Financialbuzz.com: 'Market Recap' Week Ending June 14ᵗʰ, 2019

NEW YORK, June 14, 2019 /PRNewswire/ -- U.S. markets began the week stronger following the agreement between the U.S. and Mexico to end the influx of migrants into the U.S. President Donald Trump also decided to halt his plan to impose tariffs on Mexican imports, however, the President noted that he could implement the tariffs at any time if Mexico does not cooperate. The Dow Jones Industrial Average rose by over 130 points following Trump's decision and leading into Monday, the Dow Jones had already advanced by over 1,300 points in the past six days, marking its best performance in 2019. Subsequently, the bull run over the past week sent the Dow over 26,000 points once again. The Dow advanced by triple-digits again on Tuesday amid reports of China trying to freshen its economy. Despite the stronger performance early on, stocks began to fall throughout the day, snapping a 6-day win streak. While China mentioned that it will look to revamp its economy, investors paid more attention to the trade tension as China's foreign ministry said that it would respond if the U.S. continued escalating tensions. China's retaliation follows Trump declaration on Monday that additional tariffs are expected to take place if the two nations do not reach an agreement during the G-20 Summit later this month. Trump and Chinese President Xi Jinping are expected to meet in Osaka, Japan for the summit. On Wednesday, Trump said that he has "a feeling" the U.S. and China will reach a deal, but did not disclose matters on future tariffs. Despite Trump's "feeling," U.S. markets recorded its second consecutive day of losses. Investors soaked in Trump's announcement from Wednesday, which caused markets to open slightly higher on Thursday. Salesforce.com, Inc. (NYSE: CRM), Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY), Lululemon Athletica Inc. (NASDAQ: LULU), RH (NYSE: RH), Fiverr International Ltd. (NYSE: FVRR)

U.S. markets closed higher on Thursday, ending a two-day losing streak primarily due to the rise in oil futures following reports of the two attacks on a pair of oil tankers in the Gulf of Oman. Analysts believe that investors are ignoring the trade war tensions for the meantime and despite the rise in oil futures, investors will refocus on the U.S. and China once talks resume as the public is still absorbing the remarks made by the Trump administration on Wednesday. However, Trump did specify that he doesn't have a deadline for the additional tariffs on Chinese goods as of yet. The Dow Jones closed 101.94 points higher or 0.39% on Thursday. Meanwhile, the S&P 500 increased by 11.80 points or 0.41%, while the Nasdaq Composite gained 44.41 points or 0.57%. "The market seems to be ignoring China trade and geopolitical issues and focusing on the strong economy, rising productivity and low unemployment," Sam Stovall, Chief Investment Strategist of U.S. equity strategy at CFRA, told MarketWatch.

Salesforce.com, Inc. (NYSE: CRM) announced on Monday morning that it had entered into an agreement to acquire Tableau Software (NYSE: DAT) for a total value of USD 15.7 Billion. Following the news, Tableau shares were trading 35.8% at the opening bell on Monday. Salesforce said it will acquire Tableau in an all-stock transaction, under which each share of Tableau Class A and B common stock will be exchanged for 1.103 shares of Salesforce common stock. With the acquisition of Tableau, Salesforce is positioned to play a major role within the digital transformation era. For instance, Salesforce developed AI for CRM with Salesforce Einstein, which delivers AI-powered analytics for sales and marketing. In fiscal 2020, Saleforce said it expects the acquisition to increase its total revenue by USD 350 Million to USD 400 Million, totaling an estimated revenue of USD 16.45 Billion to USD 16.65 Billion. As for earnings, Salesforce projects fiscal 2020 non-GAAP diluted earnings to slightly slip by USD 0.37 to USD 0.39 per share. Now, the Company expects earnings in the range between USD 2.51 to USD 2.53 per share.

Dave & Buster's Entertainment, Inc. (NASDAQ: PLAY) reported its first quarter financial results on Tuesday after the market close. The Company missed both revenue and earnings estimates, causing shares to plunge by over 20%. During the quarter, Dave & Buster's reported earnings of USD 1.13 per share on revenue of USD 363.6 Million. Analysts expected earnings of USD 1.14 per share. Revenue missed analysts' estimates by 1.87%. Revenue increased by 9.5% year-over-year due to stronger growth in the Company's Amusement and Other revenue and Food and Beverage revenue. Despite reporting growth year-over-year, Dave & Buster's saw its comparable store sales slip by 0.3% during the quarter largely due to the Easter shift.

Lululemon Athletica Inc. (NASDAQ: LULU) reported its first quarter financial results after the market close on Wednesday. The athletic wear retailer reported better-than-expected results, causing shares to increase by 4% during Wednesday's extended trading hours. For the quarter, Lululemon reported earnings of USD 0.74 per share on revenues of USD 782 Million. Analysts expected earnings of USD 0.70 per share on revenues of USD 755 Million. The Company reported that its total comparable store sales increased by 14%, largely due to its direct to consumer revenue. Comparable store sales rose by 6%, while direct to consumer net revenue increased by 33%. Lululemon raised its full-year forecast and now expects revenue to be in the range of USD 3.73 Billion to USD 3.77 Billion and earnings between USD 4.51 to USD 4.58 per share.

RH (NYSE: RH), formerly known as Restoration Hardware, reported its first quarter financial results after the market close on Wednesday. The Company topped analysts' earnings and revenue estimates, sending shares 23% higher on Thursday morning. For the quarter, RH reported earnings of USD 1.85 per share on revenues of USD 598 Million. Analysts expected earnings of USD 1.55 per share on revenues of USD 584 Million. RH witnessed its revenue increase by 7.4% year-over-year, while its earnings grew by 53% year-over-year. Due to the stronger-than-expected quarter, RH raised its full-year guidance. For the rest of fiscal 2019, RH is expecting revenue between USD 2.64 Billion to USD 2.66 Billion compared to its previous forecast of USD 2.58 Billion to USD 2.63 Billion. The Company expects diluted earnings between USD 8.76 per share to USD 9.27 per share versus the prior guidance in the range of USD 8.05 per share to USD 8.69 per share.

Fiverr International Ltd. (NYSE: FVRR) launched its initial public offering on the New York Stock Exchange on Thursday morning. Fiverr announced the pricing of its 5.26 million ordinary shares at a public offering price of USD 21.00 per share. Fiverr's share pricing comes in slightly higher than its expected range of USD 18 to USD 20 per share. Fiverr is an Israeli-based online marketplace, primarily targeted towards freelancers offering services from various and diverse industries. The first trade was executed USD 26.00. Shares skyrocketed by as much as 50%, reaching an upward price of USD 31.50 per share.

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