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Omar Venerio
Omar Venerio
Articles (1463) 

World Stock Markets Decline Friday

CalAmp shares tumble on weak earnings

U.S. stocks were in negative territory on Friday, closing the week with a drop about 5%. The Dow Jones Industrial Average jumped more than 150 points to 23,026, the S&P 500 index gained 0.64% to 2,483, and the Nasdaq Composite Index declined 0.01% to 6,527.

Shares of CalAmp Corp. (NASDAQ:CAMP) fell almost 9% on Friday pre-market trading, after the company posted third-quarter earnings of 25 cents per share, on revenue of $88.49 million, reflecting a 5.5% year-over-year decline. The company fell short 3 cents in earnings estimates and $5.0 million in revenue expectations.

Telematics Systems revenue reached $68.6 million, a 12% year-over-year decline, due to less legacy LoJackSVR product sales. The Software & Subscription Services revenue was $19.9 million, more than a fifth of consolidated revenue.

Further, the gross margin was 41.1%, 30 basis points higher than in the prior year. The operating cash flow was $11.3 million, adjusted Ebitda was $11.4 million and adjusted Ebitda margin was 13%.

Gainers

• Activision Blizzard Inc. (NASDAQ:ATVI)

• Seagate Technology PLC (NASDAQ:STX)

• Xcel Energy Inc. (NASDAQ:XEL)

• J B Hunt Transport Services Inc. (NASDAQ:JBHT)

Losers

• News Corp. (NASDAQ:NWSA)

• Discovery Inc. (NASDAQ:DISCA)

• Illumina Inc. (NASDAQ:ILMN)

• News Corp. (NASDAQ:NWS)

• TripAdvisor Inc. (NASDAQ:TRIP)

Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 fell 0.24%, France's CAC 40 dipped 0.39%, Germany's Dax closed 0.11% down and Spain's Ibex 35 tumbled 0.82%.

In Asia, Japan's Nikkei 225 fell 1.11%, India’s BSE Sensex lost 1.89%, Hong Kong's Hang Seng gained 0.51% and China's Shanghai Composite slid 0.79%.

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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