U.S. stocks advanced on Monday morning after last week's severe decline in the three main indexes, an approximately 4% drop. The Dow Jones Industrial Average jumped more than 360 points to 24,650, the S&P 500 index advanced 1.32% to 2,667 and the Nasdaq Composite Index gained 1.50% to 7,042.
Shares of Jinko Solar Holding Co. Ltd. (JKS, Financial) jumped more than 13% on Monday after the company reported earnings of 76 cents per share on $974.78 million in revenue. The company beat revenue expectations by $58.25 million.
Sales were supported by an increase in the shipment of solar modules, despite a decline in the average selling price.
The gross profit in the third quarter was 997.6 million yuan ($145.3 million), higher than 772.4 million yuan in the same quarter of 2017. The gross margin reached 14.9%, up from 12% in the previous quarter.
"We had a solid quarter with module shipments hitting record high of 2,953 MW, an increase of 5.7% sequentially and 24.4% year-over-year,” CEO Kangping Chen said.
Gainers
- Wynn Resorts Ltd. (WYNN, Financial)
- MGM Resorts International (MGM, Financial)
- SCANA Corp. (SCG, Financial)
- CVS Health Corp. (CVS, Financial)
- Tiffany & Co. (TIF, Financial)
Losers
- Conagra Brands Inc. (CAG, Financial)
- Micron Technology Inc. (MU, Financial)
- Philip Morris International Inc. (PM, Financial)
- Altria Group Inc. (MO, Financial)
- United Continental Holdings Inc”‹. (UAL, Financial)
Global markets
The main European stock markets traded higher. The U.K.'s FTSE 100 gained 1.11%, France's CAC 40 rose1.09%, Germany's Dax jumped 1.68% and Spain's IBEX 35 was up 2.04%.
In Asia, Japan's Nikkei 225 gained 0.65%, India’s BSE Sensex fell 0.62%, Hong Kong's Hang Seng advanced 0.18% and China's Shanghai Composite slid 0.23%.
Disclosure: The author holds no positions in any stocks mentioned.
