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Omar Venerio
Omar Venerio
Articles (1574) 

Wall Street Green on Wednesday

Navistar jumps on strong quarterly results

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. (NYSE:NAV) 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. (NYSE:PVH) +9.1%
  • IPG Photonics Corp. (NASDAQ:IPGP) +6.3%
  • General Electric Co. (NYSE:GE) +5.6%
  • Tapestry Inc. (TPR) +5.1%
  • Concho Resources Inc. (CXO) +5.1%
  • Nordstrom Inc. (NYSE:JWN) +4%

Losers

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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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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