Financialbuzz.com: 'Roller Coaster' Earnings Recap Week Ending November 9th, 2018
Friday, November 09, 2018
FinancialBuzz.com News Commentary
NEW YORK, November 9, 2018 /PRNewswire/ --
U.S. stocks had a strong week, lifted by the positive midterm election results and
stronger than expected earnings. The midterm election results allowed Democrats to take
control of the House, dividing the Congress. Shortly after, U.S. Attorney General Jeff
Sessions resigned at the request of President Donald Trump. According to MarketWatch, the
election results undercut hopes for further corporate tax cuts, but analysts said a
potential brake on further fiscal stimulus was viewed as a positive for equities and
bonds. Following Jeff Sessions' resignation, cannabis stocks surged intraday on Wednesday.
Tilray led the charge, as its shares rose by over 30% before the closing bell. The
Alternative Harvest ETF rose by 7%, while the Horizons Marijuana Life Science ETF jumped
by 8%. Stronger earnings were reported by Booking Holdings. Etsy and Twilio also continued
to drive the market early on in the week. The Dow Jones surged nearly over 1,000 points,
or 3.8% since Monday morning. Meanwhile, the S&P 500 Index rose by 3.38% and the Nasdaq
Composite jumped by 3.1%. Booking Holdings Inc. (NASDAQ: BKNG), Etsy, Inc. (NASDAQ: ETSY),
Twilio Inc. (NYSE: TWLO), Roku, Inc. (NASDAQ: ROKU), TripAdvisor, Inc. (NASDAQ: TRIP)
According to MarketWatch, Dec Mullarkey, Managing Director, Investment Strategy, Sun
Life Investment Management, wrote in a research note: "As President Trump plans his 2020
reelection campaign, a gridlocked Congress is unlikely to deliver any notable wins to help
expand his agenda. Therefore, Trump will likely focus on his broad executive powers to
affect trade and national security. The obvious targets are China on trade and Iran with
its nuclear program. While both issues demand detailed strategic solutions, Trump's
transactional style so far has been to ramp up pressure ahead of negotiations."
Booking Holdings Inc. (NASDAQ: BKNG) reported its third quarter financial results
after the market closed on Monday. The Company topped estimates in revenues, but missed
earnings. Despite the lower than expected earnings results, Booking Holdings' shares
jumped by 7%, breaking the USD 2,000 threshold. For the third quarter, Booking Holdings
reported revenues of USD 4.84 Billion, increasing 11% year over year and topping analysts'
estimates of USD 4.8 Billion. The Company reported earnings per share of USD 37.78,
increasing 7% year over year, but missing estimates of USD 38.21.
Etsy Inc. (NASDAQ: ETSY) reported its third quarter financial results, topping its
estimates. Shares rose by 10% after the release. For the third quarter, Etsy reported
revenue of USD 150.36 Million, increasing 41.3% year over year and topping estimates of
USD 149.9 Million. The Company reported an earnings per share of USD 21 cents, topping
estimates of USD 7 cents. Etsy reported a decline in its net income, as it fell by 22.9%
year over year. Despite the decline, Etsy still saw its active sellers increase by 8% and
active buyers increase by 17.2% year over year.
Twilio Inc. (NYSE: TWLO) reported its third quarter financial results after market
close on Tuesday. Twilio beat estimates as well as providing a revised guidance, sending
shares surging over 30%. For the third quarter, Twilio reported revenue of USD 168.9
Million, increasing 68% year over year and topping estimates of USD 150.4 Million. The
Company reported earnings per share of USD 7 cents, compared to an earnings per share loss
of USD 8 cents last year, and surpassing estimates of USD 2 cents per share. During the
conference call, Twilio's Chief Financial Officer Lee Kirkpatrick said that the Company
will not disclose revenue figures, excluding Uber.
Roku, Inc. (NASDAQ: ROKU) reported its third quarter financial results after the
market closed on Wednesday. Despite topping estimates in both revenue and earnings, shares
plunged by over 18%. For the quarter, Roku reported revenue of USD 173.4 Million, topping
estimates of USD 169.1 Million. The Company reported an earnings per share loss of 9 cents,
lower than estimates of a loss of USD 12 cents. Active accounts outpaced estimates,
reporting 23.8 million. Although active accounts were stronger than expected, average
revenue per user missed estimates, coming in at USD 17.34 per user while estimates called
for USD 17.44.
TripAdvisor, Inc. (NASDAQ: TRIP) reported its third quarter financial results after
the closing bell on Wednesday and surpassed analysts' estimates, sending shares surging by
15%. TripAdvisor reported revenue of USD 458 Million, increasing 4% year over year but
missing estimates of USD 469.1 Million. The Company reported earnings per share of USD
0.72 cents, increasing 100% year over year and crushing estimates of USD 0.24 cents. The
stronger-than-expected results were driven its Non-Hotel revenue, which increased by 20%
year over year.
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