NEW YORK, Oct. 11, 2019 /PRNewswire/ -- U.S. markets opened higher on Monday as investors waited for high-level U.S.-China trade talks to begin once more. However, after reports showed that Chinese officials were hesitant to reach an agreement, early morning gains began to fade throughout Monday. At the end of Monday's trading session, the Dow Jones Industrial Average fell by 95 points. According to a report by Bloomberg News, Chinese Vice Premier Liu He discussed trade matters on Thursday and will continue into Friday. However, the reports mentioned that He isn't expected to include talks regarding "reforming Chinese industrial policies" or "government subsidiaries" in the deals. On Tuesday, the Dow Jones continued to decline over escalating trade tensions. And shortly after the opening bell on Tuesday, the Dow Jones fell by 200 points after the Trump administration placed eight Chinese companies on the blacklist, causing concerns among investors amid the approaching trade talks. Then, on Tuesday, the Dow Jones closed over 300 points lower. On Wednesday, the Dow Jones edged higher by 210 points after Bloomberg News reported that China is open to a "partial U.S. trade deal." Despite the optimism, the USD 250 Billion worth of tariffs on Chinese goods is expected to increase from 25% to 30% and will go into effect on October 15th. Additionally, in another report by the Financial Times, it was indicated that China offered to increase purchases of agricultural products from U.S. farmers by 50%, to USD 50 Billion. On Thursday, the Dow Jones continued to climb after U.S. President Donald Trump said there's a good chance of a China trade deal. Moreover, markets also rose as investors awaited the anticipated trade talks between the U.S. and China. Domino's Pizza, Inc. (NYSE: DPZ), Levi Strauss & Co. (NYSE: LEVI), Delta Air Lines, Inc. (NYSE: DAL), Bed Bath & Beyond Inc. (NASDAQ: BBBY), PG&E Corporation (NYSE: PCG)
Trade talks between the U.S. and China have been ongoing for the past year now. However, despite the repeated attempts to negotiate, the two nations devolved to bitter talks and left the table without reaching an agreement. Nevertheless, as the talks commenced on Thursday, investors seemed to be optimistic that a trade deal, or at least a partial trade deal, will be reached after Trump tweeted that he will meet with He to discuss matters. Vice-Premier He will also meet with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin in Washington. "If Trump and Liu He do meet, it's clearly a positive to the market," said Quincy Krosby, Chief Market Strategist at Prudential Financial. "At this point, the market would be satisfied with the continuation of talks as long as tariffs do not increase next week. But we've had dress rehearsals for this where the meetings don't take place."
Domino's Pizza, Inc. (NYSE: DPZ) reported its third-quarter financial results before the opening bell on Tuesday. The pizza fast-food chain fell by 5% shortly after the opening bell after reporting weaker-than-expected results. However, shortly after shares surged by as much as 11% from Tuesday's low. For the third quarter, Domino's reported earnings of USD 2.05 per share on revenues of USD 820.8 Million. Analysts expected earnings of USD 2.07 per share on revenues of USD 823.9 Million. The Company reported U.S. comparable sales growth of 2.5%, while international same-store sales rose by 1.7%. Moreover, Domino's also announced that it has trimmed its forecasts for the next upcoming fiscal years. For the next two-to-three years, Domino's expects sales growth in the range of 7% to 10%, lowered from its previous three-to-five year guidance range of 8% to 12%. Meanwhile, global net store growth is expected to increase by 6% to 8%, which remains in-line with its three-to-five year outlook.
Levi Strauss & Co. (NYSE: LEVI) reported its third-quarter financial results after the closing bell on Tuesday. The Company topped analysts' earnings estimates, however, shares declined by 7% on Wednesday. For the quarter, Levi's reported earnings of USD 0.31 per share on revenues of USD 1.45 Billion. Analysts expected earnings of USD 0.28 per share on revenues of USD 1.44 Billion. Levi's reported that it witnessed a stronger-than-expected quarter due to growth in its Europe and Asia markets. Europe reported net revenue growth of 14%, while Asia increased by 9%. Meanwhile, global direct-to-consumer revenues grew by 10%, while women's revenues rose by 10% and "tops" revenue climbed 14%. Despite the revenue growth across Levi's segments, the Company reported that its net income declined by 4% from USD 130 Million to USD 124 Million year-over-year. As for the remainder of the fiscal year, Levi's expects to report revenue growth between 5.5% to 6%.
Delta Air Lines, Inc. (NYSE: DAL) reported its financial results for the September quarter of fiscal 2019 on Thursday. Delta shares fell by 5.1% shortly after the opening bell despite beating earnings estimates. For the quarter, Delta reported earnings of USD 2.32 per share on revenues of USD 12.6 Billion. Analysts expected earnings of USD 2.26 per share. Delta reported that its revenues grew by 6.5%, primarily driven by the record 55.2 million passengers served in the quarter. Additionally, revenue was also driven by healthy leisure and corporate demand as well as a benefit from its American Express partnership. Total revenue per available seat mile (TRASM) rose by 2.5% to USD 16.57 compared to USD 16.17 the same quarter a year ago. For the next quarter, Delta is forecasting earnings between USD 1.20 per share to USD 1.50 per share. Moreover, the Company is forecasting TRASM to either remain flat or increase by 2% year-over-year.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares skyrocketed by as much as 27% on Thursday morning after the Company announced the appointment of Mark Tritton as President and Chief Executive Officer of the Company, succeeding interim Chief Executive Officer Mary Winston. Tritton will also join as a member of the Board of Directors, which will be effective on November 4th, 2019. Winston has served as interim Chief Executive Officer since May 2019, but she will remain on the Board of Directors and work closely with Tritton. According to the Company's press release, Tritton's immediate focus will be accelerating the Company's ongoing business transformation, which includes improving omni-channel business experience for consumers, enhancing the merchandise assortment, and reviewing the Company's cost and structure asset base.
PG&E Corporation (NYSE: PCG) shares cratered by 30% on Thursday morning after a judge stripped the Company of its right to propose a chapter 11, which covers billions of dollars in damages from the wildfires linked to PG&E's equipment. Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco decision handed shareholders a loss, which ultimately opened created an opportunity for competition to choose the best path out of bankruptcy for the Company. The ruling means that PG&E will move forward with at least two Chapter 11 plans as it shifts into a crucial phase of its Chapter 11 proceeding.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information: