NEW YORK, November 22, 2017 /PRNewswire/ --
U.S. equities rose to another all-time high on Tuesday. The
Dow Jones Industrial average rose 0.69 percent, or 160.50 points,
to 23,590.83. The S&P 500 index surpassed 2,600 for the first
time during Tuesday's trading session, closing at a new
record high of 2,599.03. Nasdaq composite Index also gained 1.06
percent to 6862, as the technology sector led the gains. The U.S.
stocks have recovered from a two-week decline and were traded
higher. Better-than-expected corporate earnings helped boost the
stock market. Adam Sarhan, CEO of 50
Park Investments, said, "Earnings season is winding down and, when
you look back, most companies have beaten expectations and that's a
positive for the market." Marvell Technology Group Ltd. (NASDAQ:
MRVL), Cavium, Inc. (NASDAQ: CAVM), Campbell Soup Company (NYSE:
CPB), Palo Alto Networks Inc (NYSE: PANW), Cheetah Mobile Inc
(NYSE: CMCM)
The S&P 500 has gained 16 percent year to date and it is on
track for its ninth straight quarterly gains. According to CNBC,
Goldman Sachs projected that the S&P 500 will hit 2,850 in
2018. Goldman's chief U.S. equity strategist David Kostin said, "The current equity market
valuation is certainly stretched in historical terms but it does
not appear unreasonable based on the high level of corporate
profitability. An earnings-driven bull market is inherently
rational for a fundamental equity investor."
Marvell Technology Group Ltd. (NASDAQ: MRVL) and
Cavium, Inc. (NASDAQ: CAVM) announced on Monday a definitive
agreement, unanimously approved by the boards of directors of both
companies, under which Marvell will acquire all outstanding shares
of Cavium common stock in exchange for consideration of
$40.00 per share in cash and 2.1757
Marvell common shares for each Cavium share. Upon completion of the
transaction, Marvell will become a leader in infrastructure
solutions with approximately $3.4
billion1 in annual revenue. Marvell President and Chief
Executive Officer, Matt Murphy,
said, "This is an exciting combination of two very complementary
companies that together equal more than the sum of their parts.
This combination expands and diversifies our revenue base and end
markets, and enables us to deliver a broader set of differentiated
solutions to our customers."
Campbell Soup Company (NYSE: CPB) shares fell more than
8% after the company reported on Tuesday its first-quarter results
for fiscal 2018. Net sales and organic sales decreased 2 percent,
Earnings Per Share (EPS) decreased 3 percent to $0.91; adjusted EPS. Decreased 8 Percent to
$0.92, reflecting the benefit of a
lower adjusted tax rate. Denise
Morrison, Campbell's
President and Chief Executive Officer said, "This was a difficult
quarter, particularly for our U.S. soup business. The operating
environment remains volatile with a rapidly evolving retailer
landscape and competitive activity pressuring the top line. Our
bottom line performance was negatively impacted by a lower adjusted
gross margin rate due in part to cost inflation, higher carrot
costs and escalating transportation and logistics costs following
the hurricane season."
Palo Alto Networks Inc (NYSE: PANW) announced on Monday
after market financial results for its fiscal first quarter 2018
ended October 31, 2017. Shares jumped more than 4% after a
strong quarter. Total revenue for the fiscal first quarter 2018
grew 27 percent year over year to $505.5 million, compared
with total revenue of $398.1 million for the fiscal first
quarter 2017. GAAP net loss for the fiscal first quarter 2018
was $64.0 million, or $0.70 per diluted share,
compared with GAAP net loss of $56.9 million, or $0.63per
diluted share, for the fiscal first quarter 2017. Mark McLaughlin, Chief Executive Officer
of Palo Alto Networks, said in a statement, "I am pleased with
our start to fiscal year 2018 as we delivered record first quarter
revenue of $505.5 million, growing 27 percent year over year,
and added more than 2,500 new customers, bringing the total number
of customers we now serve to more than 45,000. We continue to drive
disruptive evolutions in a large and growing market by delivering
highly automated and orchestrated security capabilities that
increase prevention rates and simplify consumption models."
Cheetah Mobile Inc (NYSE: CMCM) shares spiked about 18%
after the company announced Tuesday its unaudited consolidated
financial results for the third quarter ended September 30,
2017. Total revenues increased by 5.9% year over year to
RMB1,194.7 million (US$179.6 million), mostly driven by the Company's
growth in mobile revenues, which increased by 16.9% year over year
and achieved a record high during the third quarter of 2017.
Cheetah Mobile also reported Operating profit increased to
RMB132.3 million (US$19.9 million) from an operating loss of
RMB33.8 million in the same period
last year. Non-GAAP operating profit increased by 303.4% year over
year to RMB153.7 million
(US$23.1 million).
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