NEW YORK, December 21, 2018 /PRNewswire/ --

U.S. stocks fell into bearish territory over concerns leading up to the Federal Reserve's announcement on Wednesday. The consensus for the meeting was that the Fed was going to raise interest rates despite its previous announcement that markets were maintaining close to neutral levels. Federal Reserve Chairman Jerome Powell said on Wednesday that the Fed will raise interest-rates by a quarter percentage point, which sent markets spiraling down. However, the central bank indicated that the Fed might hike the rates two more times in 2019, as opposed to the previous forecast of three. Investors have been asking the Fed to pause its rate hikes to avoid tightening financial conditions and slowing the economy. However, analysts say that the strong economy has persuaded the central bank to continue to raise the rates, according to MarketWatch. U.S. markets continued to decline into Thursday as the Dow Jones Industrial Average fell by 914.68 points, or 3.7%, since the open on Monday. The S&P 500 Index declined by 103.85 points, or 4.0%, while the Nasdaq Composite fell by 330.28 points, or 5.0%. Oracle Corporation (NYSE: ORCL), Micron Technology, Inc. (NASDAQ: MU), Tilray, Inc (NASDAQ: TLRY), General Mills Inc. (NYSE: GIS), GlaxoSmithKline plc (NYSE: GSK)

"We think Fed Chair Powell delivered a clear message: when the Fed has reached the neutral target range, there is a need for greater caution and policy to become ever more data dependent," said Michelle Meyer, US economist at Bank of America Merrill Lynch, according to CNBC. "This means that the threshold to bring rates into restrictive territory - above the neutral rate - is high. The Fed would need to see convincing data including a further decline in the unemployment rate, above target inflation with inflation expectations shifting higher and cooperative financial markets."

For our latest "Buzz on the Street" Show featuring the "Federal Reserve Interest Rate Hike" please visit: https://www.youtube.com/watch?v=usGpVfMtoVc

Oracle Corporation (NYSE: ORCL) reported its second quarter financial results after the market close on Monday. The Company topped estimates in both earnings and revenue, which sent shares 3% higher at the opening bell on Tuesday. For the quarter, Oracle reported earnings per share of USD 80 cents on revenue of USD 9.6 Billion. Analysts forecast earnings per share of USD 78 cents on revenue of USD 9.52 Billion. Oracle's stronger than expected quarter was driven by its Cloud Services and License Support revenue, which increased 3% year over year, offsetting declines in its other segments.

Micron Technology, Inc. (NASDAQ: MU) reported its first quarter financial results after market close on Tuesday. Micron missed revenue estimates, which sent shares 4.3% lower. For the quarter, Micron reported earnings per share of USD 2.97 on revenue of USD 7.91 Billion. Analysts forecast earnings per share of USD 2.95 on revenue of USD 8.0 Billion. Micron expects to see weaker demand for its chips throughout the second half of the year.

Tilray, Inc (NASDAQ: TLRY) shares edged higher on Wednesday after the Company announced it is entering into a joint venture with AB InBev (NYSE: BUD) to study cannabis-based beverages. The partnership is limited to Canada, but could expand further in the future. The two companies will invest USD 50 Million each to study non-alcoholic beverages containing THC or BCD. Tilray shares jumped by as much as 19% following the announcement during Wednesday's after hours.

General Mills Inc. (NYSE: GIS) reported its second quarter financial results on Wednesday and surpassed analysts' estimates, which sent shares 6.7% higher. For the quarter, General Mills reported earnings of USD 85 cents per share on revenue of 4.41 Billion. Analysts forecast earnings of USD 81 cents per share. The Company's stronger than expected results were driven by its Blue Buffalo Pet Products acquisition. The next quarter, earnings per share are estimated at 71 cents on USD 4.22 Billion in revenues. While the Company reaffirms its full-year fiscal 2019 guidance.

GlaxoSmithKline plc (NYSE: GSK) and Pfizer Inc. (NYSE: PFE) announced on Wednesday that the two will combine their consumer healthcare business in a multi-billion-dollar merger. GSK will maintain a 68% equity interest in the combined business. With the future intention to separate this merger allows GSK to create two new UK-based global companies focused on Pharmaceuticals/Vaccines and Consumer Healthcare, said GSK in its press release. GSK shares were trading 5.1% higher after the announcement.

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