U.S. stocks were in the green on Monday on the back of stronger-than-expected earnings results from companies. The Dow Jones Industrial Average gained 0.38% to 27,060, the S&P 500 Index rose 0.58% to 3,040 and the Nasdaq Composite Index increased 1.00% to 8,325.
Non-index stocks also posted gains and losses. Shares of DTE Energy Co. (DTE, Financial) fell almost 1% on Monday after announcing third-quarter results. The company posted operating earnings of $1.91 per share, which were 7 cents short of analysts' estimates.
"We delivered strong third quarter financial results in our utility and non-utility businesses," Chief Financial Officer Peter Oleksiak said. "We feel confident we are well-positioned to exceed original guidance for 2019."
Moreover, DTE's board of directors declared a dividend of $1.01 per share, a 7% increase from the previous quarterly distribution of 94.5 cents per share.
"This dividend increase reflects the company's strong performance and ability to consistently achieve our goals," CEO Jerry Norcia said. "The Board's approval of the increase signals confidence in the company's performance and long-term strategic plan."
Looking ahead to full-year 2019, the company expects operating earnings per share between $6.06 and $6.40.
During the quarter ended June 30, Joel Greenblatt (Trades, Portfolio) boosted his holding by 29% to 8,515 shares and Steven Cohen (Trades, Portfolio) established a new position with 12,100 shares. Jim Simons (Trades, Portfolio)' Reanaissance Technologies curbed its stake by 37% to 1,315,300 shares, while Paul Tudor Jones (Trades, Portfolio) sold out of the stock.
Gainers
- Tiffany & Co. (TIF, Financial) +30%
- Illumina Inc. (ILMN, Financial) +6%
- AT&T Inc. (T, Financial) +4.3%
- Tyson Foods Inc. (TSN, Financial) +4.2%
- Advanced Micro Devices Inc. (AMD, Financial) +3.1%
Losers
- Loews Corp. (L, Financial) -3.2%
- Cabot Oil & Gas Corp. (COG, Financial) -2.7%
- D.R. Horton Inc. (DHI, Financial) -2.2%
- Noble Energy Inc. (NBL, Financial) -2.3%
- NVR Inc (NVR, Financial) -2%
Global markets
The main European stock markets traded mostly in the green. The U.K.'s FTSE 100 rose 0.09%, France's CAC 40 gained 0.15%, Germany's Dax increased 0.37% and Spain's IBEX 35 swelled 0.03%.
In Asia, Japan's Nikkei 225 gained 0.30%, India’s BSE Sensex rose 0.49%, Hong Kong's Hang Seng increased 0.84% and China's Shanghai Composite inched up 0.85%.
Disclosure: The author holds no positions in any stocks mentioned.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
