US Stocks Trending Higher Monday
- By Omar Venerio
The three main indexes were trading higher Monday morning with the Dow Jones near 25,965 points, pulled higher by shares of Nike (NKE). With the S&P 500 up 0.35%, the market is reversing last week's negative trend.
Shares of Hovnanian Enterprises Inc. (HOV) jumped more than 3% on Monday morning after the company posted a narrower-than-expected third-quarter loss of 1 cent per share on $456.71 million in revenue, reflecting a decline of 22.9% year over year. The company beat earnings estimates by 6 cents, but missed revenue expectations by $47.59 million.
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The intrinsic value of NKE
The homebuilding gross margin, after cost of sales interest expense and land charges, was 15.4%, an increase from 12.8% in the prior-year quarter.
Moreover, contracts per community, including unconsolidated joint ventures, rose 9.8% to 10.1 contracts per community. This was an improvement from 9.2 contracts per community, including unconsolidated joint ventures, in the same quarter of 2017. Consolidated contracts per community increased 6.4% to 10 contracts per community, up from 9.4 contracts per community a year ago.
G ainers
Foot Locker Inc. (FL)
United Rentals Inc. (URI)
Seagate Technology PLC (STX)
Akamai Technologies Inc. (AKAM)
Ford Motor Co. (NYSE:F)
Losers
Vulcan Materials Co. (VMC)
CBS Corp. (CBS)
Travelers Companies Inc. (TRV)
Robert Half International Inc. (RHI)
Global markets
The main European stock markets traded in positive territory. The U.K.'s FTSE 100 advanced 0.022%, France's CAC 40 gained 0.33%, Germany's Dax rose 0.22% and Spain's IBEX 35 jumped 1.09%.
In Asia, Japan's Nikkei 225 gained 0.30%, India's BSE Sensex lost 1.22%, Hong Kong's Hang Seng fell 1.33% and China's Shanghai Composite slid 1.21%.
Disclosure: The author holds no positions in any stocks mentioned.
This article first appeared on GuruFocus.
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The intrinsic value of NKE