U.S. stock indexes rose on Tuesday after a severe selloff on Friday and Monday, which was disconnected from fundamentals.
Shares of General Motors Co. (GM, Financial) gained in premarket trading on Tuesday on the back of the company reporting its financial results for the fourth quarter of fiscal 2017. The company posted earnings of $1.65 per share on revenue of $37.7 billion. The company beat earnings estimates of 27 cents and revenue expectations by $1.15 billion. Total revenues declined 5.5% year over year.
For full-year 2017, the company posted adjusted earnings of $6.62 share, an EBIT-adjusted margin of 8.8% and a North America EBIT-adjusted margin of 10.7%.
Those figures were driven by strength in North America and China. South America was also profitable. It was another year of record earnings and margins.
Gainers
- TripAdvisor Inc. (TRIP, Financial)
- Micron Technology Inc. (MU, Financial)
- Harley-Davidson Inc. (HOG, Financial)
- Nordstrom Inc. (JWN, Financial)
- SCANA Corp. (SCG, Financial)
Losers
- Cboe Global Markets Inc. (CBOE, Financial)
- Public Service Enterprise Group Inc. (PEG, Financial)
- DTE Energy Co. (DTE, Financial)
Global markets
The main European stock markets traded in negative territory. The U.K.'s FTSE 100 lost 2.64%, France's CAC 40 declined 2.35%, Germany's Dax slid 2.32% and Spain's Ibex 35 retreated 2.53%.
In Asia, Japan's Nikkei 225 lost 4.73%, India’s BSE Sensex declined 1.61%, Hong Kong's Hang Seng retreated 5.12% and China's SSE Composite fell 3.35%.
Disclosure: The author holds no positions in any stocks mentioned.
