U.S. stocks were in the green on Wednesday, with the Dow rising about 450 points. The Dow Jones Industrial Average gained 1.64% to 29,275, the S&P 500 index gained 1.05% to 3,332 and the Nasdaq Composite Index advanced 0.63% to 9,527.
Non-index stocks have also posted gains and losses recently. Shares of Snap Inc. (SNAP, Financial) plummeted more than 12% on Wednesday after the company announced fourth-quarter results. The company posted earnings of 3 cents per share, beating earnings estimates by 2 cents.Revenue of $560.89 million fell short of expectations.
“In 2019, we saw momentum across the board," CEO Evan Spiegel said. "We grew our community by 31 million daily active users, accelerated our revenue growth, and progressed towards profitability by improving full-year Adjusted EBITDA by 65% year over year.”
For the quarter, Snap recorded 218 million daily active users, an increase of 31 million or 17% year over year.
Further, the company launched 78 new international Discover channels, up from 53 in the previous quarter, to provide locally relevant content to different communities around the world.
Looking forward to first-quarter 2020, the company expects revenue to be between $450 million and $470 million, compared to $320 million in the same quarter of 2019. Further, the adjusted Ebitda is expected to be between negative $90 million and negative $70 million, compared to negative $123 million in the comparable period of 2019.
During the quarter ended Sept. 30, Jim Simons (Trades, Portfolio)' Renaissance Technologies trimmed its stake by 18% to 1,957,900 shares and Paul Tudor Jones (Trades, Portfolio) reduced his position by 19% to 128,949 shares. Louis Moore Bacon (Trades, Portfolio) boosted his holding by 125% to 1,175,000 shares.
Gainers
- Biogen Inc. (BIIB, Financial) +16.5%
- Coty Inc. (COTY, Financial) +12.6%
- Capri Holdings Ltd. (CPRI, Financial) +8%
- Concho Resources Inc. (CXO, Financial) +7%
- Humana Inc. (HUM, Financial) +6.6%
- Devon Energy Corp. (DVN, Financial) +6.6%
Losers
- Ford Motor Co. (F, Financial) -9.4%​
- Seagate Technology PLC (STX, Financial) -6.4%
- KLA Corp. (KLAC, Financial) -4.4%
- ServiceNow Inc. (NOW, Financial) -4.1%
- Albemarle Corp. (ALB, Financial) -3.4%
Global markets
The main European stock markets traded in the green.The U.K.'s FTSE 100 rose 0.57%, France's CAC 40 gained 0.85%, Germany's Dax inched up 1.48% and Spain's Ibex 35 climbed 1.62%.
In Asia, Japan's Nikkei 225 gained 1.02%, India’s BSE Sensex swelled 0.87%, Hong Kong's Hang Seng rose 0.42% and China's Shanghai Composite advanced 1.25%.
Disclosure:The author holds no positions in any stocks mentioned.
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