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Omar Venerio
Articles (1513) 

Wall Street Climbs on Monday

Lumber Liquidators disappoints investors

U.S. stocks were in positive territory on Monday, the start of a crucial week in which the Federal Reserve will make a decision regarding the interest rate. The Dow Jones Industrial Average advanced 0.08% to 25,870, the S&P 500 Index gained 0.24% to 2,829 and the Nasdaq Composite Index rose 0.19% to 7,703.

Shares of Lumber Liquidators Holdings Inc. (NYSE:LL) declined as much as 8% on Monday after the company announced fourth-quarter results. Revenue grew 3.5% from the prior-year quarter to $268.99 million, falling $3.6 million short of expectations. The company reported earnings of 17 cents per share, beating estimates by 1 cent.

During the quarter, the gross profit rose $3.9 million to $96 million. The gross margin inched up 30 basis points to 35.7%.

Looking ahead to full-year 2019, total revenue growth is expected to be in the mid-single digits. The company projects the adjusted operating margin in the range of 1.9% to 2.4%.

For the first quarter, it expects comparable store sales growth in the negative low-single digits and an adjusted gross margin between 34.5% and 35%.



Global markets

The main European stock markets traded mostly higher. The U.K.'s FTSE 100 rose 0.98%, France's CAC 40 swelled 0.14%, Germany's Dax lost 0.25% and Spain's IBEX 35 gained 0.72%.

In Asia, Japan's Nikkei 225 rose 0.62%, India’s BSE Sensex advanced 0.19%, Hong Kong's Hang Seng climbed 1.37% and China's Shanghai Composite shot up 2.47%.

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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