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US Market Mostly Lower Thursday

S&P 500 stocks were mostly lower Thursday as the U.S. and China continue to negotiate on trade. The Dow Jones Industrial Average fell 0.01% to 27,781, the S&P 500 Index gained 0.08% to 3,097 and the Nasdaq Composite Index slid 0.04% to 8,479.

Non-index stocks have also posted gains and losses recently. Shares of NetApp Inc. (NASDAQ:NTAP) gained 3.2% on Thursday after the company announced second-quarter results. It posted earnings of $1.09 per share, beating estimates by 15 cents. Revenue of $1.37 billion fell $10 million short of expectations.


"Our second quarter fiscal 2020 results reflect the strength of our business model and value of our innovation," CEO George Kurian said. "We delivered gross margin, operating margin, and EPS all solidly ahead of our guidance ranges. We are delivering real business value to customers' hybrid multicloud environments increasing our strategic relevance and enabling us to reach new buyers, address new workloads and expand our presence with existing customers."

Cash from operations was $-53 million, down from $165 million in the same quarter of fiscal 2019.

Further, the company returned $611 million to shareholders via share repurchases and dividends.

Looking ahead to the third quarter, the company expects net revenue to be between $1.39 billion and $1.54 billion. It projects earnings in the range of 96 cents to $1.04 per share.

During the quarter ended Sept. 30, PRIMECAP Management (Trades, Portfolio) reduced its stake by 1% to 32,841,038 shares. Jeremy Grantham (Trades, Portfolio) curbed his position by 51% to 17,426 shares, while Richard Snow (Trades, Portfolio) established a holding, buying 519,418 shares.

Gainers

  • The Mosaic Co. (NYSE:MOS) +3.1%
  • HP Inc. (NYSE:HPQ) +3.1%
  • Advanced Micro Devices Inc. (NASDAQ:AMD) +2.2%
  • SBA Communications Corp. (NASDAQ:SBAC) +1.6%
  • CME Group Inc. (NASDAQ:CME) +0.7%



Losers

  • Western Digital Corp. (NASDAQ:WDC) -1.25%
  • Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) -1%
  • LKQ Corp. (NASDAQ:LKQ) -0.1%
  • Xcel Energy Inc. (NASDAQ:XEL) -0.6%
  • Hologic Inc. (NASDAQ:HOLX) -0.5%



Global markets

The main European stock markets traded in the red. The U.K.'s FTSE 100 fell 0.80%, France's CAC 40 retreated 0.1%, Germany's Dax slid 0.38% and Spain's IBEX 35 declined 0.23%.

In Asia, Japan's Nikkei 225 fell 0.76%, India's BSE Sensex gained 0.42%, Hong Kong's Hang Seng declined 0.93% and China's Shanghai Composite rose 0.16%.

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

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This article first appeared on GuruFocus.