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Omar Venerio
Omar Venerio
Articles (1681) 

Tuesday Morning Market Highlights

US stocks in the green, DICK'S Sporting Goods rises following financial results

US markets

U.S. stocks were in the green on Tuesday morning ahead of a deceleration in reported coronavirus cases. The Dow Jones Industrial Average gained 0.64% to 25,637, the S&P 500 index rose 0.25% to 3,063 and the Nasdaq Composite Index was down 0.34% to 9,520.


• SL Green Realty Corp (NYSE:SLG) +4.8%

• Hess Corp (NYSE:HES) +4.5%

• Occidental Petroleum Corp (NYSE:OXY) +3.6%

• Devon Energy Corp (NYSE:DVN) +2.7%

• Southwest Airlines Co (NYSE:LUV) +1.3%


• Las Vegas Sands Corp (NYSE:LVS) -2.7%

• Salesforce.Com Inc (NYSE:CRM) -2.5%

• Raytheon Technologies Corp (NYSE:RTX) -2.2%

• Keysight Technologies Inc (NYSE:KEYS) -1.3%

• West Pharmaceutical Services Inc (NYSE:WST) -1%

• Perrigo Company PLC (NYSE:PRGO) -0.8%

Global markets

The main European stock markets traded in the green.The UK.'s FTSE 100 gained 0.98%, France's CAC 40 advanced 2.20%, Germany's Dax jumped 3.79% and Spain's Ibex 35 increased 2.80%.

In Asia, Japan's Nikkei 225 gained 1.19%, India’s BSE Sensex jumped 1.57%, Hong Kong's Hang Seng rose 1.11% and China's Shanghai Composite was up 0.20%.

DICK'S Sporting Goods releases earnings report

Shares of DICK'S Sporting Goods, Inc. (NYSE:DKS) jumped more than 2% on Tuesday after the company announced its first-quarter results. The company posted a loss of $1.71 per share, falling short of analysts’ estimates by $1.17. Revenue of $1.33 bilion declined 30.7% year-over-year but beat expectations by $30 million. Consolidated same store sales were down 29.5% due to temporary store closures that started on March 18.

President Lauren R. Hobart had the following to say:

"As we re-open our stores, the health and safety of our teammates and athletes is our highest priority, and we are following the guidelines from the Centers for Disease Control and Prevention as well as federal, state and local authorities. We are pleased with how our athletes have responded to these measures. Through the first four weeks of the second quarter our consolidated same store sales have decreased only 4.0%, representing a progressive recovery as we re-open our stores and maintain strong sales momentum in our eCommerce business, which has increased over 250%."

eCommerce sales more than doubled, making up approximately 39% of total net sales compared to approximately 13% during the same quarter of 2019. As a result of temporary store closures, eCommerce sales rose 210%.

At the end of the quarter, the company had $1.5 billion in cash and cash equivalents and $1.4 billion in outstanding debt under its revolving credit facility. It has temporarily suspended its share repurchase programs and dividend payments.

Jeremy Grantham (Trades, Portfolio) boosted his position in the company by 1050% to 248,800 shares, Richard Snow (Trades, Portfolio) added 170% for a total of 194,798 shares and Simons' firm increased its holding by 344% to 607,700 shares. Louis Moore Bacon (Trades, Portfolio) and Philippe Laffont (Trades, Portfolio) sold out the stock.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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