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Omar Venerio
Omar Venerio
Articles (1464) 

US Stocks Advance Tuesday

Lockheed Martin jumps 6% on strong performance

U.S. stocks were in positive territory on Tuesday, driven by stronger-than-expected earnings results from a slew of companies. The Dow Jones Industrial Average gained 0.55% to 26,656, the S&P 500 index advanced 0.88% to 2,933 and the Nasdaq Composite Index jumped 1.32% to 8,120.

Shares of Lockheed Martin Corp.(NYSE:LMT) gained almost 6% on Tuesday after the company announced first-quarter results. Revenue grew 22.9% from the prior-year quarter to $14.3 billion, beating expectations by $1.74 billion. Earnings of $5.99 per share beat estimates by $1.65.

Cash from operations was $1.7 billion, almost three times higher than in the prior-year quarter. The company paid $638 million in dividends and repurchased 1 million shares for $281 million.

"The corporation had strong performance in the first quarter, which has allowed us to increase our full-year financial guidance for sales, profit, earnings per share and cash," Chairman, President and CEO Marillyn Hewson said.

Looking ahead, the company expects sales to be between $5.675 billion and $5.825 billion for full fiscal 2019. Diluted earnings per share are expected to be between $20.05 and $20.35.

Gainers

Losers

Global markets

The main European stock markets traded mostly higher. The U.K.'s FTSE 100 advanced 0.85%, France's CAC 40 gained 0.20%, Germany's Dax rose 0.11% and Spain's Ibex 35 slid 0.57%.

In Asia, Japan's Nikkei 225 swelled 0.19%, India’s BSE Sensex lost 0.21%, Hong Kong's Hang Seng was flat and China's Shanghai Composite retreated 0.51%.

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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