U.S. stock market indexes opened mostly higher in premarket trading Monday. The Nasdaq opened at an intraday high, with tech stocks advancing. The Dow Jones Industrial Average also opened at an intraday high. The S&P 500 fell shortly after the market opened.
Axalta Coating Systems Ltd. (AXTA, Financial) fell after cutting its 2017 outlook for sales growth and adjusted EBITDA due to several factors, including recent natural disasters, distributor working capital adjustments in the performance coating business and lower margins.
Sales for the third quarter are now expected to be between $1.08 billion to $1.10 billion versus consensus estimates of $1.13 billion. Further, the adjusted EBITDA is forcasted to range between $205 million and $215 million, and the full-year EBITDA between $870 million and $900 million.
"We have seen and expect moderate effects on our business from recent hurricanes and the earthquake in Mexico, largely in terms of lost near-term volume opportunity,"Ă‚ CEO Charles Shaver said.Ă‚ "We believe that much of this impact will be made up during the course of 2018".
Gainers
- Advanced Micro Devices Inc. (AMD)
- Seagate Technology PLC (STX, Financial)
- DXC Technology Co. (DXC, Financial)
- Nvidia Corp. ”‹(NVDA)
- Wal-Mart Stores Inc. (WMT)
- Iron Mountain Inc. (IRM, Financial)”‹
- Scana Corp. (SCG)
Losers
- DaVita Inc. (DVA, Financial)
- Viacom Inc. (VIAB, Financial)
- Express Scripts Holding Co. (ESRX)
- Juniper Networks Inc. (JNPR, Financial)”‹
- Symantec Corp. (SYMC)
- Medtronic PLC (MDT, Financial)
- Envision Healthcare Corp. (EVHC, Financial)
- Activision Blizzard Inc. (ATVI)
- Nasdaq Inc.Ă‚ (NDAQ, Financial)
Global markets
In Europe, the FTSE 100 lost 0.20%, while France's CAC 40 gained 0.11%, the IBEX 35 inched up 0.50% and Germany’s DAX increased 0.16%.
In Asia, Japan’s Nikkei 225 was up 0.30%, India’s BSE Sensex gained 0.1% and China’s Shanghai Composite advanced 0.76%. Hong Kong’s Hang Seng Index lost 0.46%.
Disclosure: The author holds no positions in any stocks mentioned.
