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ovenerio
Omar Venerio
Articles (1420) 

Wall Street Jumps on Tuesday

Big 5 Sporting Goods issues strong earnings forecast

U.S. stocks were in positive territory on Tuesday despite uncertainty recarding company's quarterly financial results. The Dow Jones Industrial Average rose 120 points to 24,028, the S&P 500 index gained 0.95% to 2,607 and the Nasdaq Composite Index advanced 1.61% to 7,017.

Shares of Big 5 Sporting Goods Corp. (NASDAQ:BGFV) jumped more than 12% in Tuesday after the company announced same-store sales rose 1.1% in the fourth quarter. Net sales were $247.1 million, up from $242.9 million in the prior-year quarter.

For the full year, net sales were $987.6 million, down from $1.01 billion in fiscal 2017. Merchandise margins decreased 12 basis points.

Earnings results for the fourth quarter and full year will be reported by the end of February.

The California-based retailer projects a loss of 15 to 17 cents per share for the quarter, which is an improvement from its prior outlook of  a loss of 15 cents to 25 cents per share. For the full year, it expects a loss between 8 cents and 10 cents per share.

Gainers

Losers

Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 jumped 0.58%, France's CAC 40 gained 0.49%, Germany's Dax rose 0.33% and Spain's IBEX 35 swelled 0.36%.

In Asia, Japan's Nikkei 225 gained 0.96%, India’s BSE Sensex jumped 1.30%, Hong Kong's Hang Seng advanced 2.02% and China's Shanghai Composite slid 1.36%.

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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