Wall Street was down on Wednesday in pre-market trading with the main indexes in the red, continuing the downward trend started a year ago. The consumer price index rose 0.1% in October, led by falling energy prices.
Shares of SORL Auto Part, Inc. (SORL, Financial)Ć skyrocketed more than 40% in the pre-market session, ahead of reporting financial results for the third quarter ended Sept. 30. The company posted EPS of 44 cents and revenue of $101.3 million, up 59.0% year over year.
Gross profit reached $27.3 million compared with $18.9 million for the third quarter of 2016. Gross margin for the third quarter of 2017 was 26.9%, compared to 29.7% in the same quarter a year ago. Further, net income attributable to stockholders reached $8.6 million from $3.2 million in the same quarter of 2016.
The companyĀ“s management has increased its fiscal year 2017 guidance. Now it expects net sales in the range of $315.0 million to approximately $370.0 million and net income attributable to common stockholders between $27.5 million to approximately $30.5 million.
Gainers
ā¢ Alaska Air Group Inc. (ALK, Financial)āā¹
ā¢ Dentsply Sirona Inc. (XRAY)
ā¢ Juniper Networks Inc. (JNPR)
ā¢ Coty Inc. (COTY)
ā¢ Fastenal Co. (FAST, Financial)
Losers
ā¢ Target Corp. (TGT, Financial)
ā¢ Navient Corp. (NAVI)
ā¢ Freeport-McMoRan Inc. (FCX, Financial)
ā¢ Kroger Co. (KR)
ā¢ Marathon Petroleum Corp. (MPC, Financial)
ā¢ Advanced Micro Devices Inc. (AMD)
Global markets
The main European stock markets traded lower. The U.K.'s FTSE lost 0.74%, Germany's Dax fell 1.21%, France's CAC slipped 0.82% and Spain's Ibex declined 0.60%.
In Asia, Japan's Nikkei slid 0.82% and Hong Kong's Hang Seng fell 0.05%. However, Indiaās BSE Sensex closed up 0.19%, while ChinaĀ“s Shanghai inched up 0.14%.
Disclosure: The author holds no positions in any stocks mentioned.
