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The Chinese economy grew at a faster-than-expected rate during the first quarter of this year, after a stall in the escalation of US tariffs, and government stimulus measures began to take hold. The world’s second-largest economy expanded 6.4 per cent in the first quarter, just ahead of expectations. The figure matched the 6.4 per cent growth posted in the final quarter of 2018, but was significantly below last year’s first-quarter growth figure of 6.8 per cent. (FT)

 

Qualcomm shares jumped nearly 7% in after-hours trading after the company came to a settlement with Apple, agreeing to dismiss all litigation worldwide.  Qualcomm is due to receive a significant cash infusion as a result of the settlement.  The companies also reached a six-year license agreement, effective April 1, with two one-year option periods plus a multiyear chipset supply agreement. In a regulatory filing Qualcomm says it expects major revenue growth as shipments ramp up.  (SA)

 

On the earnings front, Netflix beat analyst expectations, but the streaming giant sees slowing subscriber additions, disappointing investors. The company also sees its 2019 free cash flow deficit increasing to $3.5B on higher cash taxes due to its corporate structural change, and additional investments in real estate and content. Netflix still sees free cash flow improving in 2020 and each year afterwards.  IBM also fell in after-hours action after Q1 revenue of $18.2B missed the consensus estimate, as overall revenue fell 5% from a year ago and cloud revenue slipped 2%. 

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.
 

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