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Omar Venerio
Omar Venerio
Articles (1580) 

US Market Jumps on Tuesday, Oil Prices Tumble

Apogee Enterprises advances on strong financial results

U.S. stock market indexes were in the green on Tuesday, but oil prices retreated after Saudi Arabia said it will restore a third of its lost oil output following the attacks this past weekend. The Dow Jones Industrial Average gained 0.13% to 27,110, the S&P 500 index rose 0.26% to 3,005 and the Nasdaq Composite Index advanced 0.40% to 8,186.

Shares of Apogee Enterprises Inc. (NASDAQ:APOG) jumped more than 11% on Tuesday after announcing second-quarter results. The company posted earnings of 72 cents per share on $357 million in revenue. The company beat earnings estimates by 9 cents and revenue expectations by $3.38 million.

“We delivered solid operational and financial performance in the second quarter, with results largely in-line with our expectations,” CEO Joseph F. Puishys said.

By segment, Architectural Framing Systems revenue was $187.4 million, down from $189.9 million in the prior-year quarter. The operating income was $15.5 million, a decrease from $18.3 million a year ago. Further, the operating margin was 8.3%, down from 9.6% in the comparable period.

In the Architectural Glass business, revenue grew 13% to $99.1 million. The operating income was $6.5 million, compared to $1.7 million in the year-ago quarter, and the operating margin was 6.5%, an improvement from 2%.

In the Architectural Services division, revenue declined to $61.6 million from $76.5 million in the prior-year quarter. The operating margin was 6.5%.

Looking ahead to the full year, the company expects revenue growth between 1% and 3%. It also projects an operating margin between 8.2% and 8.6%. Diluted earnings per share is expected to range from $3 to $3.20.

During the quarter ended June 30, Jim Simons (Trades, Portfolio)' Renaissance Technologies established a position in the stock, buying 38,183 shares. Chuck Royce (Trades, Portfolio) reduced his holding by 39% to 719,074 shares. Hotchkis & Wiley curbed its position by 34% to 106,164 shares and Richard Snow (Trades, Portfolio) trimmed his holding by 6% to 155,407 shares.

Gainers

  • Ball Corp. (NYSE:BLL) +3.9%
  • CME Group Inc. (CME) +3.7%
  • Ulta Beauty Inc. (NASDAQ:ULTA) +3.7%
  • Chipotle Mexican Grill Inc. (NYSE:CMG) +3.2%

Losers

Global markets

The main European stock markets traded in the red. The U.K.'s FTSE 100 slid 0.01%, France's CAC 40 rose 0.24%, Germany's Dax declined 0.06% and Spain's IBEX 35 fell 0.53%.

In Asia, Japan's Nikkei 225 gained 0.06%, India’s BSE Sensex retreated 1.73%, Hong Kong's Hang Seng tumbled 1.23% and China's Shanghai Composite dipped 1.74%.

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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