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Omar Venerio
Omar Venerio
Articles (1417) 

Wall Street Turns Red on Friday

Viacom beats profit and revenue estimates

U.S. stocks retreated on Friday morning, while trade tensions and political risks persist. In Europe, U.K. retail sales declined 0.5% in October. The Dow Jones Industrial Average fell 0.17% to 25,246, the S&P 500 index lost 0.25% to 2,723, and the Nasdaq Composite Index was down 0.68% to 7,209.

Shares of Viacom Inc. (NASDAQ:VIAB) jumped 0.2% on Friday after the company posted fourth-quarter earnings per share of 99 cents, on revenue of $3.49 billion, reflecting 5.1% year-over-year growth. The company beat earnings estimates by 3 cents and beat revenue expectations by $120 million. The growth was driven by the impact of "Mission: Impossible - Fallout."

The total debt was $10.08 billion, a decline of more than $1 billion in one year. In the left side of the balance sheet, cash rose $168 million to $1.6 billion for the full year. Cash flow from operating activities increased $150 million, or 9%, to $1.82 billion for the full year, while the free cash flow added $167 million, or 11%, to $1.64 billion. Further, the operating cash flow advanced $134 million, or 9%, to $1.64 billion for the full year.

Gainers

• Xilinx Inc. (NASDAQ:XLNX)

• Cisco Systems Inc. (NASDAQ:CSCO)

• Micron Technology Inc. (NASDAQ:MU)

• Applied Materials Inc. (NASDAQ:AMAT)

• Analog Devices Inc. ​(NASDAQ:ADI)

Losers

• NetApp Inc. (NASDAQ:NTAP)

• Goodyear Tire & Rubber Co. (NASDAQ:GT)

• News Corp. (NASDAQ:NWS)

• Costco Wholesale Corp. (NASDAQ:COST)

• Southern Co. (NYSE:SO)

Markets

The main European stock markets traded lower. The U.K.'s FTSE 100 lost 0.78%, France's CAC 40 retreated 0.53%, Germany's Dax slid 0.55% and Spain's Ibex 35 dipped 0.41%.

In Asia, Japan's Nikkei 225 fell 0.57%, India’s BSE Sensex jumped 0.56%, Hong Kong's Hang Seng advanced 0.31% and China's Shanghai Composite rose 0.41%.

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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