On Monday, markets didn’t move much as traders watched Congress arguing over a bill to continue funding the government, as well as concern over the lack of a trade deal with China before the March 1st deadline for raising tariffs.
On Tuesday the JOLTS job openings report for December rose a stronger than expected 3.1% to 7.335 million jobs and Congress reached a tentative agreement to continue funding the government and avoid a Friday shutdown. President Trump also said he would consider pushing back the deadline for imposing additional tariffs on China if a deal appears close. Markets rallied strongly on the good news with the Dow Industrials closing 372 points higher.
On Wednesday the Consumer Price Index for January remained unchanged and the EIA petroleum status report for the week ending February 8th saw crude oil inventory increase 3.6 million barrels. Continued optimism over a trade deal with China, as well as tame inflation numbers resulted in modest market gains.
On Thursday jobless claims for the week ending February 9th rose 4,000 to 239,000 and the producer price index for January saw a decrease of .1%. Retail sales for December came in way below expectations, falling 1.2% and business inventories for November declined .1%, also below expectations. Markets fell modestly on the news.
On Friday import prices for January declined .5% and export prices declined .6%, and industrial production for January declined .6%. Markets opened sharply higher on news that China-US trade talks will continue next week in Washington. Now let’s take a look at some stocks.
Shopify Inc. (NYSE: SHOP) reported its fourth quarter results on Tuesday before market open. The e-commerce company topped expectations, however, shares slipped by 3% Tuesday morning. Shopify reported earnings of 26 cents per share on revenue of $343 million. Shopify’s revenue is up 54% year-over-year and earnings are up 11 cents per share year-over-year.
Under Armour, Inc. (NYSE: UAA) reported its fourth quarter financial results on Tuesday during pre-market. The company reported better-than-expected earnings and revenue, sending shares 7% higher. Under Armour saw earnings of 9 cents per share on revenue of $1.4 billion. The company said the stronger than expected quarter was a result of increased international apparel sales.
Activision Blizzard, Inc. (NASDAQ: ATVI) reported mixed fourth-quarter results on Tuesday during extended trading hours, causing shares to seesaw. Despite the mixed reaction, Activision shares gained 7% at the opening bell on Wednesday. The company reported earnings of $1.29 per share on revenue of $2.8 billion. Activision also announced that they plan to slash their global workforce by 8%.
Twilio Inc. (NYSE: TWLO) reported its fourth quarter results on Tuesday. The cloud communications company saw earnings of 4 cents per share on revenue of $204 million. Analysts expected revenue of $185 million. The company experienced revenue growth of 77% year-over-year as its active customer accounts rose 31% to over 64,000 in the quarter.
Nvidia Corporation (NASDAQ: NVDA) reported its fourth quarter financial results on Thursday during extended trading hours, beating expectations for both earnings and revenue, sending shares 7% higher. For the quarter, Nvidia saw earnings of 80 cents per share on revenue of $2.2 billion. Nvidia reported that post-crypto excess channel inventory and decelerating market conditions drove the annual revenue decline. However, Nvidia said it is seeing strength in its computing platform, artificial intelligence, autonomous driving, and robotics segments.