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Omar Venerio
Omar Venerio
Articles (1559) 

US Stocks Point Lower 30 Years After 'Black Monday' Crash

Verizon delivers profitable growth

On the 30th anniversary of "Black Monday," the U.S. stock market traded lower in premarket trading. The Dow Jones Industrial Average traded slightly above 23,000, the S&P 500 lost 0.40% and the Nasdaq traded 0.6% lower.

Strong earnings from Verizon Communications Inc. (NYSE:VZ) contributed to shares of the company inching up more than 2% in premarket trading. The company posted third-quarter adjusted EPS of 98 cents on revenue of $31.72 billion, which was higher than the prior-year quarter. Moreover, the company managed to beat revenue expectations by $270 million while EPS were in line with estimates.

Chairman and CEO Lowell McAdam attributed the successful quarter to the strength of the Verizon network. He also commented on the recent hurricanes. 

"Our network aided and served first responders and customers when they needed it most following the recent natural disasters," he said.

McAdam also commented on the company's outlook.

"While steadily investing to advance our network leadership and to build the Verizon Intelligent Edge Network, we have also maintained the financial flexibility to increase shareholder dividends for an 11th consecutive year," he said.

Gainers

  • Adobe Systems Inc. (NASDAQ:ADBE)
  • Danaher Corp. (DHR)
  • Envision Healthcare Corp. (NYSE:EVHC)
  • Crown Castle International Corp. (CCI)
  • Quest Diagnostics Inc.​ (DGX)
  • Alliance Data Systems Corp. (NYSE:ADS)

Losers

  • Genuine Parts Co. (NYSE:GPC)
  • Chesapeake Energy Corp.​ (NYSE:CHK)
  • United Continental Holdings Inc. (UAL)
  • Norwegian Cruise Line Holdings Ltd. (NCLH)​
  • Hewlett Packard Enterprise Co. (NYSE:HPE)​
  • Dover Corp. (DOV)

Global markets

The main European stock markets traded lower, with all the main indexes in red as some European companies reported weak third-quarter results. The U.K.'s FTSE 100 lost 0.26%, France's CAC 40 retreated 0.29%, Germany's DAX fell 0.41% and Spain's IBEX 35 slid 0.74%.

In Asia, Japan's Nikkei 225 rose 0.4%, while India’s BSE Sensex fell 0.67%, Hong Kong's Hang Seng slid 1.92% and China's Shanghai Composite declined 0.34%.

Disclosure: The author holds no positions 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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