U.S. stocks were in the green on Wednesday. The Dow Jones Industrial Average rose 0.61% to 26,970, the S&P 500 index advanced 0.62% to 2,984, and the Nasdaq Composite index increased 1.05% to 8,077.
Shares of Cintas Corp. (CTAS, Financial) gained more than 5.5% on Wednesday, after announcing first-quarter results. The company posted earnings of $2.32 per share on revenue of $1.81 billion. It beat earnings estimates by 17 cents and revenue by $20 million.
In the trimester, revenue increased 6.7% over last year’s first quarter. Further, gross profit was $849.1 million, an increase of 9.6%. The gross margin, as a percentage of revenue, was 46.9% compared to 45.6%.
Moreover, operating income was $306.1 million, an increase of 15.4% from last year’s first quarter when it was $265.2 million. And as a percentage of revenue, it reached 16.9%, compared to 15.6%.
Looking ahead, the company expects annual revenue in a range of $7.28 billion to $7.32 billion and earnings per share in a range of $8.47 to $8.57.
During the quarter ended June 30, Jim Simons (Trades, Portfolio) bought 56,868 shares of the company and Paul Tudor Jones (Trades, Portfolio) established a new position with 12,307 shares. On the other hand, Ray Dalio (Trades, Portfolio) sold out the stock, as well as First Eagle Investment (Trades, Portfolio).
Gainers
•Marathon Petroleum Corp. (MPC, Financial) +8.4%
•Cintas Corp. (CTAS, Financial) +5.7%
•Philip Morris International Inc. (PM, Financial) +5.2%
•Nike Inc. (NKE, Financial) +4.2%
•National Oilwell Varco Inc. (NOV, Financial) +3.3%
Losers
•Cimarex Energy Co. (XEC, Financial) -2.7%
•Humana Inc. (HUM, Financial) -2.7%
•EOG Resources Inc. (EOG, Financial) -2.3%
•Cabot Oil & Gas Corp. (COG, Financial) -2%
•Medtronic PLC (MDT, Financial) -1.9%
Global markets
The main European stock markets traded in the red. The U.K.'s FTSE 100 retreated 0.02%, France's CAC 40 lost 0.79%, Germany's Dax swelled 0.59% and Spain's Ibex 35 declined 0.36%. In Asia, Japan's Nikkei 225 fell 0.36%, India’s BSE Sensex declined 1.29%, Hong Kong's Hang Seng dipped 1.28% and China's Shanghai Composite slipped 1.0%.
Disclosure: The author holds no positions in any stocks mentioned.
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Wall Street Turns Red on Friday
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