U.S. stocks were pulled down on Tuesday morning, ahead of Trump's comments that enlarged trade tensions between the U.S. and China. The Dow Jones Industrial Average declined more than 300 points to 24,442, the S&P 500 index dropped 0.44% to 2,661, and the Nasdaq Composite Index fell 0.49% to 7,048.
Shares of Hibbett Sports Inc. (HIBB, Financial) fell more than 3% on Tuesday, after the company reported earnings of 14 cents, on revenue of $216.89 million. The company fell short on earnings estimates by 2 cents and on revenue expectations by $540,000.
Comparable sales rose 0.1% and e-commerce sales increased 62.2%. Total net sales declined 8.8% to $216.9 million.
Gross margin reached 32.5% of net sales, higher than the 32.0% for the comparable period of 2017.
Looking ahead fiscal 2019, the company expects earnings per diluted share between $1.35 and $1.48, including 17 to 20 cents per diluted share for non-recurring costs associated with the acquisition of City Gear. Not considering this effect, non-GAAP earnings per diluted share are expected to be between $1.55 and $1.65
Gainers
• Wynn Resorts Ltd. (WYNN, Financial)
• NVIDIA Corp. (NVDA, Financial)
• DISH Network Corp. (DISH, Financial)
• Autodesk Inc. (ADSK, Financial)
Losers
• United Continental Holdings Inc. (UAL, Financial)
• Ulta Beauty Inc. (ULTA, Financial)
• Everest Re Group Ltd. (RE, Financial)
• Costco Wholesale Corp. (COST, Financial)
• Biogen Inc. (BIIB, Financial)
Global markets
The main European stock markets traded lower. The U.K.'s FTSE 100 lost 0.46%, France's CAC 40 fell 0.43%, Germany's Dax dipped 0.38% and Spain's Ibex 35 slipped 0.41%.
In Asia, Japan's Nikkei 225 gained 0.64%, India’s BSE Sensex gained 0.45%, Hong Kong's Hang Seng retreated 0.17% and China's Shanghai Composite slid 0.04%.
Disclosure: The author holds no positions in any stocks mentioned.
