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Omar Venerio
Articles (1574) 

Dow Jones Plunges on Monday

Navios Maritime Acquisition advances despite chaotic day in the stock market

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. (NYSE:NNA) 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.



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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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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