The three main indexes were trading higher Monday morning with the Dow Jones near 25,965 points, pulled higher by shares of Nike (NKE, Financial). With the S&P 500 up 0.35%, the market is reversing last week's negative trend.
Shares of Hovnanian Enterprises Inc. (HOV, Financial) jumped more than 3% on Monday morning after the company posted a narrower-than-expected third-quarter loss of 1 cent per share on $456.71 million in revenue, reflecting a decline of 22.9% year over year. The company beat earnings estimates by 6 cents, but missed revenue expectations by $47.59 million.
The homebuilding gross margin, after cost of sales interest expense and land charges, was 15.4%, an increase from 12.8% in the prior-year quarter.
Moreover, contracts per community, including unconsolidated joint ventures, rose 9.8% to 10.1 contracts per community. This was an improvement from 9.2 contracts per community, including unconsolidated joint ventures, in the same quarter of 2017. Consolidated contracts per community increased 6.4% to 10 contracts per community, up from 9.4 contracts per community a year ago.
Gainers
- Foot Locker Inc. (FL, Financial)
- United Rentals Inc. (URI, Financial)
- Seagate Technology PLC (STX, Financial)
- Akamai Technologies Inc. (AKAM, Financial)
- Ford Motor Co. (F, Financial)
Losers
- Vulcan Materials Co. (VMC, Financial)
- CBS Corp. (CBS, Financial)
- Travelers Companies Inc. (TRV, Financial)
- Robert Half International Inc. (RHI, Financial)
Global markets
The main European stock markets traded in positive territory. The U.K.'s FTSE 100 advanced 0.022%, France's CAC 40 gained 0.33%, Germany's Dax rose 0.22% and Spain's IBEX 35 jumped 1.09%.
In Asia, Japan's Nikkei 225 gained 0.30%, India’s BSE Sensex lost 1.22%, Hong Kong's Hang Seng fell 1.33% and China's Shanghai Composite slid 1.21%.
Disclosure: The author holds no positions in any stocks mentioned.
