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Omar Venerio
Omar Venerio
Articles (1464) 

US, European Markets Red on Tuesday

Lindsay Corp falls on weak revenue

Stock market indexes were in negative territory on Tuesday as the U.S. signaled it is preparing to slap tariffs on the European Union. The Dow Jones Industrial Average fell 0.79% to 26,133, the S&P 500 index dipped 0.69% to 2,875 and the Nasdaq Composite Index swelled 0.55% to 7,910.

Shares of Lindsay Corp. (NYSE:LNN) declined more than 9% on Tuesday after the company announced second-quarter results. Revenue tumbled 16.2% from the prior-year quarter to $109.18 million, falling $6.25 million short of expectations. The company reported earnings of 2 cents per share, missing estimates by 1 cent.

By segment, irrigation revenue declined 14% from the prior-year quarter to $95.8 million. The operating margin was 7.9% of sales, down from 10.7% a year ago. The infrastructure segment registered an operating loss of $0.4 million, compared to $2.5 million.

Looking ahead, President and CEO Timothy Hassinger said he anticipates "market conditions in Brazil to continue improving and international project markets to remain active.”



Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 declined 0.35%, France's CAC 40 dipped 0.65%, Germany's Dax slid 0.94% and Spain's IBEX 35 lost 0.32%.

In Asia, Japan's Nikkei 225 gained 0.19%, India’s BSE Sensex advanced 0.62%, Hong Kong's Hang Seng jumped 0.27% and China's Shanghai Composite slipped 0.16%.

Disclosure: The author holds no positions in any stocks mentioned.

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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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