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Omar Venerio
Omar Venerio
Articles (1324) 

US Stocks Rally on Wednesday

Michael Kors beats estimates

On Wednesday morning, U.S. stock market indexes reversed the negative trend of the past several days.

Shares of Michael Kors Holdings Ltd. (NYSE:KORS) gained in premarket trading on the back of the company reporting its financial results for the third quarter of fiscal 2018. The company posted earnings of $1.77 per share on $1.44 billion in revenue, including $114.7 million from Jimmy Choo, which the company acquired during the quarter. The company managed to beat earnings estimates by 48 cents and revenue expectations by $60 million. Total revenue grew 6.7% year over year. 

Looking ahead to the fourth quarter, Michael Kors expects total revenue to be between $1.11 billion and $1.13 billion. The operating margin is projected to be about 10%. Diluted earnings per share are expected to be in the range of 50 cents to 55 cents.

Gainers

Losers

Global markets

The main European stock markets closed in positive territory. The U.K.'s FTSE 100 gained 1.93%, France's CAC 40 advanced 1.82%, Germany's Dax jumped 1.60% and Spain's Ibex 35 inched up 1.70%.

In Asia, Japan's Nikkei 225 gained 0.16%, while India’s BSE Sensex declined 0.33%, Hong Kong's Hang Seng retreated 0.89% and China's SSE Composite fell 1.82%.

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. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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