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US Markets Green on Thursday

U.S. stocks were in the green on Thursday on the back of positive data for the U.S. economy and the Federal Reserve's rate cut yesterday. The Dow Jones Industrial Average gained 0.07% to 27,167, the S&P 500 index rose 0.14% to 3,010 and the Nasdaq Composite Index swelled 0.11% to 8,186.

Shares of Darden Restaurants Inc. (NYSE:DRI) fell almost 4% on Thursday after announcing first-quarter results. The company posted earnings of $1.38 per share on $2.13 billion in revenue. It beat earnings estimates by 1 cent, but revenue was in line with expectations.


By segment, sales at Olive Garden rose 3.6% year over year to $1.09 billion. Comps grew 2.2%. Fine Dining sales climbed 4.8% to $136.1 million and Other Business sales increased 1.8% year over year to $457.4 million. The LongHorn Steakhouse division saw sales grow 4.6% to $450.2 million.

Moreover, the company repurchased 800,000 shares for a total cost of $95 million. Further, the board of directors authorized a new $500 million share repurchase program.

Looking ahead to fiscal 2020, the company expects total sales growth between 5.3% and 6.3%. It also anticipates same-restaurant sales growth of 1% to 2%. Diluted net earnings per share from continuing operations are projected to range from $6.30 to $6.45.

During the quarter ended June 30, Philippe Laffont established a position in the stock, buying 8,705 shares. Jeremy Grantham (Trades, Portfolio) boosted his holding by 1.4% to 33,761 shares. On the other hand, Paul Tudor Jones (Trades, Portfolio) reduced his position by 71% to 4,359 shares, while Ray Dalio (Trades, Portfolio) sold out of the stock.

Gainers

  • Cigna Corp. (NYSE:CI) +3.4%
  • Occidental Petroleum Corp. (NYSE:OXY) +2.8%
  • AmerisourceBergen Corp. (NYSE:ABC) +2.4%
  • Kroger Co. (NYSE:KR) +2.2%
  • Harley-Davidson Inc. (NYSE:HOG) +1.6%



Losers

  • Seagate Technology PLC (NASDAQ:STX) -6.9%
  • Newell Brands Inc. (NASDAQ:NWL) -3.6%
  • Under Armour Inc. (NYSE:UA) -3.1%
  • DaVita Inc. (NYSE:DVA) -2%
  • Nordstrom Inc. (NYSE:JWN) -0.98%



Global markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 gained 0.58%, France's CAC 40 rose 0.68%, Germany's Dax swelled 0.55% and Spain's IBEX 35 advanced 1.15%.

In Asia, Japan's Nikkei 225 rose 0.38%, India's BSE Sensex fell 1.29%, Hong Kong's Hang Seng declined1.07% and China's Shanghai Composite rose 0.46%.

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

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This article first appeared on GuruFocus.