Financialbuzz.com: Earnings Recap Week Ending Oct. 19th, 2018 Recap

FinancialBuzz.com News Commentary

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Oct 19, 2018, 09:00 ET

NEW YORK, October 19, 2018 /PRNewswire/ --

The financial markets continued to decline this week, as concerns over global trade, as well as economic uncertainties, dominated the news. By end of Thursday close, the Dow Jones Industrial Average dropped 327.23 points to 25,379.45, led by declines in Caterpillar. The S&P 500 fell 1.4% to 2,768.78, according to a report by CNBC as the consumer discretionary and tech sectors continued the decline in value. The Nasdaq Composite fell 2.1%, eventually closing at 7,485. Netflix Inc. (NASDAQ: NFLX), Amazon.com, Inc. (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOGL), Apple Inc. (NASDAQ: AAPL), International Business Machines Corporation (NYSE: IBM)

The United States and China continue to spar with protectionist trade policies, imposing tariffs on billions of dollars worth of each other's goods. Concerns over global trade were renewed as National Economic Council Director, Larry Kudlow, criticized China. "They are unfair traders. They are illegal traders. They have stolen our intellectual property," Kudlow said at the Detroit Economic Club on Thursday according to CNBC. "China has not responded positively to any of our asks."

Netflix Inc. (NASDAQ: NFLX) reported its third quarter financial results after market close on Tuesday. Netflix smashed earnings estimates which sent shares 7.2% higher. For the third quarter. Netflix reported diluted earnings per share of USD 89 cents on revenue of USD 3.9 Billion. The stronger than expected results were driven by its international user growth, as it added 5.87 million new users, totaling 78.64 million users now. The U.S. segment reported an add-on of 1.09 million users, increasing to 58.46 million users total.

Amazon.com, Inc. (NASDAQ: AMZN) announced on Monday that it has partnered up with "Shark Tank" to become its official retail partner. The new Amazon Launchpad Shark Tank Collection will sell products highlighted on the show such as the Hatch Baby, Third Wave Water and Stasher. The partnership will allow entrepreneurs and startups to grow on Amazon's platform.

Alphabet Inc. (NASDAQ: GOOGL) provided information on Wednesday regarding its Pixel phone 3 security. Google implemented its Pixel 3 with the Titan M security chip. The chip offers various forms of security for users and their phones such as lock screen protection, disk encryption on-device, secure transactions on third-party apps and resistance from insider attacks. Google also integrated the chip with the Pixel's secure boot process, which protects the phone from attacks to unlock the bootloader.

Apple Inc. (NASDAQ: AAPL) announced on Wednesday that its iPhone XR will be available for pre-orders beginning on Friday, October 19th, 2018. The iPhone XR provides various new updated features from its predecessor while also integrating features from the iPhone XS. The iPhone XR is powered by the next-generation A12 bionic chip allowing for longer battery life, new technology like augmented reality and advanced camera quality.

International Business Machines Corporation (NYSE: IBM) announced its third quarter financial results on Tuesday that missed analysts' estimates that send shares down more than 7%. After five consecutive years of declining revenue, IBM reported growth the past three before this quarter, but once again reported yet another decline. For the third quarter, IBM reported that revenue fell by 2% to USD 18.8 Billion and earnings per share was USD 3.42.

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