Global Markets Record Losses on Wednesday

Wall Street was down on Wednesday in pre-market trading with the main indexes in the red, continuing the downward trend started a year ago. The consumer price index rose 0.1% in October, led by falling energy prices.

Shares of SORL Auto Part, Inc. (NASDAQ:SORL) skyrocketed more than 40% in the pre-market session, ahead of reporting financial results for the third quarter ended Sept. 30. The company posted EPS of 44 cents and revenue of $101.3 million, up 59.0% year over year.

Gross profit reached $27.3 million compared with $18.9 million for the third quarter of 2016. Gross margin for the third quarter of 2017 was 26.9%, compared to 29.7% in the same quarter a year ago. Further, net income attributable to stockholders reached $8.6 million from $3.2 million in the same quarter of 2016.

The company´s management has increased its fiscal year 2017 guidance. Now it expects net sales in the range of $315.0 million to approximately $370.0 million and net income attributable to common stockholders between $27.5 million to approximately $30.5 million.

• SORL 30-Year Financial Data
• The intrinsic value of SORL
• Peter Lynch Chart of SORL

Gainers

• Alaska Air Group Inc. (NYSE:ALK)”‹

• Dentsply Sirona Inc. (XRAY)

• AT&T Inc. (NYSE:T)

• Juniper Networks Inc. (JNPR)

• Coty Inc. (COTY)

• Fastenal Co. (NASDAQ:FAST)

Losers

• Target Corp. (NYSE:TGT)

• Navient Corp. (NAVI)

• Freeport-McMoRan Inc. (NYSE:FCX)

• Kroger Co. (KR)

• Marathon Petroleum Corp. (NYSE:MPC)

• Advanced Micro Devices Inc. (AMD)

Global markets

The main European stock markets traded lower. The U.K.'s FTSE lost 0.74%, Germany's Dax fell 1.21%, France's CAC slipped 0.82% and Spain's Ibex declined 0.60%.

In Asia, Japan's Nikkei slid 0.82% and Hong Kong's Hang Seng fell 0.05%. However, India’s BSE Sensex closed up 0.19%, while China´s Shanghai inched up 0.14%.

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

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