U.S. stocks were in positive territory on Tuesday, with investors foreseeing a scenario of monetary stimulus around the world. The Dow Jones Industrial Average gained 1.45% to 26,491, the S&P 500 index advanced 1.07% to 2,920 and the Nasdaq Composite Index jumped 1.52% to 7,964.
Shares of Parsons Corp. (PSN, Financial) gained more than 5.5% on Tuesday after the company announced first-quarter results. Revenue grew 19.8% from the prior-year quarter to $904.41 million, beating analysts’ expectations by $20.33 million. Earnings were 12 cents per share, falling 1 cent short of estimates.
"Our results reflect continued execution and implementation of our strategy to expand our technology base in our core defense, intelligence and critical infrastructure markets," Chairman, President and CEO Chuck Harrington said. "We've had a great start to the year, and we are excited about our future with our robust balance sheet and differentiated solutions aligned with large and growing customer markets."
The adjusted earnings before interest, taxes, depreciation and amortization was $68 million, a 43% increase over the prior-year period. The adjusted Ebitda margin rose 120 basis points to 7.5%. Both were positively impacted by the acquisitions in the Federal Solutions segment, revenue growth and margin expansion.
Gainers
- Xilinx Inc. (XLNX, Financial)
- Western Digital Corp. (WDC, Financial)
- Micron Technology Inc. (MU, Financial)
- United Rentals Inc. (URI, Financial)
- Wynn Resorts Ltd. (WYNN, Financial)
Losers
- Constellation Brands Inc. (STZ, Financial)
- Western Union Co. (WU, Financial)
- Kellogg Co. (K, Financial)
- Tyson Foods Inc. (TSN, Financial)
- Altria Group Inc. (MO, Financial)
Global markets
The main European stock markets traded higher. The U.K.'s FTSE 100 gained 1.17%, France's CAC 40 advanced 2.20%, Germany's Dax rose 2.03% and Spain's IBEX 35 jumped 1.19%.
In Asia, Japan's Nikkei 225 fell 0.72%, India’s BSE Sensex gained 0.22%, Hong Kong's Hang Seng advanced 1.00% and China's Shanghai Composite closed 0.09% higher.
Disclosure: The author holds no positions in any stocks mentioned.
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