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Omar Venerio
Omar Venerio
Articles (1387) 

Wall Street High on Thursday

Commerce Bancshares reports better-than-expected earnings for its 2nd quarter

The U.S. stock market gained today in morning trading, with the Dow Jones up more than 170 points. Yesterday, Bloomberg reported that officials from China and the U.S. will have conversations at a high level.

Shares of Commerce Bancshares (NASDAQ:CBSH) gained on Thursday trading after the company posted second quarter earnings per share of $1.01 on revenue of $335.81 million, representing 12.6% year-over-year growth. The company managed to beat earnings estimations by 12 cents.

David W. Kemper, chairman and CEO, said, “Compared to the prior quarter, net interest income grew $18.1 million but included an equity dividend of $8.9 million this quarter, offset by a comparable securities loss.”

In the trimester, the net loan charge-offs totaled $10.0 million, compared to $10.8 million in the same quarter last year, due to the result of lower personal banking loan losses.

Gainers

· Texas Instruments Inc. (NASDAQ:TXN)

· Advanced Micro Devices Inc. (NASDAQ:AMD)

· Micron Technology Inc. (NASDAQ:MU)

· Intel Corp. (NASDAQ:INTC)

· Seagate Technology PLC (NASDAQ:STX)

Losers

· L Brands Inc. (NYSE:LB)

· Apache Corp. (NYSE:APA)

· Macy's Inc. (NYSE:M)

· SCANA Corp. (NYSE:SCG)

· Kohls Corp. (NYSE:KSS)

Global markets

The main European stock markets traded mostly in green. The U.K.'s FTSE advanced 0.77%, France's CAC jumped 0.73%, Germany's Dax closed up 0.39% and Spain's Ibex gained 0.30%.

In Asia, markets closed in positive ground. Japan's Nikkei rose 1.17%, India’s BSE Sensex gained 0.78%, Hong Kong's Hang Seng jumped 0.60% and China´s Shanghai inched up 2.16%.

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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