'Market Recap' Week Ending September 6th, 2019 'Market Recap' Week Ending September 6th, 2019 News Commentary

PR Newswire

NEW YORK, Sept. 6, 2019 /PRNewswire/ -- Last week, U.S. markets ended stronger after China said it would not immediately respond to the new round of tariffs. Despite the optimistic news, the USD 112 Billion tariffs still went into effect on Sunday, which quickly faded away investor hopes for trade resolutions. In retaliation, China imposed new levies such as a 5% duty on U.S. crude oil. While the U.S. markets remained closed on Monday in observance of Labor Day, the Dow Jones plunged by over 400 points at the open on Tuesday morning. On Wednesday, markets regained some of the losses after a survey on business conditions in the Federal Reserve's key districts showed the economic activity in non-financial service sectors was ready or improving, according to MarketWatch. Additionally, markets were also lifted by Hong Kong leader Carrie Lam's decision to scrap the extradition bill, which sparked the 3-month long protests in the city. On Thursday, U.S. markets continued to rally as the Dow Jones gained 440.89 points. Additionally, the U.S. and China decided to reenter trade talks and work towards potentially resolving matters. China's Commerce Ministry said in a statement that the two nations are expected to meet sometime in early October. U.S. officials confirmed the talks and also mentioned that talks must be held with lower-level officials to provide the groundwork for more serious matters next month. Palo Alto Networks, Inc. (NYSE: PANW), Slack Technologies, Inc. (NYSE: WORK), Cloudera, Inc. (NYSE: CLDR), Lululemon Athletica Inc. (NASDAQ: LULU), CrowdStrike Holdings, Inc. (NASDAQ: CRWD)

Despite the optimistic news, some analysts believe that the abrupt negotiations between the U.S. and China are a recurring trend. The U.S. and China have constantly re-engaged in talks to resolve tensions, which sent markets on a bullish run. However, shortly after, the two stalled talks again, causing markets to plunge on trade war fears. "Putting to one side the fact that these talks were supposed to be happening this month, and the fact that this has been a familiar pattern for two years now, markets still prefer to take an optimistic view," wrote Michael Hewson, Chief Market Analyst at CMC Markets, in a Thursday research note. "For now it appears that markets are looking to the horizon with optimism, then we'll probably follow a familiar playbook of another President Trump twitter tantrum, which will send markets lower, before we get more talk of possible talks, which then sees markets rise again, before a rinse and repeat."

Palo Alto Networks, Inc. (NYSE: PANW) reported its second quarter financial results after the market close on Wednesday. Initially, Palo Alto shares fell by 6% despite beating analysts' expectations. However, on Thursday morning, shares opened 5% higher. For the second quarter, Palo Alto reported earnings of USD 1.47 per share on revenues of USD 805.8 Million. Analysts expected earnings of USD 1.42 per share on revenues of USD 803 Million. Palo Alto witnessed its revenue increase by 22% year-over-year, primarily driven by the growth in its Subscription and support segment. Palo Alto also announced that it would acquire Zingbox, an Internet of Things security provider for USD 75 Million. The acquisition is expected to close in the first quarter of 2020. 

Slack Technologies, Inc. (NYSE: WORK) reported its second quarter financial results after the market close on Wednesday. The workspace messaging app reported a weaker guidance, sending shares 15% lower. For the second quarter, Slack reported earnings loss of USD 0.14 per share on revenues of USD 145 Million. Analysts expected earnings of USD 0.18 per share on revenues of USD 140.7 Million. At the end of the quarter, Slack reported that it had over 100,000 Paid Customers, an increase of 37% year-over-year. Net dollar retention rate was 136%. And lastly, the number of Paid Customers greater than USD 100,000 in annual recurring revenue was 720, up 75% year-over-year. As for the next quarter, Slack expects to revenue earnings loss between USD 0.09 to USD 0.08 on revenues in the range of USD 154 Million to USD 156 Million. Analysts are expecting earnings loss of USD 0.07 per share on revenues of USD 153.2 Million.

Cloudera, Inc. (NYSE: CLDR) announced its second quarter financial results during Wednesday's extended trading hours. The enterprise cloud company reported stronger-than-expected results, sending shares soaring by 14%. For the quarter, Cloudera reported an earnings loss of USD 0.02 per share on revenues of USD 196.7 Million. Analysts forecasted earnings loss of USD 0.06 per share on revenues of USD 190.42 Million. Cloudera's stronger revenue growth was primarily driven by its Subscription segment, which reported revenues of USD 164.1 Million compared to USD 95.79 Million a year ago. Annualized recurring revenue was USD 681.9 Million, representing a 16% growth year-over-year. For the remainder of the fiscal year, Cloudera is expecting earnings loss between USD 0.28 to USD 0.24 per share on revenues of USD 765 Million to USD 775 Million. Analysts are projecting earnings loss of USD 0.31 per share on revenues of USD 751.03 Million

Lululemon Athletica Inc. (NASDAQ: LULU) reported its second quarter financial results after the market close on Thursday. The athletic retailer reported better-than-expected quarterly results, sending shares 4% higher. For the second quarter, Lululemon reported earnings of USD 0.96 per share on revenue of USD 883.35 Million. Analysts expected earnings of USD 0.89 per share on revenue of USD 846.33 Million. Total comparable sales increased by 15% compared to estimates of 12.2%. Direct-to-consumer revenue increased by 30%, representing 24.6% of Lululemon's total revenue for the second quarter. As for the third quarter, Lululemon expects to report earnings between USD 0.90 to USD 0.92 per share on revenue of USD 880 Million to USD 890 Million.

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) reported its second quarter financial results during extended trading hours on Thursday. The Company reported better-than-expected results, however, shares fell by 8%. For the second quarter, Crowdstrike reported earnings loss of USD 0.18 per share on revenue of USD 108.1 Million. Analysts expected earnings loss of USD 0.23 per share on revenue of USD 103.58 Million. Crowdstrike reported a 94% growth in revenue year-over-year, primarily driven by its subscription revenue. Subscription revenue reach USD 97.6 Million for the quarter, representing a 98% increase year-over-year. During the quarter, the company added 730 net new subscription customers, totaling 3,789 customers as of July 31. Annual recurring revenue increased by 104% to USD 423.8 Million. For the third quarter, Crowdstrike is projecting earnings loss between USD 0.12 to USD 0.11 on revenue between USD 117.1 Million to USD 119.5 Million

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