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Dow Surpasses 27,000 on Friday

Dow stocks were in the green on Friday on continued positive developments regarding the U.S.-China trade war. The Dow Jones Industrial Average gained 0.18% to 27,231, while the S&P 500 index slid 0.08% to 3,007 and the Nasdaq Composite Index declined 0.24% to 8,175.

Shares of Broadcom Inc. (NASDAQ:AVGO) fell almost 3% after announcing third-quarter results. The company posted earnings of $5.16 per share on $5.52 billion in revenue. The company beat earnings estimates by 3 cents, but revenues were in line with expectations.




The GAAP gross margin was $3.03 billion, or 55% of net revenue, up from $2.6 billion, or 51.7%, in the prior-year quarter. The operating income was $865 million, or 15.7% of net revenue, down from $1.3 billion, or 26.4%, a year ago.

Further, the non-GAAP gross margin was $3.9 billion, or 71% of net revenue. The operating income from continuing operations was $2.91 billion, or 52.8% of net revenue.

Moreover, the company generated $2.42 billion in cash from operations, while it spent $736 million repurchasing 2.6 million shares.

Looking ahead to full-year 2019, the company expects revenue to be $22.5 billion, with a non-GAAP operating margin of 52.5%.

During the quarter ended June 30, Steven Romick (TradesPortfolio) reduced his stake by 3% to 1,340,149 shares.

Gainers


  • Cimarex Energy Co. (NYSE:XEC) +6.44%

  • Freeport-McMoRan Inc. (NYSE:FCX) +5.4%

  • Mosaic Co. (NYSE:MOS) +3.7%

  • DuPont de Nemours Inc. (NYSE:DD) +3.2%

  • Humana Inc. (NYSE:HUM) +2.8%

Losers


  • Progressive Corp. (NYSE:PGR) -5.6%

  • CenturyLink Inc. (NYSE:CTL) -4.6%

  • Hormel Foods Corp. (NYSE:HRL) -2.7%

  • Altria Group Inc. (NYSE:MO) -2.6%

  • HCP Inc. (NYSE:HCP) -2.5%

Global markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 advanced 0.31%, France's CAC 40 swelled 0.22%, Germany's Dax rose 0.47% and Spain's IBEX 35 gained 0.61%.

In Asia, Japan's Nikkei 225 climbed 1.05%, India's BSE Sensex inched up 0.76%, Hong Kong's Hang Seng rose 0.98% and China's Shanghai Composite rose 0.75%.

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

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