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US Stocks Retreat Wednesday

Stocks were in the red on Wednesday on the heels of the IHS Markit reporting the final October Purchasing Managers' Index (PMI) for the eurozone came in at 50.6, which was higher than expected and up from September's figure of 50.1. The Dow Jones Industrial Average fell 0.07% to 27,474, the S&P 500 Index dipped 0.04% to 3,072 and the Nasdaq Composite Index slid 0.38% to 8,402.

Non-index stocks have also posted gains and losses recently. Shares of CVS Health Corp. (NYSE:CVS) gained almost 5% on Wednesday after the company announced third-quarter results. The company posted earnings of $1.84 per share, beating estimates by 7 cents. Revenue of $64.8 billion topped expectations by $1.81 million.

"Our third quarter results build on the positive momentum we have seen across the company since the beginning of the year," CEO Larry Merlo said. "All of our core businesses performed in line with or above expectations, reflecting strong operational execution. As a result, we delivered strong growth and generated robust operating cash flow, which enabled us to continue to delever while returning capital to our shareholders."

The gross profit for the quarter rose 52.6% to $11.52 billion, while the gross margin inched up 188 basis points to 17.8%.

Looking ahead to full-year 2019, the company raised its forecasts for operating income to between $11.77 billion and $11.95 billion from the previous guidance of $11.82 billion to $12.02 billion. It projects full-year GAAP diluted earnings per share from continuing operations to be between$4.90 and $4.98, and adjusted earnings per share to be in the range of $6.97 to $7.05.

During the quarter ended Sept. 30, the T Rowe Price Equity Income Fund (Trades, Portfolio) boosted its stake 5% to 4,650,000 shares and Jerome Dodson increased his position by 9% to 398,960 shares. Ken Fisher (Trades, Portfolio) curbed his holding by 44% to 376,629 shares. The Eaton Vance Worldwide Health Sciences Fund established a new position, buying 164,552 shares.


  • Coty Inc. (NYSE:COTY) +14%
  • DaVita Inc. (NYSE:DVA) +12.4%
  • HP Inc. (NYSE:HPQ) +10.7%
  • Humana Inc. (NYSE:HUM) +3.4%
  • AES Corp. (NYSE:AES) +3.3%
  • General Mills Inc. (NYSE:GIS) +1.8%


  • Sealed Air Corp. (NYSE:SEE) -8.1%
  • Perrigo Company PLC (NYSE:PRGO) -6%
  • Tapestry Inc. (NYSE:TPR) -4.1%
  • Mosaic Co. (NYSE:MOS) -4.1%
  • Occidental Petroleum Corp. (NYSE:OXY) -5.1%

Global markets

The main European stock markets traded mostly higher.The U.K.'s FTSE 100 rose 0.12%, France's CAC 40 gained 0.34%, Germany's Dax swelled 0.24% and Spain's IBEX 35 dipped 0.10%.

In Asia, Japan's Nikkei 225gained0.22%, India's BSE Sensex rose0.55%, Hong Kong's Hang Seng advanced0.02% and China's Shanghai Composite fell0.43%.

Disclosure:The author holdsno positions in any stocks mentioned.

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This article first appeared on GuruFocus.