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Omar Venerio
Omar Venerio
Articles (1455) 

US Stocks Fall Thursday Morning

Wendy's declines on earnings miss

U.S. stocks were in negative territory on Thursday morning, driven by economic data released by the Census Bureau, which showed durable goods orders increased less than expected in December. The Dow Jones Industrial Average slid 0.29% to 25,880, the S&P 500 index lost 0.25% to 2,777 and the Nasdaq Composite Index retreated 0.23% to 7,472.

Shares of Wendy's Co. (NASDAQ:WEN) intially dipped 0.2% Thursday morning after the company announced fourth-quarter 2018 results. Revenue grew 3.6% from the prior-year quarter to $397.8 million, falling $2.14 million short of expectations. Earnings of 16 cents per share also missed analysts' estimates by 7 cents.

"Our resilient business model generated significantly higher cash in 2018, and we continued to reward shareholders by returning $350 million through dividends and share repurchases,” President and CEO Todd A. Penegor said. 

Over the past year, the fast-food restaurant chain repurchased 15.8 million shares for $270.2 million and paid $80.5 million in dividends.

Looking ahead to 2019, the company expects global systemwide sales growth between 3% and 4% with adjusted earnings before interest, taxes, depreciation and amortization growth in the range of 2.5% to 4.5%.

Gainers

Losers

Global markets

The main European stock markets traded mostly higher. The U.K.'s FTSE 100 lost 0.85%, France's CAC 40 gained 0.003%, Germany's Dax inched up 0.19% and Spain's IBEX 35 rose 0.11%.

In Asia, Japan's Nikkei 225 gained 0.15%, India’s BSE Sensex rose 0.40%, Hong Kong's Hang Seng advanced 0.41% and China's Shanghai Composite fell 0.34%.

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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