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ovenerio
Omar Venerio
Articles (1559) 

Michael Kors, Valeant Move Higher

Investors hopeful after good quarterly results

While the dollar fell against most of its peers, the Dow Jones Industrial Average advanced to 22,118.42; the S&P 500 index rose to 2,480.91 and the Nasdaq Composite jumped to 6,383.77. The yield on 10-year U.S. Treasury Notes is 2.269%.

Michael Kors Holdings Ltd. (KORS) shares were up more than 17% in premarket trading as the company reported better-than-expected earnings for its first quarter. EPS of 90 cents beat expectations by 28 cents and revenue of $952.4 million beat estimates by $33.83 million.

Valeant Pharmaceuticals International Inc. (VRX) shares rose 10% in premarket trading as the company reported EPS of $1.26 on revenue of $2.4 billion. The company beat on earnings while revenue was in line with expectations but down 8% from the prior-year quarter.

On the other hand, shares of Depomed Inc. (DEPO) fell about 23% in premarket trading. The company reported downbeat earnings. EPS of eight cents missed expectations by one cent while revenue of $100.2 million beat estimates by $78 million but fell 14.1% year over year.

Top gainers

Ralph Lauren Corp. (NYSE:RL), Envision Healthcare Corp. (NYSE:EVHC), The AES Corp. (NYSE:AES), Foot Locker Inc. (NYSE:FL) and Jacobs Engineering Group Inc. (NYSE:JEC)

Top losers

Albemarle Corp. (NYSE:ALB), Expeditors International of Washington Inc. (NASDAQ:EXPD), Henry Schein Inc. (HSIC), Gartner Inc. (IT) and Marriott International Inc. (MAR).

Europe

The European stock exchanges traded mixed. The FTSE 100, CAC 40 and IBEX 35 closed up around 0.12%, 0.08%, 0.36%, while the German DAX closed down 0.06%.

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

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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