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ovenerio
Omar Venerio
Articles (1746) 

Friday Morning Market Highlights

US stocks in the green, Big Lots beats Wall Street's predictions

US Markets

U.S. stocks were in the green on Friday. The Dow gained more than 80 points to 28,575, the S&P 500 index gained 0.26% to 3,494 and the Nasdaq Composite Index was up 0.62% to 11,698.

Gainers

• HP Inc (NYSE:HPQ) +5.3%

• MGM Resorts International (NYSE:MGM) +6%

• Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) +5.9%

• Carnival Corp (NYSE:CCL) +5.4%

• Las Vegas Sands Corp (NYSE:LVS) +4%

Losers

• Invesco Ltd (NYSE:IVZ) -1.9%

• Travelers Companies Inc (NYSE:TRV) -1.8%

• Salesforce.Com Inc (NYSE:CRM) -1.7%

• Becton Dickinson and Co (NYSE:BDX) -1.6%

• Kimco Realty Corp (NYSE:KIM) -1.1%

Global Markets

The main European stock markets traded in the red. The UK's FTSE 100 lost 0.35%, France's CAC 40 retreated 0.17%, Germany's Dax was down 0.45% and Spain's Ibex 35 was up 0.58%.

In Asia, Japan's Nikkei 225 fell 1.41%, India's BSE Sensex advanced 0.90%, Hong Kong's Hang Senggained 0.56% and China's Shanghai Composite was up 1.60%.

Big Lots releases earnings report

Shares of Big Lots, Inc. (NYSE:BIG) fell more than 7.5% on Friday morning after the company announced its second-quarter results. The company posted earnings per share of $2.75, beating analysts' estimates by 5 cents. Revenue of $1.64 billion grew 31.2% year-over-year and beat expectations by $30 million.

CEO Bruce Thorn had the following to say:

"Our [comparable] increase was the best in the company's history, and adjusted EPS was the most we've reported in a second quarter, and more than five times what we reported a year ago… [Comparable] sales were driven by strong results both in-store, where traffic and basket were each up double digits, and on-line, which drove almost five comparable points, and where we acquired more new customers than in any prior quarter."

At the end of the second quarter of fiscal 2020, the company had $899 million of Cash and Cash Equivalents and $43 million of long-term debt, compared to $54 million of Cash and Cash Equivalents and $468 million of long-term debt in the second quarter of fiscal 2019.

The inventory ended the quarter at $714 million, less than $874 million the year before. The decrease was due to a slightly lower store count offset by strong sales results in all merchandise categories.

Robert Olstein (Trades, Portfolio) cut his investment in the stock by 79% to 19,000 shares during the quarter. HOTCHKIS & WILEY also trimmed their holdings by 55% to 40,000 shares. Joel Greenblatt (Trades, Portfolio) reduced his shares by 56% to 35,188.

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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