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US Stocks Advance Wednesday

U.S. stocks were in the green on Wednesday as several companies were reporting quarterly financial results. The Dow Jones Industrial Average gained 0.22% to 26,847, the S&P 500 Index rose 0.20% to 3,001 and the Nasdaq Composite Index increased 0.16% to 8,116.

Non-index stocks also moved on Wednesday. Shares of Snap Inc. (NYSE:SNAP) fell almost 6% on Wednesday after the company announced third-quarter results on Tuesday. It posted a loss of 4 cents per share on $446.2 million in revenue, topping earning estimates by 1 cent and revenue expectations by $10.2 million.

"We delivered strong results this quarter, and we are pleased that the investments we have made are continuing to drive the growth of our community and our business," CEO Evan Spiegel said.

The operating cash flow was $(76) million, an increase from $(132.5) million in the prior-year quarter. The free cash flow increased to $(84) million from $(159) million. Further, the adjusted earnings before interest, taxes, depreciation and amortization improved from $(138) million to $(42) million.

Moreover, the company added 7 million daily active users from the year-ago quarter to 210 million.

Looking ahead to the fourth quarter, the company expects revenue to be between $540 million and $560 million. It also projects an adjusted Ebitda of $0 to $20 million.

During the quarter ended June 30, Jim Simons (Trades, Portfolio)' Renaissance Techologies boosted its stake by 761% to 2,375,000 shares, while Louis Moore Bacon (Trades, Portfolio) reduced his holding by 67% to 521,649 shares and Paul Tudor Jones (Trades, Portfolio) curbed his position by 58% to 158,440 shares.


  • Avery Dennison Corp. (NYSE:AVY) +7%
  • Rollins Inc. (NYSE:ROL) +7.5%
  • Thermo Fisher Scientific Inc. (NYSE:TMO) +6.2%
  • Freeport-McMoRan Inc. (NYSE:FCX) +3.2%
  • Boeing Co. (NYSE:BA) +2%


  • Texas Instruments Inc. (NASDAQ:TXN) -6.6%
  • Chipotle Mexican Grill Inc. (NYSE:CMG) -5.5%
  • Analog Devices Inc. (NASDAQ:ADI) -4.2%
  • Under Armour Inc. (NYSE:UAA) -2.4%
  • Western Digital Corp. (NASDAQ:WDC) -3%

Global markets

The main European stock markets traded in the green.The U.K.'s FTSE 100 advanced 0.68%, France's CAC 40 dipped 0.04%, Germany's Dax increased 0.30% and Spain's IBEX 35 swelled 0.08%.

In Asia, Japan's Nikkei 225 gained0.34%, India's BSE Sensex rose 0.24%, Hong Kong's Hang Seng slid 0.82% and China's Shanghai Composite declined 0.43%.

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

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This article first appeared on GuruFocus.