The U.S. stock market traded high in Thursday pre-market trading ahead of strong labor market data. Initial jobless claims fell by 9,000 to 233,000 in the week ended April 7, and the number of continuing claims also increased by 53,000 to 1.87 million.
Shares of Delta Air Lines Inc. (DAL, Financial) rose today after the company posted first-quarter adjusted earnings per share of 74 cents on revenue of $9.76 billion, which was 8.0% higher than the comparable period. Moreover, the company managed to beat earnings expectations by 1 cent but fell short in revenue estimates by $80 million.
"We have confidence in our plan to grow earnings in 2018 through top-line growth, improving our cost trajectory, and leveraging our international partnerships," Ed Bastian, Delta's CEO, said.
The company generated $1.3 billion of operating cash flow, almost offset by the $1.1 billion profit sharing payment to employees and a $500 million voluntary pension contribution. Further, it generated $173 million of free cash flow. It used cash in returning $542 million to shareholders, composed of $325 million of share repurchases and $217 million in dividends.
Gainers
· Micron Technology Inc. (MU, Financial)
· Deere & Co. (DE, Financial)
· Wynn Resorts Ltd. (WYNN, Financial)
· Intel Corp. (INTC, Financial)
Losers
· L Brands Inc. (LB, Financial)
· Bristol-Myers Squibb Co. (BMY, Financial)
· Digital Realty Trust Inc. (DLR, Financial)
Global markets
The main European stock markets traded higher, with all the main indexes in green territory. The U.K.'s FTSE gained 0.02%, France's CAC jumped 0.59%, Germany's Dax advanced 0.98% and Spain's Ibex gained 0.12%.
In Asia, markets closed lower. India’s BSE Sensex closed up 0.47%, but Japan's Nikkei fell 0.12%, Hong Kong's Hang Seng retreated 0.21% and China´s Shanghai lost 0.87%.
Disclosure: The author holds no position in any stocks mentioned.
