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US Markets Lower on Tuesday

- By Omar Venerio

U.S. stock market indexes were lower on Tuesday morning despite better-than-expected consumer confidence data. The Dow Jones Industrial Average declined 0.01% to 26,090, the S&P 500 index slid 0.02% to 2,795 and the Nasdaq Composite Index fell 0.04% to 7,552.

Following an initial pop, shares of Vericel Corp. (VCEL) tumbled nearly 7% on Tuesday morning after the company announced fourth-quarter 2018 results. Revenue grew 34.2% from the prior-year quarter to $31.34 million, beating expectations by $2.66 million and marking the seventh consecutive quarter of sales growth. Earnings were 11 cents per share, topping estimates by 7 cents.


"We delivered record fourth-quarter and full-year revenues and gross margins, and reported full-year positive adjusted EBITDA for the first time in the company's history," President and CEO Nick Colangelo said.

The gross margin was 72% for the quarter, up from 64% in the prior-year quarter. For the full year, the gross margin was 65%, up from 53% in 2017.

Looking ahead to 2019, the company expects revenue to be between $108 million and $112 million.

Gainers

  • Autozone Inc. (AZO)
  • Advance Auto Parts Inc. (AAP)
  • Mattel Inc. (MAT)
  • Campbell Soup Co. (CPB)
  • Nordstrom Inc. (JWN)
  • Vulcan Materials Co. (VMC)



Losers

  • Mosaic Co. (MOS)
  • ONEOK Inc. (OKE)
  • Noble Energy Inc. (NBL)
  • Caterpillar Inc. (CAT)
  • Cooper Companies Inc. (COO)



Global markets

The main European stock markets traded mostly higher. The U.K.'s FTSE 100 lost 0.45%, but France's CAC 40 swelled 0.13%, Germany's Dax rose 0.31% and Spain's IBEX 35 gained 0.25%.

In Asia, Japan's Nikkei 225 fell 0.37%, India's BSE Sensex declined 0.66%, Hong Kong's Hang Seng retreated 0.65% and China's Shanghai Composite slid 0.67%.

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

This article first appeared on GuruFocus.