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Omar Venerio
Articles (1456) 

US Markets Mostly Higher on Tuesday

Stitch Fix surges on earnings results

U.S. stocks were mixed on Tuesday morning on economic data. The Consumer Price Index for February rose 0.2% month over month, in line with expectations, and 1.5% year over year. The underlying inflation( excluding volatile categories) advanced 2.1%. The Dow Jones Industrial Average retreated 0.33% to 25,565, the S&P 500 index rose 0.33% to 2,792, while the Nasdaq Composite Index climbed 0.47% to 7,594.

Shares of Stitch Fix Inc. (NASDAQ:SFIX) soared nearly 25% on Tuesday morning after the company announced second-quarter results on Monday. Revenue grew 25.1% from the prior-year quarter to $370.28 million, beating estimates by $5.42 million. Earnings were 12 cents per share, topping analysts’ expectations by 7 cents.

“Second quarter was another strong quarter for us, delivering net revenue of $370.3 million, exceeding our guidance and representing 25% year-over-year growth,” founder and CEO Katrina Lake said.

The company recorded about 3 million active clients, an increase of 18% year over year. The gross margin was 44.1%, up 110 basis points from 43% in the year-ago quarter.

Looking ahead to the third quarter, the company expects revenue in the range of $388 million to $398 million. For 2019, it projects revenue between $1.53 billion and $1.56 billion and adjusted earnings before interest, taxes, depreciation and amortization between $33 million and $43 million.



Global markets

The main European stock markets were mixed. The U.K.'s FTSE 100 rose 0.29% and France's CAC 40 gained 0.08%, while Germany's Dax fell 0.17% and Spain's IBEX 35 slid 0.11%.

In Asia, Japan's Nikkei 225 jumped 1.79%, India’s BSE Sensex advanced 1.30%, Hong Kong's Hang Seng gained 1.46% and China's Shanghai Composite climbed 1.10%.

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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