NEW YORK, September 14, 2018 /PRNewswire/ --
U.S. stocks were on track to rise for the fourth consecutive day, lifted by strong tech stocks growth and reports over easing trade tensions with China. The U.S. recently reached out to China to continue new negotiations regarding tariffs. The move for fresh negotiations is meant to give Beijing another chance to address the U.S.'s trade concerns before President Donald Trump implements his USD 200 Billion tariff on Chinese exports. The strong bull week continued to drive forward after Apple Inc.'s Keynote event. At the event, Apple featured its latest upcoming products: the iPhone XS, iPhone XS Max, and the iPhone XR. The Dow Jones Industrial Average posted triple-digit growth, increasing 223.42 points. The S&P 500 gained 1.72 points or 3%, while the Nasdaq Composite gained 110.22 points or 1.3%. Adobe Systems Incorporated (NASDAQ: ADBE), Sonos, Inc. (NASDAQ: SONO), The Kroger Co. (NYSE: KR), Pivotal Software, Inc. (NYSE: PVTL), Apple Inc. (NASDAQ: AAPL).
"There are a lot of variables out there. Some are positive, like earnings growth, while others are negative, like the U.S. Dollar. Those crosscurrents mean there's been no real direction in either way, and it makes September something of a scary month for me, because there's a lack of earnings data and I'm worried the market can be dragged down on light volume because of news flow surrounding tariffs," said John Thomas, Chief Investment Officer of Global Wealth Management said in a MarketWatch report. "I wouldn't [say] we're becoming immune to the issue, but we brush it off more every day, and I'm worried markets underappreciated the impact it could have on large-capitalization companies that export a lot. Complacent is a good term for how things stand right now; everyone expects the market to continue going up, and that's a concern."
Adobe Systems Incorporated (NASDAQ: ADBE) reported financial results for its third quarter fiscal year 2018 ended August 31st, 2018, Thursday aftermarket. Adobe achieved record quarterly revenue of USD 2.29 Billion in its third quarter of fiscal year 2018, which represents 24% year-over-year revenue growth. The Company's Digital Media segment revenue was USD 1.61 Billion, with Creative revenue growing to USD 1.36 Billion and Document Cloud achieving record revenue of USD 249 Million, which represents a 21% year-over-year growth. "Adobe continues to inspire creativity and drive business transformation as reflected in our record Q3 results," said Shantanu Narayen, President and CEO, Adobe. "Students, creatives, enterprises and governments trust Creative Cloud, Document Cloud and Experience Cloud to create and deliver the transformative digital experiences required to compete today."
Sonos, Inc. (NASDAQ: SONO) reported its third quarter financial results for the fiscal year 2018, which was its first results since its initial public offering last month on Monday. Revenue fell by 6% year over year to USD 208.4 Million as net loss widened to USD 27 Million or USD 45 cents per share. Sonos shares plummeted by 13% following the report. In a letter to shareholders the company explained, "Since our Q3 FY2018 results were at the high end of the preliminary ranges we provided in the Recent Developments section of our final prospectus filed in connection with the IPO, this quarter's letter affords us a good opportunity to highlight our financial strategy and provide an update on our progress against our five key growth strategies. We are focused on driving sustainable, profitable growth for the long-term."
The Kroger Co. (NYSE: KR) reported its second quarter financial results for fiscal year 2018. Kroger reported adjusted earnings per share of USD 41 cents on revenue of USD 27.86 Billion. Kroger topped earnings estimates, but missed revenue estimates of USD 27.95 Billion, sending shares 9.1% lower on Thursday. Chairman and CEO Rodney McMullen said, "We are only two quarters into our three-year Restock Kroger plan, and we are making solid progress. Kroger customers have more ways than ever to engage with us seamlessly through our recently-launched Kroger Ship, expanded availability of Instacart, successful ClickList offering, and selling Simple Truth in China through Alibaba's Tmall… We feel good about our net earnings per diluted share and ID sales results in the second quarter. We expect our investments in space optimization during the first half of 2018 to become a tailwind late in the third quarter."
Pivotal Software, Inc. (NYSE: PVTL) reported second quarter fiscal year 2019 financial results earlier this week. Pivotal Software reported subscription revenue was USD 97.5 Million, an increase of 51% year over year. Total revenue was USD 164.4 Million, an increase of 30% year over year. The Company also registered a GAAP operating loss of USD 35.4 Million, or 22% of total revenue, compared to a loss of USD 38.2 Million in Q2 of last year. Non-GAAP operating loss was USD 14.6 Million, or 9% of total revenue, compared to a loss of USD 29.9 Million, year over year. "Pivotal delivered another strong performance in the second quarter. We remain focused on customer success and winning new customers with our differentiated, multi-cloud platform. Subscription revenue growth of 51% and 30% total revenue growth were driven by customer expansions and new customer wins," said Rob Mee, CEO of Pivotal Software.
Apple Inc. (NASDAQ: AAPL) held its Keynote Event on Wednesday and showcased its newest upcoming products. Apple unveiled its new Apple Watch Series 4, the updated HomePods and its three latest iPhones: the iPhone XS, iPhone XS Max, and iPhone XR. The pricing of the iPhones and the A12 Bionic chip led to positive sales projections, causing Apple shares to gain 2.1% on Thursday.
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