Bethea's Byte
Log in

I forgot my password

Who is online?
In total there is 1 user online :: 0 Registered, 0 Hidden and 1 Guest :: 1 Bot

None

[ View the whole list ]


Most users ever online was 12 on Sun Aug 05, 2018 2:30 am
Statistics
We have 14 registered users
The newest registered user is Jackster

Our users have posted a total of 1137 messages in 452 subjects
January 2019
SunMonTueWedThuFriSat
  12345
6789101112
13141516171819
20212223242526
2728293031  

Calendar Calendar

Latest topics
» The 'STUPIDITY Act' Could Stop Government Shutdowns From Happening Ever Again
Yesterday at 9:33 pm by The Last Outlaw

» New Orleans Lawyer Files Lawsuit in Hopes of Replaying NFC Championship Game
Yesterday at 2:15 pm by The Last Outlaw

» Dog the Bounty Hunter's Wife Beth Chapman Undergoing Throat Cancer Treatment Again
Mon Jan 21, 2019 9:40 pm by The Last Outlaw

» What are your plans for the day.
Sat Jan 19, 2019 11:01 am by Naiwen

» MLK Day to the Super Bowl: Five Events That Could Pressure Congress, Trump Over Shutdown
Sat Jan 19, 2019 6:50 am by The Last Outlaw

» How are you feeling right now?
Sat Jan 19, 2019 6:20 am by The Last Outlaw

» Bush Calls on Trump, Democrats to 'Put Politics Aside' and End the Shutdown
Sat Jan 19, 2019 6:14 am by The Last Outlaw

» New UK general election over Brexit?
Sat Jan 19, 2019 6:07 am by The Last Outlaw

» Jason Van Dyke Sentenced to 6 3/4 Years In Prison For Killing of Laquan McDonald
Fri Jan 18, 2019 4:02 pm by The Last Outlaw

» Trump Again Calls Cohen a Liar After Bombshell BuzzFeed Report
Fri Jan 18, 2019 2:46 pm by The Last Outlaw

» Congress to Probe Whether Trump Told Lawyer Cohen to Lie
Fri Jan 18, 2019 2:21 pm by The Last Outlaw

» Sony, R. Kelly Agree To Part Ways: Exclusive
Fri Jan 18, 2019 11:59 am by The Last Outlaw

» Prince Philip Unhurt in Crash While Driving
Fri Jan 18, 2019 8:56 am by The Last Outlaw

» The First Free Byte of 2019: Gov't Shutdown and Pettiness in Washington, DC
Fri Jan 18, 2019 7:42 am by The Last Outlaw

» Last thing you ate/drank
Thu Jan 17, 2019 7:05 pm by toetapping

» Why New Mom Kate Upton is 'Jealous' of Other Sports Illustrated Swimsuit Models
Thu Jan 17, 2019 4:34 pm by The Last Outlaw

» Lindsey Graham Slams Pelosi-Trump Feud: ‘One Sophomoric Response Does Not Deserve Another’
Thu Jan 17, 2019 4:20 pm by The Last Outlaw

» Tom Marino To Resign From Congress
Thu Jan 17, 2019 2:57 pm by The Last Outlaw

» 3 Chicago Police Officers Acquitted Of Cover-Up In Laquan McDonald Shooting
Thu Jan 17, 2019 1:05 pm by The Last Outlaw

» CNN Anchors Challenge Democrat On Claim That Graham 'Is Somehow Compromised'
Thu Jan 17, 2019 11:47 am by The Last Outlaw

Top posting users this week
Top posting users this month
Affiliate With Bethea’s Byte
Bethea's Byte CBox Chat

Dow Closes 660 Points Lower On Fears Of Economic Slowdown

View previous topic View next topic Go down

The Last Outlaw
The Last Outlaw
Head Administrator
Head Administrator
Male Posts : 587
Age : 42
Join date : 2018-05-25
Location : Salem, Oregon, USA
Status :

View user profile http://betheasbyte.forumotion.com/forum

PostThe Last Outlaw on Thu Jan 03, 2019 1:25 pm


From CNBC

Fred Imbert, John Melloy and Eustance Huang of CNBC wrote:Stocks fell sharply Thursday after a dire quarterly warning from Apple and the release of weaker-than-expected manufacturing data. The iPhone maker cited a slowing Chinese economy for the shortfall, intensifying fears that the global economy may be slowing down.

The Dow dropped 660 points, or 2.8 percent, as Apple shares led the decline. The 30-stock index tumbled to its low of the day right before the close, trading down as much as 707 points.

The S&P 500 pulled back 2.5 percent as the tech sector fell 5 percent. The Nasdaq sank 3 percent, snapping a five-day winning streak, as Apple's stock dropped 10 percent. Thursday marked Apple's worst session since 2013.

Apple said it sees first-quarter revenue of $84 billion vs. a previous guidance of a range of $89 billion and $93 billion. Analysts expected revenue of $91.3 billion for the period, according to the consensus estimate from FactSet. Apple blamed most of the revenue shortfall for struggling business in China.

"This piles on to existing anxiety of a slowdown in global growth," said Jeff Kilburg, CEO of KKM Financial. "Apple can be used as a proxy to China's growth."

Chip stocks Advanced Micro Devices, Nvidia, Skyworks and Qorvo all dropped on the Apple warning. Skyworks lost more than 10 percent. Semiconductors fell broadly with the VanEck Vectors Semiconductor ETF (SMH) dropping 6 percent.

"While it's likely a combination of both macro and micro, the contribution of the former means that maneuvering through the upcoming earnings season will be like swimming in shark infested waters," said Peter Boockvar, chief investment officer at Bleakley Advisory Group, about what prompted Apple's guidance cut. "That said, I'd argue it's more of the latter."

Apple's warning also dragged down other companies that do big business in China. Caterpillar shares were down 3.9 percent. Boeing shares dropped 4 percent.

"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China," Apple CEO Tim Cook wrote in a letter to investors on the warning. "We believe the economic environment in China has been further impacted by rising trade tensions with the United States. As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed."

China and the U.S. are currently trying to strike a deal on trade after slapping tariffs on billions of dollars worth of each other's goods. President Donald Trump said on Wednesday that last month's losses — which market the worst December decline since 1931 — were a "glitch," adding equities will rebound once trade matters are squared up.

Thursday's decline in equities was accelerated by a weaker-than-expected reading on the U.S. manufacturing sector. ISM's manufacturing index fell to 54.1 in December, economists polled by Refinitiv expected 57.9.

"We turned the calendar but we didn't turn the trend in the markets," said Eric Wiegand, senior portfolio manager at U.S. Bank Private Wealth Management. "We have continued to witness a deceleration in global growth. As we started this year, the purchasing manufacturers' index data from around the world indicated perhaps a pace of softening that caught investors by surprise. That's reinforced by today's release of the ISM manufacturing numbers."

Shares of Delta Air Lines fell nearly 9 percent after the company issued slightly lower revenue guidance for the fourth quarter. Delta's downturn dragged American Airlines and United Continental, as they pulled back 7.5 percent and 5 percent, respectively.

And the trend continues.  Mr. Trump, are we winning yet?

Just saying.

_________________

View previous topic View next topic Back to top

Create an account or log in to leave a reply

You need to be a member in order to leave a reply.

Create an account

Join our community by creating a new account. It's easy!


Create a new account

Log in

Already have an account? No problem, log in here.


Log in

 
Permissions in this forum:
You cannot reply to topics in this forum