The U.S. stock market fell in morning trading on Monday after inventory data showed business inventories inched up 0.4% in May and sales rose 1.4%. The ratio of inventories to sales was 1.34, down from the previous 1.35.
Shares of J.B. Hunt Transport Services Inc. (JBHT, Financial) fell on Monday after the company posted second-quarter earnings per share of $1.37 on revenue of $2.14 billion, representing 23.7% year-over-year growth. The company managed to beat earnings estimates by 9 cents and revenue expectations by $80 million.
Operating income for the current quarter totaled $214.8 million, up from $163.6 million a year ago. The company benefited from customer rate increases, volume growth and increases in revenue producing truck counts.
By segment, Intermodal's revenue was $1.16 billion, up 16%, and operating income was $134 million, up 22%. Dedicated Contract Services registered revenue of $530 million, up 29%, and operating income of $58.5 million, up 20%. Integrated Capacity Solutions reported revenue of $347 million, up 56%, while operating income was $14.9 million.
Gainers
- VF Corp. (VFC, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- Cisco Systems Inc. (CSCO, Financial)
Losers
- Alliance Data Systems Corp. (ADS, Financial)
- Marathon Oil Corp. (MRO, Financial)
- Hess Corp. (HES, Financial)
- Apache Corp. (APA, Financial)
- Anadarko Petroleum Corp. (APC, Financial)
- Vulcan Materials Co. (VMC, Financial)
Global markets
The main European stock markets traded mostly in the red. The U.K.'s FTSE 100 retreated 0.80%, France's CAC 40 slid 0.36%, Germany's Dax rose 0.16% and Spain's Ibex 35 fell 0.18%.
In Asia, Japan's Nikkei 225 rose 1.85%, India’s BSE Sensex lost 0.60%, Hong Kong's Hang Seng jumped 0.05% and China's Shanghai Composite fell 0.61%.
Disclosure: The author holds no positions in any stocks mentioned.
