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Omar Venerio
Omar Venerio
Articles (1578) 

Wall Street Rallies Monday

Weibo advances on strong earnings

U.S. stocks were in the green on Monday after President Trump tweeted that the U.S. is “doing very well with China" in regard to trade talks. The Dow Jones Industrial Average gained 1.08% to 26,163, the S&P 500 index jumped 1.36% to 2,927 and the Nasdaq Composite Index advanced 1.47% to 8,011.

Shares of Weibo Corp. (NASDAQ:WB) gained more than 15% after announcing second-quarter results. The company posted earnings of 68 cents per share and $431.84 million in revenue, reflecting 1.2% growth from the prior-year quarter. The company beat earnings estimates by 8 cents, but fell $2.95 million short of revenue expectations.

We are delighted to see a notable acceleration in user growth from prior quarter and robust user engagement trends, underpinned by our strengthened social network effect as well as the consistent efforts in user product upgrade and optimization," CEO Gaofei Wang said. "On monetization, we continued to showcase unique value proposition to advertisers, leveraging the ongoing ad product evolution to mobile, social and video."

For the quarter, advertising and marketing revenues were $370.7 million, up from $369.9 million a year ago.

Costs and expenses were $280.6 million, up from $271.7 million in the prior-year quarter. Non-GAAP costs and expenses were $265.6 million, up from $259.3 million.

Looking ahead to the third quarter, the company expects net revenue to increase 6% to 9% year over year on a constant currency basis.

During the quarter ended June 30, Howard Marks (Trades, Portfolio) boosted his holding by 0.6% to 531,918 sharesRay Dalio (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) established positions, buying 6,899 and 200,000 shares. On the other hand, Ken Fisher (Trades, Portfolio) reduced his stake by 3.8% to 4,198,833 shares. Jim Simons (Trades, Portfolio)' Renaissance Technologies sold out of the stock.



Global Markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 gained 1.02%, France's CAC 40 climbed 1.34%, Germany's Dax jumped 1.32% and Spain's IBEX 35 advanced 0.73%.

In Asia, Japan's Nikkei 225 gained 0.71%, India’s BSE Sensex rose 0.14%, Hong Kong's Hang Seng jumped 2.17% and China's Shanghai Composite advanced 2.10%.

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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