The U.S. stock market traded in green on Wednesday as oil prices rallied on reports of output cuts implemented by members of OPEC and some non-members led by Russia.
Shares of Movado Group Inc. (MOV, Financial) jumped on Wednesday after the company posted first-quarter earnings of 37 cents per share on revenue of $127.15 million, which was 28.1% higher than the comparable prior-year period. The company beat revenue expectations by $17.68 million and earnings estimates by 26 cents.
The gross profit was $67.5 million for the quarter, or 53.1% of sales, higher than $49.1 million, or 49.5% of sales, in the year-ago quarter. Adjusted gross profit was $50.5 million, or 50.9% of sales. The increase was the result of favorable changes in foreign currency exchange rates, increased leverage on fixed costs due to increased sales and changes in channel and product mix.
Looking ahead, the company raised its outlook for fiscal 2019. It expects net sales between $615 million and $625 million and operating income is projected to be approximately $71 million to $73 million.
Gainers
- DXC Technology Co. (DXC, Financial)
- ConocoPhillips (COP, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- Anadarko Petroleum Corp. (APC, Financial)
- Mattel Inc. (MAT, Financial)
Losers
- Michael Kors Holdings Ltd. (KORS, Financial)
- Edison International (EIX, Financial)
- American Airlines Group Inc. (AAL, Financial)
Global markets
The main European stock markets traded mostly higher. The U.K.'s FTSE 100 gained 0.75%, Germany's Dax advanced 0.93% and Spain's Ibex 35 rose 0.47%, but France's CAC 40 fell 0.20%.
In Asia, markets closed in red. Japan's Nikkei 225 slid 1.52%, China's Shanghai Composite sank 2.53%, Hong Kong's Hang Seng retreated 1.40% and India’s BSE Sensex declined 0.12%.
Disclosure: The author holds no positions in any stocks mentioned.
