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Wall Street Ends in the Red on Tuesday

U.S. stocks ended trading in the red on Monday on the back of corporate earnings results. The Dow Jones Industrial Average fell 1.89% to 23,764, the S&P 500 Index declined 2.05% to 2,870 and the Nasdaq Composite retreated 2.06% to 9,002.

Non-index stocks have also posted gains and losses recently. Shares of Caesars Entertainment Corp. (NASDAQ:CZR) gained 3% on Tuesday after the company announced first-quarter results. It posted a loss of 36 cents per share, falling 19 cents short of estimates. Revenue of $1.83 billion declined 13.7% year over year and was $60 million short of expectations.


"While we posted our best operating performance since 2008 in the first two months of the quarter, circumstances changed dramatically in March as we temporarily shut-down all of our casino properties, consistent with directives from various governmental and tribal bodies," CEO Tony Rodio said. "Our first quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year over year labor costs in March as we continued to provide pay and benefits to our team members for the first two weeks of the closure period."

Net sales for the quarter decreased $287 million, with the first two months performing well with a 12% increase, but revenue in March declined almost 50% when compared to March 2019 due to the temporary property closures. Net revenues principally in Las Vegas decreased in gaming, hotel, food and beverage. Other net revenues decreased $18 million year over year.

Moreover, the loss from operations was $66 million, driven by a decrease of $287 million in net revenues in 2020 compared with 2019.

The adjusted earnings before interest, taxes, depreciation and amortization declined $263 million on the back of lost revenue from property closures and labor costs in the month of March.

During fourth-quarter 2019, Jim Simons (Trades, Portfolio)? Renaissance Technologies boosted its stake 92% to 12,697,715 shares.Philippe Laffont initiated a new position with 19,486 shares, while Paul Tudor Jones (Trades, Portfolio) purchased 2,416,136 shares. David Tepper reduced his holding to 10,050,000 shares.

Gainers

  • Marathon Oil Corp. (NYSE:MRO) +3.7%
  • Abbvie Inc. (NYSE:ABBV) +2.9
  • General Mills Inc. (NYSE:GIS) +2.8%
  • McCormick & Co. Inc. (MKC) +2.3%
  • Conagra Brands Inc. (NYSE:CAG) +2.1%
  • Vulcan Materials Co. (NYSE:VMC) +1.7%



Losers

  • Coty Inc. (NYSE:COTY) -9.4%
  • Albemarle Corp. (NYSE:ALB) -8%
  • Healthpeak Properties Inc. (NYSE:PEAK) -7.6%
  • Invesco Ltd. (NYSE:IVZ) -7.4%
  • SL Green Realty Corp. (NYSE:SLG) -7%



Global markets

The main European stock markets traded mixed. The U.K.'s FTSE 100 rose 0.93%, France's CAC 40 lost 0.39%, Germany's Dax dipped 0.05% and Spain's Ibex 35 rose 1.36%.

In Asia, Japan's Nikkei 225 fell 0.12%, India's BSE Sensex lost 0.60%, Hong Kong's Hang Seng declined 1.45% and China's Shanghai Composite slid 0.11%.

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

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This article first appeared on GuruFocus.