The U.S. stock market traded in red on Tuesday, driven by tension in Italy. Further, data concerning the Consumer Confidence Index showed it rose to 128 from a revised 125.6 in April.
Shares of Momo Inc. (MOMO, Financial) jumped on Tuesday after the company posted first-quarter earnings of 69 cents on revenue of $435.13 million, which was 64.1% higher than the prior-year period. The company beat revenue expectations by $38.85 million and earnings estimates by 19 cents.
The total live video service revenues were $371.5 million in the first quarter, an increase of 74.8% from $212.6 million a year ago. The total value-added service revenues were $37 million, an increase of 62% from $22.9 million. Mobile marketing revenues were $18.7 million, a 5% increase from $17.9 million. Mobile games revenues were $6.6 million, a decrease of 43% from $11.6 million in the first quarter of 2017.
Looking ahead to the second quarter, the company expects total net revenues between $470 million and $485 million, representing a year-over-year increase of 51% to 55%.
Gainers
- Micron Technology Inc. (MU, Financial)
- Kohl's Corp. (KSS, Financial)
- Applied Materials Inc. (AMAT, Financial)
- Clorox Co. (CLX, Financial)
Losers
- Under Armour Inc. (UA, Financial)”‹
- Jefferies Financial Group Inc. (JEF, Financial)
- MetLife Inc. (MET, Financial)
- Foot Locker Inc. (FL, Financial)
Global markets
The main European stock markets traded in the red.The U.K.'s FTSE 100 lost 1.26%, Germany's Dax fell 1.53%, France's CAC 40 retreated 1.29% and Spain's Ibex 35 plummeted 2.49%.
In Asia, Japan's Nikkei 225 fell 0.55%, China's Shanghai Composite sank 0.47%, Hong Kong's Hang Seng retreated 1% and India’s BSE Sensex lost 0.61%.
Disclosure: The author holds no positions in any stocks mentioned.
