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Omar Venerio
Omar Venerio
Articles (1575) 

World Capital Markets Post Losses

Fluor plunges on earnings

U.S. stocks declined on Thursday morning, continuing yesterday’s over-800-point tumble for the Dow Jones Industrial Average in a scenario of higher interest rates. The Dow Jones Industrial Average fell 0.43% to 25,487 and the S&P 500 index lost 0.51% to 2,770, while the Nasdaq Composite Index rose 0.11% to 7,430.

Shares of Fluor Corp. (NYSE:FLR) fell more than 15% on Thursday morning after the company reported second-quarter earnings of 81 cents per share on $4.9 billion in revenue. The company beat earnings estimates of by 10 cents and revenue expectations by $360 million.

"This quarter we saw an increase in backlog for the first time since 2016, and we expect continued improvement in backlog as we move through the remainder of 2018," Chairman and CEO David Seaton said. “For the second half of the year we will be focused on closing out legacy projects and deploying our cost-efficient integrated solutions model on future opportunities.”

The company reiterated its previous guidance for earnings per share in the range of $2.1 to $2.5.



Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 lost 1.94%, France's CAC 40 fell 1.92%, Germany's Dax retreated 1.48% and Spain's IBEX 35 slid 1.69%.

In Asia, Japan's Nikkei 225 plummeted 3.89%, India’s BSE Sensex lost 2.19%, Hong Kong's Hang Seng fell 3.54% and China's Shanghai Composite tumbled 5.22%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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