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ovenerio
Omar Venerio
Articles (1193) 

US Stock Market Higher on Monday

Qudian jumps on financial results

March 12, 2018

U.S. markets are in positive territory on Monday pre-market trading Fter of strong economic data provided by last week's jobs report.

Shares of Qudian Inc. (QD) rose on the heels of the company reporting its financial results for the fourth quarter. The company posted an adjusted earnings per share of 26 cents. The company’s revenue reached $229.2 million, an increase of 108.4% from the fourth quarter of 2016. Moreover, the company fell short analysts' estimations by 1 cent in earnings per share and $0.83 million in revenue.

Min Luo, founder, chairman and CEO of Qudian, said that the success was driven by the technology and cost efficiency that helped small consumption credits be affordable to hundreds of millions of creditworthy but underserved consumers in China.

Gainers

• Micron Technology Inc. (MU)

• Broadcom Ltd (AVGO)

• Archer Daniels Midland Co. (ADM)

• Xilinx Inc. (XLNX)

Losers

• Signet Jewelers Ltd. (SIG)

• HP Inc. (HPQ)

• Boeing Co. (BA)

• Cigna Corp. (CI)

Global markets

The main European stock markets closed mixed. The U.K.'s FTSE lost 0.22% and France's CAC fell 0.08%, but Spain's Ibex gained 0.31%. Germany's Dax advanced 0.35%

In Asia, India’s BSE Sensex gained 1.83%, Japan's Nikkei advanced 1.65%, Hong Kong's Hang Seng jumped 1.93% and China's SSE Composite gained 0.59%.

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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