Wall Street Advances on Tuesday
U.S. stocks gained on Tuesday after China devalued its currency to its lowest level since 2008. The Dow Jones Industrial Average rose 1.21% to 26,029, the S&P 500 Index gained 1.30% to 2,881 and the Nasdaq Composite Index gained 1.39% to 7,833.
Shares of Marriott International Inc. (NASDAQ:MAR) fell more than 1% after announcing second-quarter results. The company posted earnings of $1.56 per share on $5.31 billion in revenue, reflecting a 1.8% decline from the prior-year quarter. Earnings were in line with estimates, but revenue fell $190 million short of expectations.
"Our results in the second quarter highlight the resiliency of our business model and the growing strength of our brands," President and CEO Arne M. Sorenson said. "Year to date through Aug. 2, we have already returned $1.9 billion to shareholders. For full-year 2019, we expect cash returned to shareholders through share repurchases and dividends could approach $3 billion."
Adjusted earnings before interest, taxes, depreciation and amortization was $952 million, a 1% increase from second-quarter 2018.
Further, general, administrative and other expenses totaled $229 million, up from $217 million in the year-ago quarter as a result of higher administrative costs.
Looking ahead to the third quarter, the company expects comparable systemwide revenue per available room on a constant dollar basis will increase 1% to 2% in North America, 2% to 3% outside North America and 1% to 2% worldwide.
During the quarter ended June 30, Ken Fisher (Trades, Portfolio) reduced his holding by 1.2% to 66,328 shares and Mario Gabelli (Trades, Portfolio) trimmed his position by 5.7% to 5,000 shares.On the other hand, Tom Gayner (Trades, Portfolio) boosted his stake by 1.4% to 1,559,269 shares.
Gainers
Zoetis Inc. (NYSE:ZTS) +7.6%
KLA Corp. (NASDAQ:KLAC) +7.3%
Newell Brands Inc. (NASDAQ:NWL) +4.8%
IDEXX Laboratories Inc. (NASDAQ:IDXX) +4%
Losers
Mosaic Co. (NYSE:MOS) -6.7%
Mylan NV (NASDAQ:MYL) -5.9%
Concho Resources Inc. (NYSE:CXO) -5.1%
AES Corp. (NYSE:AES) -3.8%
Global markets
The main European stock markets traded in the red. The U.K.'s FTSE 100 lost 0.72%, France's CAC 40 declined 0.13%, Germany's Dax fell 0.78% and Spain's IBEX 35 slipped 0.89%.
In Asia, Japan's Nikkei 225 sunk 0.65%, India's BSE Sensex gained 0.75%, Hong Kong's Hang Seng declined 0.67% and China's Shanghai Composite retreated 1.56%.
Disclosure: The author holds no positions in any stocks mentioned.
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This article first appeared on GuruFocus.
