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Omar Venerio
Omar Venerio
Articles (1439) 

US Stocks Mostly Lower Monday Morning

Restaurant Brands posts stronger-than-expected earnings

U.S. stocks were mixed on Monday morning, with investors worrying about the trade conflict between the U.S. and China. The Dow Jones Industrial Average fell 0.27% to 25,038, the S&P 500 index slid 0.04% to 2,707 and the Nasdaq Composite Index advanced 0.01% to 7,299.

Shares of Restaurant Brands Inc. (NYSE:QSR) jumped more than 1.5% Monday morning after the company announced fourth-quarter results. It reported revenue of $1.39 billion, reflecting 13% year-over-year growth and in line with estimates. Earnings were 68 cents per share, beating analysts' estimates by 1 cent.

The system-wide sales growth was fueled by net restaurant growth of 2.1%. Further, comparable sales growth was 0.6% for the year and 1.9% for the fourth quarter. Comparable sales in Canada grew 0.9% and 2.2% over the same periods.

"I am pleased to report that our business continued to deliver strong system-wide sales growth in 2018, driven by acceleration of net restaurant growth at Burger King and Popeyes and improved momentum in comparable sales at Tim Hortons through our 'Winning Together' plan," CEO Jose Cil said.  "We have demonstrated our increased focus on technology and made notable progress against many of our initiatives including delivery, kiosks, and mobile app development.”

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Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 gained 0.82%, France's CAC 40 jumped 1.06%, Germany's Dax rose 0.99% up and Spain's Ibex 35 swelled 0.90%.

In Asia, Japan's Nikkei 225 plummeted 2.01%, India’s BSE Sensex slid 0.41%, Hong Kong's Hang Seng gained 0.71% and China's Shanghai Composite climbed 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.

Rating: 5.0/5 (1 vote)

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