NEW YORK, NY / ACCESSWIRE / January 4, 2019 / U.S. markets plunged on Thursday, with the Dow Jones falling more than 600 points, as fears of a possibility of a global economic slowdown intensified after Apple lowered revenue forecasts. The Dow Jones Industrial Average dropped 2.83 percent to close at 22,686.22, dragged mostly lower by losses in Apple’s stock, while the S&P 500 Index decreased 2.48 percent to close at 2,447.89. The Nasdaq Composite Index slumped 3.04 percent to close at 6,463.50.
According to Tom Essaye, President of Sevens Report, “We ended 2018 with worries about growth and earnings, and in the first two days of 2019 we’ve received more bad Chinese data and an AAPL revenue guidance cut.”
“Neither of those events should be material surprises — China’s been weak for a while and analysts have been cutting estimates on Apple for months — but if we’re going to sustain a rally, this market needs actual good news, and there hasn’t been much lately,” Essaye added.
The Market Edge Initiates Coverage on:
Cisco Systems, Inc.
Lumentum Holdings Inc.
Cisco Systems' stock moved 3.64% lower Thursday, to close the day at $41.07. The stock recorded a trading volume of 29,867,514 shares, which was above its three months average volume of 26,631,846 shares. In the last year, Cisco Systems' shares have traded in a range of 37.35 - 49.47. The share price has gained 9.96% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $45.34 is above its 200-day moving average of $45.21. Shares of the company are trading at a Price to Earnings ratio of 156.76. Shares of Cisco Systems have fallen roughly 15.74 percent in the past month and are up 4.85 percent in the last one year.
Access The Market Edge's Cisco Systems, Inc. Research Report:
On Thursday, shares of Lumentum Holdings recorded a trading volume of 2,436,795 shares, which was above the three months average volume of 2,213,570 shares. The stock ended the day 8.41% lower at $39.01. The share price has fallen 47.57% from its 52 week high with a 52 week trading range of 37.00 - 74.40. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $42.16 is below its 200-day moving average of $54.61. Shares of the company are trading at a Price to Earnings ratio of 8.70. Shares of Lumentum Holdings have fallen roughly 18.34 percent in the past month and are down 23.36 percent in the last one year.
Access The Market Edge's Lumentum Holdings Inc. Research Report:
The Market Edge
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
The Market Edge has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of MarketEdgeReport.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. MarketEdgeReport.com is neither a registered
For any questions, inquiries, or comments reach out to us directly at:
The Market Edge, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: The Market Edge