US Markets Green on Friday
- By Omar Venerio
U.S. stocks were in positive territory on Friday. The Dow Jones Industrial Average gained 0.37% to 25,586, the S&P 500 index rose 0.14% to 2,826 and the Nasdaq Composite Index swelled 0.11% to 7,637.
Shares of Foot Locker Inc. (FL) tumbled nearly 16% on Friday after the company announced first-quarter results. Revenue grew 2.5% from the prior-year quarter to $2.08 billion, falling $30 million short of expectations. Earnings of $1.53 per share missed estimates by 7 cents.
"We started the year with great energy, innovative products and exciting customer events, leading to solid top-line growth in the first quarter with strong performance across our regions, banners, channels and categories," President and CEO Richard Johnson said.
During the first quarter, comparable store sales grew 4.6% and total sales increased 2.6% to $2.07 billion, up from $2.03 billion in the prior-year quarter.
The gross margin increased to 33.2% from 32.9% a year ago, while the selling, general and administrative expenses increased to 20% from 19% in the year-ago quarter due to the effects of strategic investments in digital capabilities and infrastructure.
Looking ahead to the second quarter, the company expects earnings per share to grow in the high single digits.
Gainers
Total System Services Inc. (TSS)
Intuit Inc. (INTU)
HP Inc. (HPQ)
Hormel Foods Corp. (HRL)
Target Corp. (TGT)
Losers
Autodesk Inc. (ADSK)
Qualcomm Inc. (QCOM)
Halliburton Co. (HAL)
HCA Healthcare Inc. (HCA)
EOG Resources Inc. (EOG)
Global markets
The main European stock markets closed higher. The U.K.'s FTSE 100 climbed 0.65%, France's CAC 40 advanced 0.37%, Germany's Dax rose 0.50% and Spain's IBEX 35 swelled 0.46%.
In Asia, Japan's Nikkei 225 gained 0.31%, India's BSE Sensex rose 0.63%, Hong Kong's Hang Seng slid 0.24% and China's Shanghai Composite jumped 1.38%.
Disclosure: The author holds no positions in any stocks mentioned.
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This article first appeared on GuruFocus.
