US Stocks Rally on Wednesday

GuruFocus.com
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- By Omar Venerio

On Wednesday morning, U.S. stock market indexes reversed the negative trend of the past several days.

Shares of Michael Kors Holdings Ltd. (KORS) gained in premarket trading on the back of the company reporting its financial results for the third quarter of fiscal 2018. The company posted earnings of $1.77 per share on $1.44 billion in revenue, including $114.7 million from Jimmy Choo, which the company acquired during the quarter. The company managed to beat earnings estimates by 48 cents and revenue expectations by $60 million. Total revenue grew 6.7% year over year.


Looking ahead to the fourth quarter, Michael Kors expects total revenue to be between $1.11 billion and $1.13 billion. The operating margin is projected to be about 10%. Diluted earnings per share are expected to be in the range of 50 cents to 55 cents.

Gainers

  • Wynn Resorts Ltd. (WYNN)

  • Hasbro Inc. (HAS)

  • DISH Network Corp. (DISH)

  • Jacobs Engineering Group Inc. (JEC)



Losers

  • Chipotle Mexican Grill Inc. (CMG)

  • Chesapeake Energy Corp. (CHK)

  • EQT Corp. (EQT)

  • Micron Technology Inc. (MU)



Global markets

The main European stock markets closed in positive territory. The U.K.'s FTSE 100 gained 1.93%, France's CAC 40 advanced 1.82%, Germany's Dax jumped 1.60% and Spain's Ibex 35 inched up 1.70%.

In Asia, Japan's Nikkei 225 gained 0.16%, while India's BSE Sensex declined 0.33%, Hong Kong's Hang Seng retreated 0.89% and China's SSE Composite fell 1.82%.

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

This article first appeared on GuruFocus.


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