Wednesday’s Headlines: Even The Fed Can’t Save The Market
1. On a day that saw the U.S. Federal Reserve try to flip the only switch it can to light up investor confidence, investors remained unconvinced of the short-term financial prospects of the U.S. and global economies. Despite the Fed reducing its rates, the 3 major U.S. indexes were all down on Tuesday, led by a number of tech declines, which included Facebook falling more than 5%, Microsoft, more than 4%, and Apple more than 3%. It seems like much of the optimism from Monday has quickly faded, with the market panicking once more as the U.S. coronavirus death toll reaches 9. Read more here.
2. MyWallSt’s February Stock of the Month, Veeva Systems, came out with quarterly earnings of $0.54 per share, beating analyst expectations, on top of revenue of $311.51 million. This compares to year-ago revenues of $232.32 million, while Veeva has now topped consensus revenue estimates four times over the last four quarters. The current consensus EPS estimate is $0.55 on $314.78 million in revenues for the coming quarter and $2.53 on $1.39 billion in revenues for the current fiscal year. Get the full report here.
3. Retailer Nordstrom’s fourth-quarter earnings and sales missed analysts’ estimates, while also appointing Erik Nordstrom as sole CEO. Pete Nordstrom, who previously was co-president with Erik Nordstrom, will become president of Nordstrom Inc. and chief brand officer. EPS came in at $1.42 versus $1.47 expected, while revenue was $4.54 billion vs. $4.56 billion expected. Get the complete report here.