Wall Street was down in Monday premarket trading with the main indexes in red at the start of an important week for the U.S. economy with central bank decisions.
Shares of Cooper Tire & Rubber Co. (CTB, Financial) declined more than 6% in Monday premarket trading on the back of the company reporting financial results for its third quarter. EPS of $1.18 beats expectations of 85 cents, but revenue of $733.84 million missed estimates by $53.78 million and declined 2.3% year over year. The operating profit was $101 million, or 13.8% of net sales, which was an increase of $23 million from the previous year.
Moreover, the company used cash to repurchase $32 million of common stock at an average price of $35.05 per share.
The company now expects the operating margin in the fourth quarter to be below the prior expectations of 8% to 10%.
Gainers
- Amazon.com Inc. (AMZN, Financial)
- Loews Corp. (L, Financial)
- Cimarex Energy Co. (XEC, Financial)
- Allegion PLC (ALLE, Financial)
Losers
- Merck & Co. Inc. (MRK, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- General Motors Co. (GM, Financial)
- Lennar Corp. (LEN, Financial)
Global markets
In Europe, the U.K.'s FTSE 100 lost 0.23%, France's CAC 40 declined 0.02%, Germany's DAX climbed 0.10% and Spain's IBEX 35 jumped 2.63%.
In Asia, Japan's Nikkei 225 inched up 0.01% and India’s BSE Sensex gained 0.33%, while China's Shanghai Composite declined 0.77% and Hong Kong's Hang Seng fell 0.36%.
Disclosure: The author holds no positions in any stocks mentioned.
