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Omar Venerio
Omar Venerio
Articles (1456) 

US Stocks Green Wednesday

CLPS Inc. jumps on financial results

The U.S. stock market advanced today, pulled up by the energy sector which registered gains in crude oil futures.

Shares of CLPS Inc. (NASDAQ:CLPS) jumped in Wednesday trading after the company posted third quarter earnings per share of 3 cents on revenue of $12.88 million, representing a 63.7% year-over-year increase.

Revenue from IT consulting services increased 68.8% to $12.21 million and accounted almost 95% of total revenue. The increase was driven by the increased demand for IT consulting service from banks and other financial institutions.

Raymond Lin, CEO of CLPS Incorporation, commented, “We are proud to report our financial results for the third quarter of 2018. Our revenue reached $12.88 million and our net income was $0.6 million for the third quarter, a year-over-year increase of 63.8% and 142.8%, respectively.”

Further, the gross profit increased by $1.05 million, or 36.4%, to $3.96 million from $2.91 million for the same period of last year. Gross margin decreased to 30.8% from 36.9% for the same period of last year.

Gainers

• Freeport-McMoRan Inc. (NYSE:FCX)

• Devon Energy Corp. (NYSE:DVN)

• Hess Corp. (NYSE:HES)

• Apache Corp. (NYSE:APA)​

• General Electric Co. (NYSE:GE)

Losers

• Conagra Brands Inc. (NYSE:CAG)

• SCANA Corp. (NYSE:SCG)

• Red Hat Inc. (NYSE:RHT)

• Xerox Corp (NYSE:XRX)

Global markets

The main European stock markets traded in the green.The U.K.'s FTSE jumped 1.14%, France's CAC advanced 1.30%, Spain's Ibex rose 0.52% and Germany's Dax closed up 1.33%.

In Asia, markets closed in the red. Japan's Nikkei fell 0.31%, India’s BSE Sensex lost 0.77%, Hong Kong's Hang Seng retreated 1.82% and China´s Shanghai slid 1.10%.

Disclosure: The author holds no position 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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