The U.S. stock market was trading mixed on Monday morning, with the Dow Jones Industrial Average up while the S&P 500 and Nasdaq Composite were lower.
Shares of V.F. Corp. (VFC, Financial)Â were up in Monday premarket trading on the back of the company reporting financial results for its third quarter. EPS of $1.23 beat expectations by 11 cents and revenue of $3.51 billion beat estimates by $120 million and increased 0.6% year over year.
President and CEO Steve Rendle said the company´s results were strong, fueled by accelerated momentum across its international and direct-to-consumer platforms and the outdoor, action sports and workwear businesses.
Further, this past week, the company declared a quarterly dividend of 46 cents per share, a 10% increase over the previous dividend.
Looking forward, revenue is expected to increase 6% with international revenue increasing approximately 10%. Direct-to-consumer revenue is now expected to increase 13%, which is higher than the previous outlook of a 10% to 11% increase.
The gross margin is expected to be 50% and the operating margin is projected to be 12.3%; with the adjusted operating margin to be approximately 13.4%, versus the previous forecast of 13.7%.
Earnings per share on a reported basis are expected to be $2.73 and adjusted earnings per share are now expected to be $3.01, higher than the previous expectation of $2.96.
Gainers
• Seagate Technology PLC (STX, Financial)
• PVH Corp. (PVH)
• DaVita Inc. (DVA, Financial)
• Signet Jewelers Ltd. (SIG)
• Western Digital Corp. (WDC, Financial)
Losers
• Hasbro Inc. (HAS, Financial)
• Arconic Inc. (ARNC)
• Mattel Inc. (MAT, Financial)
• Hartford Financial Services Group Inc. (HIG)
• General Electric Co. (GE, Financial)
Global markets
The main European stock markets traded mostly higher. The U.K.'s FTSE 100 gained 0.02%, France's CAC 40 inched up 0.27% and Germany's Dax climbed 0.09%. Only Spain's Ibex 35 was lower, falling 0.60%.
In Asia, Japan's Nikkei 225 rose 1.11%, China's Shanghai Composite was up 0.06% and India’s BSE Sensex gained 0.36%. Hong Kong's Hang Seng was down 0.64%.
Disclosure: The author holds no positions in any stocks mentioned.
