U.S. stocks were in the green on Monday, reversing the Dow's performance on Friday. The Dow Jones Industrial Average gained 0.63% to 28,434, the S&P 500 index increased 0.69% to 3,248 and the Nasdaq Composite Index rose 1.26% to 9,265.
Non-index stocks have also posted gains and losses recently. Shares of Sysco Corp. (NYSE:SYY) fell more than 6% on Monday after the company announced second-quarter results. The company posted earnings of 85 centsper share, beating analysts' estimates by 1 cent. Revenue of $15.03 billion fell $80 million short of expectations.
"Our second quarter fiscal 2020 results were driven by improved local case growth in our U.S. Foodservice segment, particularly within our independent customers," Chief Financial Officer Joel Grade said.
The U.S. Foodservice Operations segment's gross profit grew 2.4% to $2 billion. The gross margin decreased 17 basis points to 19.7%, compared to the same quarter of the previous year. Operating expenses increased $15.8 million, or 1.2%, compared to the prior-year quarter. Further, the operating income was $768.8 million, an increase of $31.3 million, or 4.2%. Adjusted operating income was $772.5 million, an increase of $35 million, or 4.7%.
In the International Foodservice Operations division, the gross profit decreased 0.7% from a year ago to $586.0 million and the gross margin declined 13 basis points to 20.3%. Operating expenses fell $53.7 million, or 8.9%, compared to the same period last year. The operating income was $34.9 million, an increase of $49.8 million. Adjusted operating income was $74 million, a decrease of $9 million, or 10.8%, compared to the same period last year.
During the quarter ended Dec. 31, the Yacktman Fund (Trades, Portfolio) reduced its holding by 6% to 1,880,000 shares and the Yacktman Focused Fund (Trades, Portfolio) trimmed its position by 5% to 900,000 shares.
- Gilead Sciences Inc. (NASDAQ:GILD) +5.3%
- Nike Inc. (NYSE:NKE) +3.9%
- Ulta Beauty Inc. (NASDAQ:ULTA) +3.8%
- Western Digital Corp. (NASDAQ:WDC) +3.1%
- Valero Energy Corp. (NYSE:VLO) -5%
- Cimarex Energy Co. (NYSE:XEC) -5.4%
- HollyFrontier Corp. (NYSE:HFC) -4.4%
- Marathon Petroleum Corp. (NYSE:MPC) -3.6%
The main European stock markets traded in the green.The U.K.'s FTSE 100 gained 0.55%, France's CAC 40 rose 0.45%, Germany's Dax inched up 0.49% and Spain's Ibex 35 advanced 0.39%.
In Asia, Japan's Nikkei 225 fell 1.01%, India's BSE Sensex gained 0.34%, Hong Kong's Hang Seng rose 0.17% and China's Shanghai Composite plummeted 7.72%.
Disclosure:The author holds no positions in any stocks mentioned.
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This article first appeared on GuruFocus.