What's moving markets today: March 11, 2019
Stitch Fix (SFIX), the online style service that made its public debut two years ago, isn't slowing down.
The company's sales grew 25% during its most recent quarter compared with a year earlier. It was Stitch Fix's sixth straight quarter of sales growth above 20%.
Stitch Fix also grew its active customer base to 3 million, an 18% increase from the same time a year earlier. Investors pay close attention to the metric because it shows that Stitch Fix is reaching new customers.
The company also managed to turn a profit during its most recent quarter. CEO Katrina Lakesaid Stitch Fix demonstrated its ability to "drive consistent business performance."
Stitch Fix's stock rallied 19% after hours.
Apple (AAPL) is holding what appears to be a movie-themed press conference at its Cupertino headquarters on Monday, March 25, according to invites that were sent to reporters Monday. The invite starts with a black-and-white movie countdown animation and bears the unsubtle tagline,
It's show time."
The company is expected to announce its long rumored video-streaming platform to take on Netflix (NFLX) and Hulu, according to a recent Bloomberg report. Apple has been paying for original content but doesn't yet have a subscription service to distribute it. The report also says some big name stars will be at the event, including Jennifer Aniston and Reese Witherspoon.
In addition to a streaming service, the company is expected to announce a premium news subscription service, according to multiple reports. While rumors around any hardware announcements are a bit fuzzier, there could be updated AirPods or iPads.
Wall Street's five-day losing streak is over.
The Dow jumped 201 points, or 0.8%, on Monday, recovering from an early slide of as much as 242 points.
Boeing (BA) closed down 5%, sharply rebounding from a plunge of 13% during early trading. Some foreign airlines grounded Boeing’s 737 MAX 8 jet after 157 people died aboard an Ethiopian Airlines flight that crashed Sunday. However, US carriers American Airlines (AAL) and Southwest (LUV) expressed confidence in the Boeing jet.
"The market’s ability to rally so strong today in light of the weakness in BA is impressive," Paul Hickey, co-founder of Bespoke Investment Group, wrote in a note to clients.
Spirit AeroSystems (SPR), which makes Boeing 737 MAX fuselages, fell 4%.
The rally represents a rebound from the 2% slide for the Dow and S&P 500 last week, which was the worst of 2019.
The Dow, which opened down nearly 250 points, is now in the green. Here's a look:
- The Dow is up 80 points, or 0.31%
- Nasdaq is up 120 points, or 1.60%
- S&P is up 30 points, or 1.17%
The billionaire investor had his hand in remaking the casino company's board. He's ultimately pushing Caesars to either merge or sell itself.
Caesars' stock is up 1% Monday.
Boeing (BA) has released a new statement in response to the Ethiopian Airlines crash of a 737 MAX 8 aircraft.
Here's Boeing's full statement obtained by CNN's Jim Sciutto:
"We have engaged our customers and regulators on concerns they may have — and would refer you to them to discuss their operations and decisions. Safety is our number one priority and we are taking every measure to fully understand all aspects of this accident, working closely with the investigating team and all regulatory authorities involved. The investigation is in its early stages, but at this point, based on the information available, we do not have any basis to issue new guidance to operators."
- If Boeing closes down more than 10.4%, it would be its worst day since September 17, 2001, the first day of trading following the 9/11 terror attacks.