U.S. stocks were in negative territory on Thursday morning ahead of the G20 meeting in Argentina. The Dow Jones Industrial Average fell to 25,318, the S&P 500 index slid 0.13% to 2,740 and the Nasdaq Composite Index declined 0.16% to 7,279.
Shares of La-Z-Boy Inc. (LZB, Financial) jumped nearly 6% on Thursday after the company posted second-quarter 2019 earnings of 48 cents per share on $439.33 million in revenue, reflecting 11.7% year-over-year growth. The company beat earnings estimates by 5 cents and revenue expectations by $5.29 million.
The consolidated GAAP operating margin was 6.5%, down from 8.7% in the prior-year quarter as a result of lower margins in the upholstery segment and an increase in costs.
“Solid across-the-board sales increases demonstrate the fundamental strength of our various brands, core manufacturing capabilities and retail business, even as we contend with record-high commodity costs and tariff headwinds,” Chairman, President and CEO Kurt L. Darrow said.
Sales in the upholstery segment rose 4% to $317.1 million and the GAAP operating margin was 10.1%. Sales in the retail segment increased 19.7% to $139.7 million and the GAAP operating margin was 4.7%.
The board of directors also increased the quarterly dividend by 8% to 13 cents per share.
Gainers
- Qualcomm Inc. (QCOM, Financial)
- Concho Resources Inc. (CXO, Financial)
- Altria Group Inc. (MO, Financial)
- Boeing Co. (BA, Financial)
- Anadarko Petroleum Corp. (APC, Financial)
Losers
- Align Technology Inc. (ALGN, Financial)
- Wynn Resorts Ltd. (WYNN, Financial)
- Western Digital Corp. (WDC, Financial)
- Nordstrom Inc. (JWN, Financial)
- Kohl's Corp. (KSS, Financial)
Global markets
The main European stock markets were mixed. The U.K.'s FTSE 100 gained 0.49%, France's CAC 40 advanced 0.46%, Germany's Dax dipped 0.0057% and Spain's IBEX 35 fell 0.042%.
In Asia, Japan's Nikkei 225 gained 0.39%, India’s BSE Sensex jumped 1.27%, Hong Kong's Hang Seng retreated 0.87% and China's Shanghai Composite slid 1.32%.
Disclosure: The author holds no positions in any stocks mentioned.
