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Dow Jones Down Almost 400 Points Following Disappointing March Jobs Reports

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GuruFocus.com
·3 min read
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U.S. stocks were in the red on Friday on the back of a disappointing jobs report for March, with payrolls down by 701,000 and the unemployment rate up 4.4% versus the 3.8% expected and 3.5% in February. The Dow Jones Industrial Average fell 1.69% to 21,052, the S&P 500 Index declined 1.51% to 2,488, and the Nasdaq Composite Index swelled 1.53% to 7,373.

Non-index stocks have also posted gains and losses recently. Shares of Dave & Buster's Entertainment Inc. (NASDAQ:PLAY) rose more than 1% on Friday after the company announced fourth-quarter results. The company posted earnings of 80 cents per share, beating estimates by 11 cents. Revenue of $347.16 million registered a 4.6% year-over-year increase and beat expectations by $2.7 million.


"In 2019, our more than 16,000 dedicated team members worked hard to achieve record revenues and EBITDA. In the fourth quarter, we made meaningful progress on our strategic priorities and exceeded both our sales and EBITDA expectations," CEO Brian Jenkins said.

Comparable store sales declined 4.7% during the quarter. Operating income was $37.6 million, or 10.8% of revenue, compared with $41.0 million, or 12.4% of revenue, in the prior-year quarter.

Moreover, the earnings before interest, taxes, depreciation and amortization increased 1% to $72.9 million. The Adjusted Ebitda totaled $77.8 million, or 22.4% of revenues. Furthermore, the company opened two new stores in Ohio and Texas.

During the quarter ended Dec. 31,John Hussman (Trades, Portfolio) sold out of the stock, while Philippe Laffont established a 10,817-share position. Richard Snow (Trades, Portfolio) trimmed his holding by 24% to 46,933 shares.

Gainers

  • Apache Corp. (NYSE:APA) +15%

  • L Brands Inc. (NYSE:LB) +11.7%

  • Devon Energy Corp. (NYSE:DVN) +7.6%

  • Under Armour Inc. (NYSE:UA) +8.5%

  • Macy's Inc. (NYSE:M) +7.9%

  • Capri Holdings Ltd. (NYSE:CPRI) +4.8%



Losers

  • Vulcan Materials Co. (NYSE:VMC) -7.5%

  • MGM Resorts International (NYSE:MGM) -8.1%

  • Paycom Software Inc. (NYSE:PAYC) -9%

  • Xerox Holdings Corp. (NYSE:XRX) -8.7%

  • Ralph Lauren Corp. (NYSE:RL) -7.5%



Global markets

The main European stock markets traded in the red.The U.K.'s FTSE 100 fell 1.18%, France's CAC 40 slid1.57%, Germany's Dax slipped 0.47% and Spain's Ibex 35 advanced 0.11%.

In Asia, Japan's Nikkei 225 gained 0.01%, India's BSE Sensex tumbled 2.39%, Hong Kong's Hang Seng declined 0.19% and China's Shanghai Composite retreated 0.60%.

Disclosure: The author holds no positions in any stocks mentioned.

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This article first appeared on GuruFocus.