US Financial Markets Rise Tuesday

SeaChange International high on quarterly results

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Apr 17, 2018
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U.S. stock market rose higher in Tuesday pre-market trading after U.S. homebuilding increased more than expected in March, according to the Commerce Department. It rose 1.9% to a seasonally adjusted annual rate of 1.319 million units due to the construction of multifamily housing units.

Shares of SeaChange International Inc. (SEAC, Financial) rose in premarket trading today after the company posted fourth-quarter earnings per share of 10 cents on revenue of $22.95 million, which was 3.6% lower than the comparable period. The company managed to beat revenue estimates by $8,000.

Ed Terino, CEO of SeaChange, said, “We exited fiscal 2018 in a much stronger financial position with improved customer delivery capabilities and a product portfolio that meets evolving customer needs. We continue to see three significant trends developing in the digital media industry: video platform deployments in the cloud; increased video delivery via mobile devices; and a more personalized video consumption experience.”

Looking ahead, the company expects first quarter fiscal 2019 revenue to be between $13 million and $15 million, U.S. GAAP operating results to be in the range of a loss from operations of 19 cents per basic share to 15 cents per basic share, and non-GAAP operating loss to be between 15 and 11 cents per basic share.

Gainers

• Netflix Inc. (NFLX, Financial)

• Vulcan Materials Co. (VMC, Financial)

• General Electric Co. (GE, Financial)

• Chipotle Mexican Grill Inc. (CMG, Financial)

Losers

• Bristol-Myers Squibb Co. (BMY, Financial)

• PepsiCo Inc.”‹ (PEP, Financial)

• National Oilwell Varco Inc. (NOV, Financial)

• Johnson & Johnson (JNJ, Financial)

Global markets

The main European stock markets traded high, with all the main indexes in green territory. The U.K.'s FTSE advanced 0.38%, France's CAC gained 0.81%, Germany's Dax rose 1.49% and Spain's Ibex inched up 0.34%.

In Asia, markets closed mixed. India’s BSE Sensex closed up 0.26% and Japan's Nikkei jumped 0.06%, but Hong Kong's Hang Seng retreated 0.83% and China´s Shanghai lost 1.41%.

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