US Markets
U.S. stocks were in the green on Monday, with several stocks trading higher due to the reopening of the economy. The Dow Jones Industrial Average gained 0.90% to 27,356, the S&P 500 index jumped 0.40% to 3,206 and the Nasdaq Composite Index was up 0.15% to 9,828.
Gainers
• Coty Inc (COTY, Financial) +17%
• Boeing Co (BA, Financial) +12%
• Marathon Oil Corp (MRO, Financial) +11.6%
• Carnival Corp (CCL) +11.5%
• Halliburton Co (HAL, Financial) +9.3%
• Occidental Petroleum Corp (OXY, Financial) +8%
Losers
• Fleetcor Technologies Inc (FLT, Financial) -2.5%
• ServiceNow Inc (NOW, Financial) -2.2%
• Keysight Technologies Inc (KEYS, Financial) -2.1%
• Ecolab Inc (ECL, Financial) -1.1%
• Baxter International Inc (BAX, Financial) -1.2%
Global markets
The main European stock markets traded in the red. The UK's FTSE 100 lost 0.21%, France's CAC 40 retreated 0.35%, Germany's Dax was down 0.17% and Spain's Ibex 35 was up 0.27%.
In Asia, Japan's Nikkei 225 gained 1.37%, India’s BSE Sensex rose 0.24%, Hong Kong's Hang Seng increased 0.03% and China's Shanghai Composite was up 0.24%.
Thor Industries releases earnings report
Shares of Thor Industries, Inc. (THO) gained more than 7% on Friday morning after the company announced its fiscal third-quarter 2020 results. The company posted earnings per share of 43 cents, beating analysts’ estimates by 70 cents. Revenue of $1.68 billion declined 33.1% year-over-year and beat expectations by $20 million.
Net sales totaled $1.68 billion compared to $2.51 billion in the prior-year quarter. The comany say $615.3 million in net sales from the European RV segment, $773.4 million in net sales in the North American Towable RV segment and $264 million in net sales in the North American Motorized RV segment.
The North American Towable RV segment's gross profit margin was 14.1%, down 40 basis points compared to the prior-year period. North American Motorized RV's gross profit margin was 10.1% compared to 10.3% in the prior-year period. European RV's gross profit margin was 10.2% compared to 7.0% in the prior-year period. The consolidated gross profit margin was 12.2% compared to 11.7% in the prior-year period due to past year accounting adjustments.
Looking ahead, CEO Bob Martin said:
"Today, market indicators in North America are increasingly positive. Every North American dealer I have spoken to in the last few weeks has been very excited about the pace at which sales are picking up. Many of our dealers are reporting a significant improvement in sales from April to May and are excited about the sales potential for June and beyond. Because of this improved outlook and the relaxation of many stay-at-home restrictions, we began to restart production in the first week of May in North America.”
Chuck Royce (Trades, Portfolio) boosted his position in the company by 1% to 99,256 shares. Ray Dalio (Trades, Portfolio) reduced his investment by 29% to 13,062 shares, while Jim Simons' firm and Ken Heebner (Trades, Portfolio) sold out of the stock.
Disclosure: The author holds no positions in any stocks mentioned.
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