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Omar Venerio
Omar Venerio
Articles (1575) 

US Stocks Gain on Friday

Lululemon Athletica jumps on strong results

U.S. stocks were in the green on Friday despite a weaker-than-expected jobs report. The U.S. created 130,000 jobs in August, below the 150,000 expected.The Dow Jones Industrial Average gained 0.29% to 26,810, the S&P 500 index rose 0.20% to 2,982 and the Nasdaq Composite Index swelled 0.16% to 8,129.

Shares of Lululemon Athletica Inc. (NASDAQ:LULU) gained more than 7% after announcing second-quarter results. The company posted earnings of 96 cents per share on $883.35 million in revenue, reflecting22.1% growth from the prior-year quarter. The company beat earnings estimates by 7 cents and revenue expectations by $38.32 million.

Selling, general and administrative expenses increased 21.3% to $317.8 million, but were down 20 basis points to 36% of sales.The gross profit reached $485.8 million, an increase of 23% from a year ago, while the gross margin was 55%, an increase of 20 basis points. Further, the operating margin was 19%, an increase of 50 basis points.

Looking ahead to third-quarter 2019, the company expects net revenue to range from $880 million to $890 million. It also projects diluted earnings between 90 cents and 92 cents per share.

During the quarter ended June 30Philippe Laffont established a new position, buying 2,599 shares. Paul Tudor Jones (Trades, Portfolio) boosted his holding by 20% to 8,089 shares and Steven Cohen (Trades, Portfolio) increased his position by 144% to 719,821 shares. John Hussman (Trades, Portfolioand Joel Greenblatt (Trades, Portfolio) sold out of the stock.

Gainers

Losers

Global markets

The main European stock markets traded mostly higher. The U.K.'s FTSE 100 swelled 0.02%, France's CAC 40 gained 0.12%, Germany's Dax rose 0.38% and Spain's IBEX 35 retreated 0.10%.

In Asia, Japan's Nikkei 225 gained 0.54%, India’s BSE Sensex increased 0.92%, Hong Kong's Hang Seng jumped 0.66% and China's Shanghai Composite advanced 0.46%.

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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