Dow stocks were in the red on Tuesday, reversing yesterday's bullish sentiment. The Dow Jones Industrial Average fell 0.07% to 27,673, the S&P 500 index gained 0.12% to 3,090 and the Nasdaq Composite Index rose 0.20% to 8,481.
Non-index stocks have also posted gains and losses recently. Shares of Tencent Music Entertainment Group (TME, Financial) fell almost 9% on Tuesday. The company announced third-quarter results after the closing bell on Monday, posting earnings of 11 cents per share that beat estimates by 2 cents. Revenue of $910 million beat expectations of $909 million.
"We continued our solid performance in the third quarter, driven by healthy growth from both online music and social entertainment services," CEO Cussion Pang said. "We are particularly pleased to report accelerating growth of our online music paying users, representing a 42.2% year-over-year increase, as the net increase in the third quarter reached 4.4 million, achieving another quarterly high and outpacing the record growth in the second quarter.”Â
The company reported that the number of paying users reached 35.4 million, an increase of 42.2% year over year. The gross profit grew 12.6% from the prior-year quarter to 2.21 billion yuan ($309 million). The gross margin was 34%. Further, the operating profit was 1.19 billion yuan, an increase of 11.9% year over year. The total operating expenses increased by 260 million yuan, or 26.6%, to 1.24 billion yuan.
During the quarter ended Sept. 30, the Matthews China Fund (Trades, Portfolio) sold out of the stock. The Matthews Pacific Tiger Fund (Trades, Portfolio) established a new position, buying 3,464,500 shares.
Gainers
- DXC Technology Co. (DXC, Financial) +19.5%
- Rockwell Automation Inc. (ROK, Financial) +10.5%
- Tyson Foods Inc. (TSN, Financial) +7.5%
- Fortinet Inc. (FTNT, Financial) +4.3%
- McKesson Corp. (MCK, Financial) +3.4%
Losers
- Advance Auto Parts Inc. (AAP, Financial) -7.7%
- American Airlines Group Inc. (AAL, Financial) -3.6%
- Albemarle Corp. (ALB, Financial) -3.7%
- Viacom Inc. (VIAB, Financial) -3.7%
- CBS Corp. (CBS, Financial) -3.5%
Global markets
The main European stock markets traded mostly higher.The U.K.'s FTSE 100 gained 0.50%, France's CAC 40 advanced 0.44%, Germany's Dax rose 0.65% and Spain's IBEX 35 declined 0.87%.
In Asia, Japan's Nikkei 225 gained 0.81%, India’s BSE Sensex rose 0.05%, Hong Kong's Hang Seng inched up 0.52% and China's Shanghai Composite increased 0.17%.
Disclosure: The author holds no positions in any stocks mentioned.
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