US Markets in Red Monday

Synnex plunges despite beating estimations

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Apr 02, 2018
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U.S. markets are in negative territory on Monday, with tech and consumer stocks leading the selloff.

Shares of SYNNEX Corporation (SNX) plunged on the heels of the company reporting its financial results for the first quarter. The company posted adjusted earnings per share of $2.14 on revenue of $4.55 billion, an increase of 29.3% from the prior-year quarter. The company managed to beat earnings estimations by 3 cents and revenue estimates by $80 million.

Dennis Polk, the president and company's CEO said: "We started our 2018 fiscal year with solid momentum as we achieved record first quarter revenue and operating profit dollars."

He added: “This quarter's performance speaks to the unique and differentiated solutions we are delivering to partners across our businesses, and our team's continued ability to operate efficiently and effectively in the markets we serve."

Looking ahead, the company expects for the second quarter of fiscal 2018 revenue to be between $4.58 billion and $4.78 billion. Further, diluted earnings per share are expected to be in the range of $1.77 to $1.87 and on a Non-GAAP basis to be between $2.25 to $2.35.

Gainers

• Humana Inc. (HUM, Financial)

• McDonald's Corp. (MCD, Financial)

• Seagate Technology PLC (STX, Financial)

• Viacom Inc. (VIAB, Financial)

Losers

• Tyson Foods Inc. (TSN, Financial)

• Amazon.com Inc. (AMZN, Financial)

• Incyte Corp. (INCY, Financial)

• D.R. Horton Inc. (DHI, Financial)

Global markets

The main European stock markets closed higher. The U.K.'s FTSE gained 0.17%, France's CAC advanced 0.72%, Germany's Dax jumped 1.31% and Spain's Ibex jumped 0.48%.

In Asia, India’s BSE Sensex gained 0.87%, China´s SSE Composite slid 0.18%, Hong Kong's Hang Seng advanced 0.24% and Japan's Nikkei fell 0.31%.

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