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Omar Venerio
Omar Venerio
Articles (1652) 

Dow Jones Hits Record High Monday

Sprint reports 2nd-quarter loss

S&P stocks were in the green on Monday, with investors confident about a positive trade agreement with China.The Dow Jones Industrial Average gained 0.32% to hit a record high of 27,517, the S&P 500 Index advanced 0.35% to 3,077 and the Nasdaq Composite Index rose 0.53% to 8,430.

Non-index stocks have also posted gains and losses recently. Shares of Sprint Corp. (NYSE:S) fell more than 2% on Monday after the company announced second-quarter results. The company posted a loss of 7 cents per share, falling 4 cents short of earnings estimates. Revenue of $7.8 billion was $370 million shy of expectations.

"I am proud of the resiliency of the Sprint team as they work to deliver results in a challenging environment," CEO Michel Combes said. "However, I remain convinced that merging with T-Mobile and building one of the world's most advanced 5G networks is the best outcome for all consumers, employees, and shareholders."

For the quarter, total wireless service revenue was $5 billion, which was adversely impacted by lower Lifeline revenue.

The net loss was $274 million, while the operating income came at $237 million and adjusted earnings before interest, taxes, depreciation and amortization was $2.6 billion, which was negatively impacted by reimbursements to federal and state governments.

During the quarter ended June 30, Mario Gabelli (Trades, Portfolio) reduced his stake by 3% to 1,077,387 shares and Jeremy Grantham (Trades, Portfolio) sold out of the stock. Jim Simons (Trades, Portfolio) boosted his position by 44% to 69,952,504 shares.



Global markets

The main European stock markets traded in the green.The U.K.'s FTSE 100 rose 0.92%, France's CAC 40 inched up 1.08%, Germany's Dax gained 1.35% and Spain's IBEX 35 increased 0.95%.

In Asia, Japan's Nikkei 225 fell 0.33%, India’s BSE Sensex rose 0.34%, Hong Kong's Hang Seng advanced 1.65% and China's Shanghai Composite gained 0.58%.

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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