U.S. stocks were in the red on Monday on the back of China's announcement that it will impose tariffs as high as 25% on U.S. goods. The Dow Jones Industrial Average fell 2.38% to 25,324, the S&P 500 index retreated 2.41% at 2,811, and the Nasdaq Composite Index slid 3.41% to 7,647.
Shares of Navios Maritime Acquisition Corp. (NNA, Financial) gained more than 5.6% on Monday after the company reported first-quarter results. Revenue grew 67.1% from the prior-year quarter to $77.1 million, beating expectations by $15.1 million. Earnings of 6 cents per share topped estimates by 91 cents.
“I am pleased to report that for the first quarter of 2019, Navios Acquisition recorded revenue of $77.1 million, Ebitda of $41.7 million and net income of $0.9 million," Chairman and CEO Angeliki Frangou said. "We declared a quarterly distribution of 30 cents per share for the first quarter, and repurchased about 735,000 shares since the program was initiated, together providing a total annualized return of about 22%.”
The earnings before interest, taxes, depreciation and amortization grew by $32.9 million to $41.7 million, as compared to $8.8 million in the prior-year quarter. Time charter and voyage expenses decreased 18.2% to $4.8 million.
Further, on May 10, the board of directors declared a quarterly cash dividend of 30 cents per share. It has repurchased 735,251 shares since the $25 million stock buyback program was initiated.
Gainers
- Newmont Goldcorp Corp. (NEM, Financial)
- HCP Inc. (HCP, Financial)
- Ameren Corp. (AEE, Financial)
- CenterPoint Energy Inc. (CNP, Financial)
- Eversource Energy (ES, Financial)
Losers
- Arista Networks Inc. (ANET, Financial)
- Seagate Technology PLC (STX, Financial)
- Invesco Ltd. (IVZ, Financial)
- Tiffany & Co. (TIF, Financial)
- Gap Inc. (GPS, Financial)
Global markets
The main European stock markets traded lower. The U.K.'s FTSE 100 lost 0.55%, France's CAC 40 declined 1.22%, Germany's Dax fell 1.52% and Spain's IBEX 35 slipped 0.78%.
In Asia, Japan's Nikkei 225 dipped 0.72%, India’s BSE Sensex slid 0.99%, Hong Kong's Hang Seng advanced 0.84% and China's Shanghai Composite tumbled 1.21%.
Disclosure: The author holds no positions in any stocks mentioned.
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