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Omar Venerio
Omar Venerio
Articles (1516) 

US Market Indexes Mostly Lower Thursday

STMicroelectronics jumps on 4th-quarter results

U.S. market indexes were mostly lower on Thursday. The Dow Jones Industrial Average fell more than 55 points to 24,520, the S&P 500 index lost 0.05% to 2,637 and the Nasdaq Composite Index advanced 0.41% to 7,054.

Shares of STMicroelectronics NV (NYSE:STM) jumped more than 11% on Thursday after the company announced fourth-quarter results. It posted revenue of $2.65 billion, reflecting 7.3% year-over-year growth and beating expectations by $50 million. Earnings were 46 cents per share, beating estimates by 6 cents.

"2018 has been an important year for ST," President and CEO Jean-Marc Chery said. "In line with the objectives we had set, we achieved significant revenue growth across our product groups, as well as a strong expansion of profitability and cash flow from operations.”

Gross profit reached $1.06 billion, a 5.6% year-over-year increase. Further, the gross margin was 40.0%, 20 basis points higher than the midpoint of the guidance. However, it decreased 70 basis points from the prior-year period due to currency effects.

Looking ahead to the first quarter of 2019, the company expects net revenues to decrease approximately 20.7% sequentially (5.7% year over year) with a gross margin of 39%.

Gainers

Losers

Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 declined 0.35%, France's CAC 40 rose 0.65%, Germany's Dax closed 0.53% higher and Spain's IBEX 35 gained 0.23%.

In Asia, Japan's Nikkei 225 fell 0.09%, India’s BSE Sensex gained 0.24%, Hong Kong's Hang Seng advanced 0.42% and China's Shanghai Composite jumped 0.41%.

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 and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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