U.S. stock markets were trading in negative territory on Thursday morning, erasing gains made over the past week.Â
Shares of Guess Inc. (GES, Financial) jumped on Thursday morning after the company reported second-quarter results Wednesday afternoon. The company posted earnings per share of 36 cents on $645.87 million in revenue, reflecting a 13.6% year-over-over growth. It beat earnings estimates by 4 cents, but fell $4.74 million short of revenue expectations.
“Total Company revenues increased 14% in U.S. dollars and 12% in constant currency, driven by continued momentum in Europe and Asia," CEO Victor Herrero said. "The second quarter marked another quarter of operating margin expansion for the Company, with a 70 basis points increase in GAAP operating margin and 130 basis points increase in adjusted operating margin.”
Looking ahead to the third quarter, Guess now expects between 9% and 10% revenue growth and GAAP operating margins between 2.5% and 3%. Earnings per share are expected to range from 12 cents to 15 cents.
Gainers
- Hewlett Packard Enterprise Co. (HPE, Financial)
- Kroger Co. (KR, Financial)
- Micron Technology Inc. (MU, Financial)
- Unum Group”‹ (UNM, Financial)
Losers
- Davita Inc. (DVA, Financial)
- Electronic Arts Inc. (EA, Financial)
- Seagate Technology PLC (STX, Financial)
- Freeport-McMoRan Inc. (FCX, Financial)
- Kansas City Southern (KSU, Financial)
Global markets
The main European stock markets closed lower. The U.K.'s FTSE 100 lost 0.62%, France's CAC 40 fell 0.42%, Germany's Dax slid 0.54% and Spain's Ibex 35 retreated 1.06%.
In Asia, Japan's Nikkei 225 advanced 0.09%, India’s BSE Sensex fell 0.08%, Hong Kong's Hang Seng lost 0.89% and China's Shanghai Composite swelled 1.14%.
Disclosure: The author holds no positions in any stocks mentioned.
