U.S. stock markets were trading higher on Tuesday morning on the back of a number of big deals between PepsiCo (PEP, Financial) and SodaStream (SODA, Financial) and Tyson (TSN, Financial) and Keystone Foods. Further, investors are waiting for the decisions made at the Federal Reserve's meeting.
Shares of Fabrinet (FN, Financial) jumped more than 6% on Tuesday morning after the company posted fourth-quarter 2018 earnings per share of 81 cents on $345.33 million in revenue. It beat earnings estimates by 6 cents and revenue estimates by $7.21 million.
“Our financial results for the fourth quarter exceeded our guidance for revenue and profitability," CEO Seamus Grady said. "Our sequential revenue growth was driven by modest growth from optical communications products, and strong growth from non-optical communications products, with a particularly notable performance in the industrial laser and automotive markets”.
The company repurchased approximately 551,000 ordinary shares at an average price of $36.31 during the quarter.
Looking ahead, the company expects first-quarter 2019 revenue to be between $347 million and $355 million. GAAP net income per diluted share is expected to be in the range of 58 cents to 61 cents. Non-GAAP net income per diluted share is expected to be in the range of 80 cents to 83 cents.
Gainers
- American Airlines Group Inc. (AAL, Financial)
- Micron Technology Inc. (MU, Financial)
- Ulta Beauty Inc. (ULTA, Financial)
- Qorvo Inc. (QRVO, Financial)
- Intel Corp. (INTC)
- Western Digital Corp. (WDC)
Losers
- Cboe Global Markets Inc. (CBOE, Financial)
- Wynn Resorts Ltd. (WYNN, Financial)
- Nielsen Holdings PLC (NLSN, Financial)
Global markets
The main European stock markets were mostly higher.The U.K.'s FTSE 100 fell 0.34%, but France's CAC 40 gained 0.54%, Germany's Dax jumped 0.43% and Spain's Ibex 35 rose 0.85%.
In Asia, Japan's Nikkei 225 advanced 0.09%, India’s BSE Sensex gained 0.02%, Hong Kong's Hang Seng rose 0.56% and China's Shanghai Composite jumped 1.31%.
Disclosure: The author holds no positions in any stocks mentioned.
