Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average ended modestly lower on Tuesday, a session after the blue-chip index fell 600 points on a selloff in tech shares.
- Home Depot Inc. (HD) - Get Report fell slightly after the home-improvement retailer posted stronger-than-expected third-quarter earnings and raised its full-year profit guidance.
- Apple Inc. (AAPL) - Get Report fell 1% after analysts at Goldman Sachs cut their estimate for iPhone sales.
Wall Street Overview
Tyson Foods Inc. (TSN) - Get Report posted fiscal fourth-quarter earnings of $1.58 a share, beating estimates of $1.33. The stock fell 6%, however, after the meat processor said it expects fiscal 2019 adjusted earnings of $5.75 to $6.10 a share; analysts were expecting $6.21.
Stocks traded mixed on Tuesday, Nov. 13, as Wall Street sought to rebound from the previous session's sharp selloff on reports of progress in U.S.-China trade talks.
The Dow Jones Industrial Average ended off 101 points, or 0.4%, at 25,286, the S&P 500 fell 0.15%, and the Nasdaq ended flat. Nvidia Corp. (NVDA) - Get Report rose 5% and Advanced Micro Devices Inc. (AMD) - Get Report jumped 3%.
The results come after stocks slid on Monday, Nov. 12, with technology shares pulling equities sharply lower. The Dow lost more than 600 points and the Nasdaq slumped nearly 2.8%. The S&P 500 lost 2%. All three benchmarks suffered their worst day since Oct. 24.
The South China Morning Post reported Tuesday that Beijing's chief trade negotiator, Liu He, will travel to Washington as part of a mission to set up talks between Donald Trump and Chinese President Xi Jinping later this month at the G-20 Summit in Argentina.
Oil prices fell for a 12th consecutive session, the longest losing streak on record. The declines were prompted by Trump who tweeted on Monday that oil "should be much lower based on supply" just hours after Saudi Arabia said it would reduce its export pace in December by 500,000 barrels a day in order to address a global supply glut. West Texas Intermediate crude fell 2.3% to $58.57 a barrel.
Home Depot Inc. (HD) - Get Report posted stronger-than-expected third-quarter earnings and boosted its full-year profit guidance as the world's largest home-improvement retailer saw solid same-store sales growth in the United States despite a slowing housing market.
Home Depot said earnings for the three months ended in September were $2.51 a share, topping analysts' estimates of $2.26, and rose 36.4% from the same period last year. Revenue rose 7.2% to $26.3 billion, narrowly beating the Wall Street consensus. Comparable U.S. same-store sales were up 5.4% while rising 4.8% across all markets.
Home Depot said it now expects full-year earnings of as high as $9.75 a share, up from a prior estimate of $9.42 and analysts' forecasts of $9.55. The stock ended slightly lower.
Goldman slashed its full-year total iPhone unit sale forecast by 6%, and trimmed its revenue estimate by 3.5%, after one of Apple's key suppliers, Lumentum Holdings Inc. (LITE) - Get Report , issued a profit warning on Monday that triggered a 5% decline for Apple. Goldman also cut its price target on Apple to $209 from $222.
General Electric Co. (GE) - Get Report rose 7.8% after announcing a deal to reduce its ownership stake in Baker Hughes (BHGE) - Get Report to just above 50%, a release from lock-up restrictions that prevented GE from shedding shares of the oilfield services company until July 2019, and a series of long-term commercial agreements with Baker Hughes.