March 1, 2019 Weekly Wrap up LIVE from the floor of the NYSE

On Monday stocks jumped after President Trump tweeted that there has been substantial progress in trade talks with China and that he will delay the planned increase in tariffs. 

On Tuesday housing starts for December fell 11.2% to an annualized 1.078 million units, far below estimates.  The Case-Shiller home price index for December rose .2% on top of the prior month’s .3% gain and consumer confidence for February shot up 9.7 points to 131.4.  Markets finished the day slightly lower. 

On Wednesday, the pending home sales index for January increased 4.6% and factory orders for December rose a meager .1%.  The EIA petroleum status report for the week ending February 22nd saw crude oil inventories decline 8.7 million barrels.  The top trade negotiator for the U.S. said that China will need to do more than increase purchases of U.S. goods, and that it’s too early to predict the outcome of current talks.  Geopolitical tension increased on news that Pakistan shot down two Indian jets and executed air strikes in Kashmir.  Markets ended the day mixed. 

On Thursday the fourth quarter GDP came in at 2.6%, at the high end of expectations and jobless claims for the week ending February 23rd sa and increase of 8,000 to 225,000.   President Trump ended a summit early with North Korean leader Kim Jong Un after he felt that North Korea didn’t offer enough in exchange for the U.S. lifting sanctions.  Markets fell modestly. 

On Friday the ISM manufacturing index for February fell 2.4 points to 54.2 and the PMI manufacturing index for February declined 1.9 points to 53.  Personal income for December rose 1% but consumer spending fell .5%.  Due to delays from the earlier government shutdown, also released was Personal income for Janaury which declined .1%.  Markets opened modestly higher.   Now let’s take a look at some stocks.

Etsy, Inc. (NASDAQ: ETSY) reported its fourth quarter and full year financial results after market close on Monday. The Company surpassed expectations with revenue surging 46% year-over-year.  Etsy reported earnings of 32 cents per share on revenue of $200 million. 

The Home Depot, Inc. (NYSE: HD) reported its fourth quarter financial results before market open on Tuesday. The home improvement retailer provided weaker-than-expected results, causing shares to tumble by 3%. Home Depot reported earnings of $2.09 on revenue of almost $26.5 billion. Chief Financial Officer Carol Tome said that weather-driven demand negatively impacted sales by 0.85%.

Fitbit, Inc. (NYSE: FIT) reported its fourth quarter financial results after market close on Wednesday. The smartwear device maker topped estimates in both revenue and earnings, but missed guidance estimates. For the quarter, Fitbit reported earnings of 14 cents per share on revenue of $571 million.  Fitbit sold 5.6 million devices, increasing 3% year-over-year.

Booking Holdings Inc. (NASDAQ: BKNG) reported its fourth quarter earnings during extended trading hours on Wednesday. The travel company missed revenue expectations and provided weaker-than-expected guidance, causing shares to fall by 9.8% on Thursday. For the quarter, Booking Holdings reported earnings of $22.49 per share on revenue of $3.2 billion.

J. C. Penney Company, Inc. (NYSE: JCP) reported its fourth quarter financial results on Thursday morning and topped analysts’ expectations, sending shares soaring by as much as 25%. For the quarter, J.C. Penny reported earnings of 18 cents per share on revenue of almost $3.8 billion. Revenue fell by 9.5% this quarter compared to the same quarter last year.

8 Comments
  1. Haumin Lum 2 weeks ago
    Reply

    I thought $JCP would do better the last few days

    • James Downig 2 weeks ago
      Reply

      $JCP see you at 2$ still wont shop there through

  2. Zack Clayton 2 weeks ago
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    $BKNG not even a dead cat bounce today….

    • Peter Daniels 2 weeks ago
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      $BKNG My nemesis #2 – inside day. Short below 1692 for a push towards 200 SMA on weekly or 50 SMA on monthly near 1628 or 1612. 50% retrace on monthly around that spot too with prior support on weekly at 1606.27. %R though oversold on daily & monthly. Something to watch out for.

  3. Eleanor Mills 2 weeks ago
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    $BKNG 2 days under the 50 MA

  4. Justin Pulitzer 2 weeks ago
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    $HD – Was bearish on this last week with gap down and large red candle Wednesday. Seems to be holding the $183 level quite well. Thursday closed with bullish piercing and Friday with a hammer. Decreasing bearish volume too but suspect we may touch $183 once more.

  5. Wayne Nelson 2 weeks ago
    Reply

    $BKNG $1800 in play this week

  6. Anne Moffat 2 weeks ago
    Reply

    I’m not knowledgeable enough to say either way, but reading the “Tax Matters” section of the $BKNG 10-K gives me a sense that they’ve been pretty aggressive (and maybe went too far).

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