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ovenerio
Omar Venerio
Articles (1561) 

Wall Street Posts Losses on Tuesday

Casey's General Stores gains on financial results

U.S. stocks were in the red on Tuesday, with electronic tech and commercial services stocks leading the decline. The Dow Jones Industrial Average fell 0.13% to 26,800, the S&P 500 index dipped 0.39% to 2,966 and the Nasdaq Composite Index slid 0.50% to 8,046.

Shares of Casey's General Stores Inc. (NASDAQ:CASY) gained about 1.5% after announcing first-quarter results. The company posted earnings of $2.31 per share on $2.63 billion in revenue. The company beat earnings estimates by 25 cents and revenue expectations by $40 million.

"Quarterly results were positively impacted by our fuel price optimization initiative, store growth and a continued focus on controlling operating expenses," President and CEO Darren Rebelez said.

For the quarter, the gross profit was $565.7 million, up 840 basis points year over year, and the gross margin expanded 130 points to 21.5%. Operating expenses increased 5.7% as a result of 76 more stores opened from the prior-year quarter.

By segment, grocery and other merchandise sales grew 6.7% to $687.9 million and same-store sales rose 3.2%. In the prepared food and fountain division, sales rose 5.3% to $295.9 million, while same-store sales jumped 1.6%.

Looking ahead, the company maintained its fiscal 2020 guidance.

During the quarter ended June 30, Mario Gabelli (Trades, Portfolio) reduced his holding by 17% to 57,961 shares and Jim Simons (Trades, Portfolio)' Renaissance Technologies curbed its position by 20% to 24,472 shares. Robert Olstein (Trades, Portfolio) sold out of the stock and Joel Greenblatt (Trades, Portfolio) boosted his position by 53% to 11,561 shares.

Gainers

Losers

Global markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 advanced 0.44%, France's CAC 40 swelled 0.08%, Germany's Dax rose 0.35% and Spain's IBEX 35 advanced 0.75%.

In Asia, Japan's Nikkei 225 gained 0.35%, India’s BSE Sensex climbed 0.44%, Hong Kong's Hang Seng rose 0.01% and China's Shanghai Composite slid 0.12%.

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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