Stock Market News Today: June 13th, 2019

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stock market news today 6/13/2019

It’s Thursday, June 13th and here are the biggest news stories moving markets right now.

Wednesday Market Wrap

  • The S&P 500 closed the session down 0.2% after a day marred by trade tensions and economic fears. The Dow was down 0.17% and the NASDAQ fell 0.2%.
  • Shares of Lululemon [LULU] are up 6.5% premarket and approaching a record high for the athleisure leader. The company beat estimates on both the top and bottom lines. Company forecasts expect the next quarter to be even better, predicting between $825-835 mil. in Q3 revenues.
  • Cloud-based cybersecurity firm Crowdstrike  [CRWD] debuted on the NASDAQ yesterday. The company priced its IPO at $34 per share, above the expected range of $28-30. By the end of the session, share prices had rallied 70% to close at $63.50.

Terror Attack Spikes Oil

Two oil tankers were damaged in an assault near in the Gulf of Oman; near the Strait of Hormuz, a vital passage for Middle Eastern trade. At this time, few details have been released about the exact nature of the attack, but the Japenese owner of one of the damaged ships told local media that the vessel was hit by a ‘shell’. Brent crude prices spiked 4.5% after the attack, rising to $62.04 per barrel on London’s ICE exchange as of 7 AM EST. WTI rallied 3% on the news, up to $52.64 per barrel. Some are predicting the event could serve as a catalyst to reverse the fortunes of the oil market.

Dave & Buster’s Sell-Off

Shares of Dave & Buster’s [PLAY] got slammed yesterday after the company reported poor performance on its quarterly earnings point. Share prices fell 22% following the earnings call, the largest decline on record. D&B lowered both revenue and earnings forecasts for the fiscal year in the face of rising competition.

The crash comes at an inopportune time for D&B, who just made huge investments in its restaurants, including revamping the menu and expanding into additional restaurants.

In a research note, SunTrust Robinson Humphrey analyst Jake Bartlett said D&B is “unique versus restaurant peers because of the level of incremental competition it’s facing.”

Tyson Goes After Beyond

Tyson Foods [TSN] is officially getting in the ring with Beyond Meat [BYND].  One of the world’s largest producer of chicken, Tyson will begin selling pea-based protein nuggets starting this summer. The company has plans for more meat-alternative products in the fall, including a blended beef and pea protein burger.

It’s the first big player to challenge Beyond Meat’s market dominance. Beyond has become a poster-boy for market froth in the past week, as the company valuation has rocketed up to $8.4 billion; an incredible figure considering the company earned only $16 million last year.

The new competition has Beyond Meat shareholders spooked. Shares of BYND were down 4.3% in pre-market trading.

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Chris Dios is an American writer and entrepreneur based in the Greater NYC area.

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