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Omar Venerio
Omar Venerio
Articles (1399) 

US Stocks Fall on Thursday

Resources Connection beats estimates

U.S. stocks retreated on Thursday morning while the 10-year bond yield reached 3.21%. The Dow Jones Industrial Average declined 0.83% to 26,605, the S&P 500 index slid 0.85% to 2,900 and the Nasdaq Composite Index fell 1.63% to 7,894.

Shares of Resources Connection Inc. (NASDAQ:RECN) jumped more than 12% on Thursday morning after the company posted first-quarter earnings of 18 cents per share on $178.56 million in revenue, reflecting 26.5% year-over-year growth. The company beat earnings estimates by 7 cents and revenue expectations by $4.96 million.

The gross margin was 38.2%, a small increase from 38% in the prior-year quarter due to lower costs in the self-insured medical program.

Moreover, the board of directors hiked the dividend by 1 cent to 13 cents per share. Company share buybacks were approximately 468,000 shares for $7.5 million.



Global markets

The main European stock markets traded mostly lower. The U.K.'s FTSE 100 lost 1.25%, France's CAC 40 fell 1.47% and Germany's Dax slid 0.35%, but Spain's IBEX 35 swelled 0.41%.

In Asia, Japan's Nikkei 225 fell 0.56%, India’s BSE Sensex lost 2.54%, Hong Kong's Hang Seng retreated 1.73% and China's Shanghai Composite gained 1.06%.

Disclosure: The author holds no positions 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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