The U.S. stock market opened lower with the three main indexes in red, but two soon turned green.Â
Shares of Dycom Industries Inc. (DY, Financial)Â were down almost 11.5% in morning trading on the back of the company reporting better-than-expected earnings for its fourth quarter. EPS of $1.47 beat expectations by three cents and revenue of $780.2 million beat estimates by $18.26 million but declined 1.1% year over year. The company now expects total contract revenues for the next quarter to be between $715 million and $745 million. On a GAAP basis, diluted EPS is expected range between 72 cents and 87 cents. Non-GAAP adjusted diluted EPS is projected to range from 81 cents to 96 cents.
AeroVironment Inc. (AVAV, Financial) jumped more than 10% as the company posted first-quarter EPS of -19 cents on revenue of $43.76 million, beating revenue estimates by $1.32 million.
“The AeroVironment team successfully executed our plan in the first quarter, delivering $43.8 million in revenue, a 21% increase over first-quarter fiscal 2017, and loss per share of 19 cents, a 63% improvement over fiscal 2017,"Â President and CEO Wahid Nawabi said.
In other news, VBI Vaccines Inc.(VBIV, Financial) gained more than 3% after it announced the U.S. Food and Drug Administration accepted its Investigational New Drug Application (IND) for a Phase 3 clinical program evaluating Sci-B-Vac, the company's third-generation hepatitis B vaccine.
Gainers
Analog Devices Inc. (ADI, Financial), Incyte Corp. (INCY, Financial), C.H. Robinson Worldwide Inc. (CHRW, Financial) and The Hartford Financial Services Group Inc. (HIG, Financial).Â
Losers
H&R Block Inc. (HRB, Financial), Coty Inc. (COTY, Financial)Â Â and Tiffany & Co. (TIF, Financial).
Global Markets
The main European stock markets traded higher. The FTSE 100, German DAX, French CAC 40 and IBEX 35 advanced approximately 0.5%.
In Asia, Japan’s Nikkei Index, India’s BSE Sensex and Hong Kong’s Hang Seng closed up. Only China’s Shanghai Composite Index traded lower.
Disclosure: The author holds no positions in any stocks mentioned.
