U.S. stocks were in the green on Wednesday. The Dow Jones Industrial Average gained 0.91% to 26,355, the S&P 500 index advanced 1.08% to 2,937 and the Nasdaq Composite Index climbed 1.30% to 7,977.
Shares of Navistar International Corp. (NAV, Financial) gained more than 12% after announcing third-quarter results. The company posted earnings of $1.56 per share on $3.04 billion in revenue, reflecting 16.5% growth from the prior-year quarter. The company beat earnings estimates by 37 cents and revenue expectations by $120 million.
"Market share increased, revenues and earnings grew at double-digit rates, and we made significant investments in our operations and our Uptime promise,” Chairman, President and CEO Troy A. Clarke said.
In the truck segment, net sales grew 25% from the year-ago quarter to $2.4 billion on the back of higher volumes in core markets and more volume in Mexico. The segment recorded a profit of $167 million, up $2 million compared to the prior-year quarter. The parts division saw net sales decline 6% to $571 million and recorded a profit of $149 million, up 3%. In the global operations business, net sales were $90 million and profit was $1 million.
The adjusted earnings before interest, taxes, depreciation and amortization was $266 million, up from $218 million a year ago.
Looking ahead to full-year 2019, the company expects revenue to be between $11.25 billion and $11.75 billion. It aslo projects adjusted Ebitda in the range of $875 million to $925 million.
During the quarter ended June 30, Jim Simons (Trades, Portfolio)' Renaissance Technologies boosted its stake by 30% to 1,035,300 shares and Mario Gabelli (Trades, Portfolio) reduced his holding by 3% to 4,669,888 shares.
Gainers
- PVH Corp. (PVH, Financial) +9.1%
- IPG Photonics Corp. (IPGP, Financial) +6.3%
- General Electric Co. (GE, Financial) +5.6%
- Tapestry Inc. (TPR) +5.1%
- Concho Resources Inc. (CXO) +5.1%
- Nordstrom Inc. (JWN, Financial) +4%
Losers
- Tyson Foods Inc. (TSN, Financial) -7.8%
- Incyte Corp. (INCY, Financial) -3.1%
- Humana Inc. (HUM, Financial) -2.2%
- Ulta Beauty Inc. (ULTA, Financial) -3.6%
- Vertex Pharmaceuticals Inc. (VRTX, Financial) -1.1%
Global Markets
The main European stock markets traded in the green. The U.K.'s FTSE 100 increased 0.59%, France's CAC 40 gained 1.21%, Germany's Dax rose 0.96% and Spain's IBEX 35 advanced 0.54%.
In Asia, Japan's Nikkei 225 swelled 0.12%, India’s BSE Sensex rose 0.44%, Hong Kong's Hang Seng jumped 3.90% and China's Shanghai Composite advanced 0.93%.
Disclosure: The author holds no positions in any stocks mentioned.
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