U.S. stocks gained on Wednesday morning with the Dow Jones Industrial Average and S&P 500 close to record highs. The Dow Jones rose more than 200 points to 26,447, 0.6% shy of a record. The S&P 500 advanced to 2,910, a gain of 0.22%, putting it just 0.3% below a new high.
Shares of Copart Inc. (CPRT, Financial) fell more than 17% on Wednesday morning after the company posted adjusted fourth-quarter earnings of 42 cents per share on $449.22 million in revenue, reflecting 18.7% year-over-year growth. The company beat revenue expectations by $5.05 million, but fell 6 cents short of earnings estimates.
For the year ended July 31, revenue was $1.8 billion, an increase of $357.7 million, or 24.7%. The gross profit reached $762.4 million, an increase of $130.3 million, or 20.6%. Net income was $417.9 million, an increase of $23.6 million, or 6%. Further, diluted earnings per share were $1.73, up 4.2% from $1.66 a year ago.
Moreover, operating results were negatively impacted by abnormal costs of $79.7 million due to Hurricane Harvey.
Gainers
- BorgWarner Inc. (BWA, Financial)
- Invesco Ltd. (IVZ, Financial)
- Albemarle Corp. (ALB, Financial)
- Freeport-McMoRan Inc. (FCX, Financial)
Losers
- HollyFrontier Corp. (HFC, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- Robert Half International Inc. (RHI, Financial)
- Hormel Foods Corp. (HRL, Financial)
- NetApp Inc. (NTAP, Financial)
Global markets
The main European stock markets traded higher. The U.K.'s FTSE 100 gained 0.47%, France's CAC 40 jumped 0.62%, Germany's Dax advanced 0.49% and Spain's IBEX 35 rose 0.39%.
In Asia, Japan's Nikkei 225 gained 1.08%, India’s BSE Sensex fell 0.45%, Hong Kong's Hang Seng advanced1.19% and China's Shanghai Composite jumped 1.14%.
Disclosure: The author holds no positions in any stocks mentioned.
