August 10, 2018 Weekly Wrap up LIVE from the floor of the NYSE | Financial Buzz

August 10, 2018 Weekly Wrap up LIVE from the floor of the NYSE

Monday August 6, 2018 – Friday August 10, 2018

On Monday markets continued the rally started last week, bolstered by strong earnings reported by Berkshire Hathaway.  Over 80% of S&P 500 companies have released their latest quarterly reports and 80% of those companies have reported better than expected earnings.  Yield on 10-year Treasuries fell slightly to 2.94% and West Texas Intermediate crude climbed one-half percent to $68.83 a barrel. 

On Tuesday the JOLTS job openings report for June showed a slight increase to 6.662 million while the VIX volatility index fell to 10.52.  Markets continued rallying with the S&P 500 only one-half of a percent away from a record high. 

On Wednesday the EIA petroleum status report for the Week ending August 3rd saw a decline of 1.4 million barrels in crude oil inventory.  The Nasdaq Composite continued rising on the strength of tech, but the general market didn’t do much.  China announced a new 25% tariff on $16 billion worth of U.S. goods. 

On Thursday jobless claims for the week ending August 4th fell 6,000 to 213,000 and the producer price index for July remained unchanged compared to the prior month’s .3% gain.  This caused the 10-year Treasury yield to fall to 2.92% but the major stock indexes didn’t move much. 

On Friday the consumer price index for July increased .2% on top of the prior month’s .1% gain.  Markets opened sharply lower after the U.S. increased tariffs against Turkey and Turkey’s currency dropped 20%.  Now let’s take a look at some stocks.

Twilio Inc. (NYSE: TWLO), a cloud communication platform provider, announced Monday its second-quarter financial results. Total revenue rose 54% to $147 million and base revenue rose 54% to $135 million. Non-GAAP net income per share was 3 cents. Twilio shares jumped over 18% on Tuesday.

Weight Watchers International, Inc. (NYSE: WTW) on Monday announced its second quarter results, coming in with 4.5 million subscribers, a 28% increase year-over-year. Total paid weeks in the second quarter rose 27% year-over-year. Total revenue rose 20% to $410 million.

Yelp Inc. (NYSE: YELP) on Wednesday posted its financial results with second quarter net revenue rising 12% to $235 million, due to strength in its advertising business. Advertising revenue was $226 million, a 21% increase year-over-year. Total paying advertising accounts rose 31% to 194,000. Yelp shares jumped 26% on Thursday.

Roku Inc. (NASDAQ: ROKU) reported its second quarter results with revenue of $156 million, increasing 57% year over year.  Roku’s platform revenue increased by 96% year over year to $90 million and active accounts grew by 46% year over year to 22 million. Roku shares jumped 21% on Thursday.

Snap, Inc. (NYSE: SNAP) announced second quarter financial results after hours on Tuesday. The Company posted revenue of $262 million up 44% year-over-year and daily active users (DAU) increased 8% to 188 million. Average revenue per user (ARPU) increased 34% to $1.40. Shares of Snap fell 6% on Wednesday.