. On Wednesday, markets began the day stronger then quickly faded by the afternoon. Markets opened stronger due to reports that the U.S. and China were nearing a final trade deal. The Financial Times reported that the U.S. and China trade negotiations were mostly wrapped up, as China”s Vice Premier Liu He met with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday. The Dow Jones rose by 152.1 points on Thursday morning as trade war discussions were in focus again and President Donald Trump met with Vice Premier Liu He on Thursday to further discuss trade matters. The optimistic trade talks this week pushed the Dow Jones by 442.88 to 26,388.80 from Monday”s opening bell into late morning Thursday, nearly reaching a six-month high. The S&P 500 rose by 43.9 points or 1.5% in the same period, while the Nasdaq Composite gained 169.9 points or 2.1%. Walgreens Boots Alliance, Inc. (NASDAQ: WBA), GameStop Corp. (NYSE: GME), Delta Air Lines (NYSE: DAL), Tesla, Inc. (NASDAQ: TSLA), Office Depot, Inc. (NASDAQ: ODP)

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