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US Markets Advance Thursday

U.S. stocks were in the green on Thursday, with investors confident about the Brexit deal. The Dow Jones Industrial Average gained 0.09% to 27,025, the S&P 500 index rose 0.28% to 2,997 and the Nasdaq Composite Index advanced 0.40% to 8,156.

Shares of Alcoa Corp. (NYSE:AA) jumped more than 5% on Friday after the company announced third-quarter results. The company posted a loss of 44 cents per share on $2.57 billion in revenue. It fell 15 cents short of earnings estimates and $10 million shy of revenue expectations.


"Our Bauxite and Alumina segments reached new quarterly production records since our launch in 2016, and our aluminum business continued to rebound," President and CEO Roy Harvey, said. "While market and pricing challenges persisted through the quarter, our cash balance remained steady."

Adjusted earnings before interest, taxes, depreciation and amortization were $388 million, down $67 million from the second quarter. The decline was driven by lower alumina pricing despite higher sales volumes and lower production costs.

Cash from operations was $174 million, while cash from financing activities was $81 million and cash from investing activities was $76 million. Free cash flow was $87 million.

Looking ahead to the fourth quarter, the company guided for strong results in the Bauxite segment. In the Alumina segment, it expects to benefit from higher volumes and lower costs for raw materials and maintenance.

During the quarter ended June 30, Joel Greenblatt (Trades, Portfolio) reduced his holding by 17% to 211,661 shares. First Pacific Advisors (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Steven Romick (Trades, Portfolio) all closed their positions. Jim Simons (Trades, Portfolio)' Renaissance Technologies boosted its stake by 23% to 2,948,496 shares.

Gainers

  • Dover Corp. (NYSE:DOV) +5.8%
  • United Rentals Inc. (NYSE:URI) +5.1%
  • Cardinal Health Inc. (NYSE:CAH) +4.4%
  • AmerisourceBergen Corp. (NYSE:ABC) +4%
  • McKesson Corp. (NYSE:MCK) +3.9%
  • Centene Corp. (NYSE:CNC) +3.6%



Losers

  • Textron Inc. (NYSE:TXT) -5.4%
  • Noble Energy Inc. (NYSE:NBL) -3.4%
  • Helmerich and Payne Inc. (NYSE:HP) -2.8%
  • Estee Lauder Companies Inc. (NYSE:EL) -2.6%



Global markets

The main European stock markets traded mostly lower. The U.K.'s FTSE 100 advanced 0.20%, while France's CAC 40 declined 0.42%, Germany's Dax dipped 0.12% and Spain's IBEX 35 retreated 0.50%.

In Asia, Japan's Nikkei 225 fell 0.09%, India's BSE Sensex rose 1.17%, Hong Kong's Hang Seng swelled 0.69% and China's Shanghai Composite slid 0.05%.

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

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This article first appeared on GuruFocus.