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Omar Venerio
Omar Venerio
Articles (1725) 

Wall Street Indexes in Green Territory

Dow Jones soars more than 100 points

U.S. stock market indexes opened higher on Monday with the three indexes well in the green as North Korea tensions ease. Futures for the Dow Jones Industrial Average rose 133 points to 21,991. The Standard & Poor’s 500 index futures gained 19 points to 2,461 and futures for the Nasdaq 100 index jumped 62 points to 6,317.

Some big moves in premarket trading were:

ZTO Express (Cayman) Inc. (NYSE:ZTO) shares were up almost 4.7% in morning trading on the back of the company reporting better-than-expected earnings and revenue for its first quarter. EPS of 10 cents beat expectations by one cent while revenue of $379.9 million beat estimates by $11.1 million and is up 33.5% year over year. Gross profit was $106.2 million, an increase of 21.5% from the same quarter a year ago, net income of $73.1 million registered a 48.4% increase and EBITDA of $116.9 million inched up 54.7% from the comparable quarter of 2016.

Pretium Resources Inc. (NYSE:PVG) lost ground by 1% as the company reported a second-quarter loss of $2.5 million, or 1 cent on a per-share basis, last week. Profits exceeded expectations by two cents per share. In the past twelve months, the stock has lost 28%.

SORL Auto Parts Inc.’s (NASDAQ:SORL) stock plummeted 12% after the company reported second-quarter EPS of 31 cents on revenue of $90.21 million, coming up short on profit estimates by two cents per share and revenue expectations by $40 million. The company’s revenue increased 22.7% year over year, while its gross margin inched up to 22.70%.

Gainers

Micron Technology Inc. (NASDAQ:MU), Advanced Micro Devices Inc. (NASDAQ:AMD), NVIDIA Corp. (NASDAQ:NVDA) and McCormick & Co. Inc. (NYSE:MKC).

Losers

Newmont Mining Corp. (NYSE:NEM), TripAdvisor Inc. (NASDAQ:TRIP), L3 Technologies Inc. (LLL) and Sysco Corp. (NYSE:SYY).

Global markets

The main European stock markets traded higher. The FTSE 100, German DAX, French CAC 40 and IBEX 35 advanced approximately 1%.

In Asia, Japan’s Nikkei closed down 1%, but China’s Shanghai Composite Index, Hong Kong’s Hang Seng Index and India’s BSE Sensex closed in green territory.

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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