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Omar Venerio
Omar Venerio
Articles (1385) 

Main Benchmark Indexes Mixed Wednesday

RF Industries skyrockets on first quarter sales and earnings

U.S. markets are in positive territory in Wednesday pre-market trading after data on inflation and consumer activity, which showed a stronger economy.

Shares of RF Industries Ltd. (NASDAQ:RFIL) skyrocketed on the heels of the company reporting its financial results for the first quarter. The company posted adjusted earnings per share of 6 cents. The company’s revenue reached $10.3 million, an increase of 56.1% from the same quarter a year ago.

Further, the gross profit increased 65% to $3.1 million from $1.9 million and reached 30% of sales from 28% in the same quarter last year due to the increased revenues at the Custom Cabling segment.

Robert Dawson, president and CEO, said that the increased sales and controlled costs allowed the company to improved margins and profitability.

Gainers

• Ford Motor Co. (NYSE:F)

• Edison International (NYSE:EIX)

• Freeport-McMoRan Inc. (NYSE:FCX)

• Host Hotels & Resorts Inc.​ (NYSE:HST)

Losers

• Kohls Corp. (NYSE:KSS)

• Johnson Controls International PLC (NYSE:JCI)

• Xerox Corp. (NYSE:XRX)

• Macy's Inc. (NYSE:M)

Global markets

The main European stock markets closed higher. The U.K.'s FTSE gained 0.21%, France's CAC jumped 0.09%, Germany's Dax advanced 0.45% and Spain's Ibex gained 0.26%.

In Asia, India’s BSE Sensex lost 0.06%, China´s SSE Composite fell 0.57%, Japan's Nikkei retreated 0.87% and Hong Kong's Hang Seng slid 0.53%.

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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