U.S. stock markets were trading in positive territory in Tuesday morning trading with the S&P 500 near a record high, fueled by the tech sector.
Shares of Horizon Global Corp. (HZN, Financial) rose more than 15% after posting second-quarter earnings. The company recorded earnings per share of 36 cents on revenue of $233.34 million. While it beat earnings estimates by 14 cents, it fell $5.75 million short of revenue expectations.
In the Americas, net sales decreased 21.7% due to capacity constraints during the ramp up of the Kansas City distribution center. Operating profit decreased to a loss of $2.6 million, or 2.4% of net sales, as a result of lower volumes. Adjusted operating profit declined to $10.6 million, or 9.8% of net sales.
In the Europe-Africa segment, net sales increased 4.9%. Operating profit fell to a loss of $55.7 million and adjusted operating profit declined to $2.6 million.
In the Asia-Pacific, net sales increased 19.1% as a result of the Best Bars acquisition. Operating profit increased 8.9% to $4.7 million, or 13.6% of net sales, driven by higher sales volumes.
Gainers
- Mosaic Co. (MOS, Financial)
- Caterpillar Inc. (CAT, Financial)
- ConocoPhillips (COP, Financial)
- Cimarex Energy Co. (XEC, Financial)
- Marathon Oil Corp. (MRO, Financial)
Losers
- Discovery Inc. (DISCA, Financial)
- SCANA Corp. (SCG, Financial)
- Henry Schein Inc. (HSIC, Financial)
- Sealed Air Corp. (SEE, Financial)
- PepsiCo Inc. (PEP, Financial)
Global markets
The main European stock markets traded in the green. The U.K.'s FTSE 100 advanced 1.01%, France's CAC 40 climbed 1.05%, Germany's Dax rose 0.66% and Spain's Ibex 35 gained 0.63%.
In Asia, markets closed in positive territory. Japan's Nikkei 225 jumped 0.69%, India’s BSE Sensex slid 0.07%, Hong Kong's Hang Seng gained 1.54% and China's Shanghai Composite advanced 2.74%.
Disclosure: The author holds no positions in any stocks mentioned.
