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Stocks Go Red on Thursday

U.S. stocks were in the red on Thursday after official data showed initial claims for state unemployment benefits rose 3,000 to 213,000 on Sept. 21. The Dow Jones Industrial Average fell 0.04% to 26,960, the S&P 500 Index slid 0.02% to 2,984, and the Nasdaq Composite Index slipped 0.38% to 8,046.

Shares of H.B. Fuller Co. (NYSE:FUL) fell more than 1.5% on Thursday after announcing third-quarter results. The company posted earnings of 86 cents per share on $725.38 million in revenue. The company fell 4 cents short of earnings estimates and missed revenue expectations by $23.8 million.


The gross profit margin was 28.6% and the adjusted gross profit margin was 28.8%, an increase of 40 basis points versus last year. Selling, general and administrative expenses were $141 million, while the adjusted SG&A expenses of $131 million declined 6% from the prior-year quarter.

Looking at the balance sheet, the company had $120 million in cash and $2.09 billion in total debt.

Looking ahead to the fourth quarter, the company expects sales to decline about 1% from last year. It projects annual adjusted earnings per share between $2.95 and $3.05, and annual adjusted earnings before interest, taxes, depreciation and amortization ranging from $440 million to $445 million.

During the quarter ended June 30, Mairs and Power boosted its stake by 2% to 2,755,330 shares. Mario Gabelli trimmed his holding by 1.5% to 567,957 shares and Jim Simons (Trades, Portfolio) curbed his position by 19% to 198,300 shares. Joel Greenblatt (Trades, Portfolio) also reduced is holding by 58% to 95,540 shares, while Paul Tudor Jones (Trades, Portfolio) sold out of the stock.

Gainers

  • Conagra Brands Inc. (NYSE:CAG) +4.8%
  • Whirlpool Corp. (NYSE:WHR) +3.3%
  • Adobe Inc. (NASDAQ:ADBE) +2.9%
  • Iron Mountain Inc. (NYSE:IRM) +2.2%
  • Masco Corp. (NYSE:MAS) +2.2%



Losers

  • Carnival Corp. (NYSE:CCL) -8.1%
  • Centene Corp. (NYSE:CNC) -4.6%
  • Abiomed Inc. (NASDAQ:ABMD) -4.3%
  • Nucor Corp. (NYSE:NUE) -3.5%
  • DXC Technology Co. (NYSE:DXC) -3.9%



Global Markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 rose 0.84, France's CAC 40 swelled 0.66%, Germany's Dax gained 0.44% and Spain's IBEX 35 advanced 0.49%.

In Asia, Japan's Nikkei 225 gained 0.13%, India's BSE Sensex jumped 1.03%, Hong Kong's Hang Seng advanced 0.37% and China's Shanghai Composite fell 0.89%.

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

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This article first appeared on GuruFocus.