U.S. stocks were in the green on Friday, with investors more confident about U.S.-China trade negotiations. The Dow Jones Industrial Average gained 1.81% to 26,974, the S&P 500 index jumped 1.80% to 2,991 and the Nasdaq Composite Index advanced 1.97% to 8,107.
Shares of Fastenal Co. (FAST, Financial) climbed more than 15% on Friday after it announced third-quarter results. The company posted earnings of 37 cents per share on $1.35 billion in revenue. It beat earnings estimates by 1 cent, while revenue was in line with expectations.
The gross profit, as a percentage of net sales, declined 90 basis points from the prior-year quarter to 47.2%. The operating income, as a percentage of net sales, declined to 20.4% from 20.5%.
In the first nine months of 2019, the operating cash flow was $590.3, a 19% increase from the year-ago quarter, due to a reduction in working capital investment and a higher net income.
Moreover, the company returned $126.2 in dividends to shareholders, compared to $114.8 in the third quarter of 2018.
During the quarter ended June 30, Jim Simons (Trades, Portfolio)' Renaissance Technologies established a new position, buying 44,488 shares. John Hussman (Trades, Portfolio) increased his holding by 95% to 80,000 shares and Diamond Hill Capital (Trades, Portfolio) boosted its position by 76% to 59,873 shares.
Gainers
- Rockwell Automation Inc. (ROK, Financial)
- Abiomed Inc. (ABMD, Financial)
- United Rentals Inc. (URI, Financial)
- Freeport-McMoRan Inc. (FCX, Financial)
- Capri Holdings Ltd. (CPRI, Financial)
Losers
- Newmont Goldcorp Corp. (NEM, Financial)
- WEC Energy Group Inc. (WEC, Financial)
- Edison International (EIX, Financial)
- CME Group Inc. (CME, Financial)
Global markets
The main European stock markets traded in the green. The U.K.'s FTSE 100 rose 0.59%, France's CAC 40 gained 1.49%, Germany's Dax jumped 2.45% and Spain's IBEX 35 advanced 1.54%.
In Asia, Japan's Nikkei 225 gained 1.15%, India’s BSE Sensex rose 0.65%, Hong Kong's Hang Seng jumped 2.34% and China's Shanghai Composite swelled 0.88%.
Disclosure: The author holds no positions in any stocks mentioned.
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