U.S. stocks were in the green on Friday, ahead of the long weekend. The Dow Jones Industrial Average gained 0.16% to 26,403, the S&P 500 index rose 0.06% to 2,926, and the Nasdaq Composite Index retreated 0.13% to 7,973.
Shares of Big Lots Inc. (BIG, Financial) gained morethan 3% after announcing second-quarter results. The company posted earnings of 53 cents per share and revenue of $1.25 billion, reflecting a 2.5% growth from the comparable trimester of the previous year. The company beat earnings estimates by 13 cents, but revenue estimates were in-line expectations.
"We are pleased with our performance for the second quarter, which was in line with our sales guidance and ahead on earnings. Going forward, despite the current tariff headwinds, we are confident we will be able to navigate through this environment to deliver a good outcome for 2019,” President and CEO Bruce Thorn said.
Moreover, the company ended the quarter with $54 million of cash and cash equivalents. On Aug. 28, the board of directors declared a quarterly cash dividend of 30 cents per share.
Looking ahead the third quarter of fiscal 2019, the company expects an adjusted loss in the range of 15 to 25 cents per share.
During the quarter ended June 30, Phillippe Laffont established a new position with 32,140 shares. Robert Olstein (Trades, Portfolio) boosted his holdings by 23% to 49,000 shares.
Gainers
• Campbell Soup Co (CPB) +3.9%
• Wynn Resorts Ltd (WYNN) +3.6%
• Western Digital Corp (WDC) +4.0%
• DuPont de Nemours Inc (DD) +3.3%
Losers
• Ulta Beauty Inc (ULTA) -30%
• Cooper Companies Inc (COO) -5.7%
• Marathon Oil Corp (MRO) -3.0%
• Estee Lauder Companies Inc (EL) -2.8%
• Devon Energy Corp (DVN)”‹ -2.4%
Global Markets
The main European stock markets traded in the green. The U.K.'s FTSE 100 rose 0.32%, France’s CAC 40 gained 0.56%, Germany's Dax jumped 0.85% and Spain's Ibex 35 advanced 0.21%.
In Asia, Japan's Nikkei 225 gained 1.19%, India’s BSE Sensex jumped 0.71%, Hong Kong's Hang Seng advanced 0.08% and China's Shanghai Composite dipped 0.16%.
Disclosure: The author holdsno positions in any stocks mentioned.
