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ovenerio
Omar Venerio
Articles (1420) 

Wall Street Opens Red on Monday

JD.com beats earnings estimates, falls short of revenue expectations

U.S. stocks retreated on Monday morning, with tech stocks leading the way. The Dow Jones Industrial Average fell 0.22% to 25,358, the S&P 500 index lost 0.22% to 2,729 and the Nasdaq Composite Index dipped 0.73% to 7,193.

Shares of JD.com Inc. (NASDAQ:JD) fell more than 3% in Monday premarket trading after the company posted third-quarter earnings of 12 cents per share on $15.25 billion in revenue, reflecting a 21% year-over-year growth. The company beat earnings estimates by 2 cents, but fell $90 million short of revenue expectations. 

“We are pleased to report solid results for the third quarter, with our core JD Mall business driving consistent growth under its highly experienced management team,” Chairman and CEO Richard Liu said.

The operating margin before unallocated items was 2.2%, a bit lower than the 2.3% registered in the prior-year quarter.

Looking ahead to the the fourth quarter, the company expects net revenues to be between 130 billion ($18.7 billion) and 135 billion yuan.

Gainers

Losers

Markets

The main European stock markets traded lower. The U.K.'s FTSE 100 fell 0.19%, France's CAC 40 declined 0.79%, Germany's Dax slid 0.85% and Spain's IBEX 35 dipped 0.56%.

In Asia, Japan's Nikkei 225 gained 0.65%, India’s BSE Sensex jumped 0.90%, Hong Kong's Hang Seng advanced 0.72% and China's Shanghai Composite rose 0.91%.

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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