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Omar Venerio
Omar Venerio
Articles (1730) 

Global Markets Record Losses on Wednesday

SORL Auto Parts skyrockets in premarket trading

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.

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.

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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