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Dow Jumps 300 Points Friday

U.S. stocks were in the green on Friday after the U.S. economy added 136,000 new jobs in September. Further, the unemployment rate declined to 3.5%, the lowest rate since December 1969. The Dow Jones Industrial Average gained 1.09% to 26,487, the S&P 500 Index jumped 1.11% to 2,942 and the Nasdaq Composite Index advanced 1.17% to 7,964.

Shares of Smart Global Holdings Inc. (NASDAQ:SGH) gained almost 8% on Friday after announcing fourth-quarter results. The company posted earnings of 50 cents per share on $278.4 million in revenue, which fell17 cents short of earnings estimates and $6.65 million short of revenue expectations.




"In the first half, we experienced a healthy memory pricing environment and our financial results benefited from that strength," Chairman and CEO Ajay Shah said. "In the second half of fiscal 2019, component pricing in the memory market declined significantly, which primarily impacted our business in Brazil and, to a lesser extent, our Specialty Memory Products, and resulted in overall revenues in fiscal 2019 declining year-over-year by 6%."

GAAP operating income was $89.1 million. Further, the adjusted earnings before interest, taxes, depreciation and amortization were $134.7 million.

Looking ahead to the first quarter of fiscal 2020, Smart Global expects net sales to be between $275 million and $285 million. It also projects diluted earnings per share in the range of 30 cents to 40 cents.

During the quarter ended June 30, Chuck Royce (TradesPortfolio) boosted his position by 785% to 11,167 shares and Joel Greenblatt (TradesPortfolio) increased his holding by 300% to 45,909 shares. Jim Simons (Trades, Portfolio) reduced his position by 66% to 114,100 shares.

Gainers


  • Skyworks Solutions Inc. (NASDAQ:SWKS) +3.9%

  • Chubb Ltd. (NYSE:CB) +3.3%

  • Edwards Lifesciences Corp. (NYSE:EW) +2.9%

  • Thermo Fisher Scientific Inc. (NYSE:TMO) +2.7%

  • NVR Inc. (NYSE:NVR) +2.7%

Losers


  • HP Inc. (NYSE:HPQ) -10.2%

  • Apache Corp. (NYSE:APA) -6.6%

  • Mosaic Co. (NYSE:MOS) -2.7%

  • Macerich Co. (NYSE:MAC) -1.9%

  • Cimarex Energy Co. (NYSE:XEC) -1.2%

Global markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 jumped 1.10%, France's CAC 40 gained 0.91%, Germany's Dax rose 0.73% and Spain's IBEX 35 swelled 0.67%.

In Asia, Japan's Nikkei 225 gained 0.32%, India's BSE Sensex slid1.14%, Hong Kong's Hang Seng declined 1.11% and China's Shanghai Composite lost 0.92%.

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

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