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Wall Street Green on Wednesday

GuruFocus.com

U.S. stocks were in the green on Wednesday. The Dow Jones Industrial Average gained 0.91% to 26,355, the S&P 500 index advanced 1.08% to 2,937 and the Nasdaq Composite Index climbed 1.30% to 7,977.

Shares of Navistar International Corp. (NYSE:NAV) gained more than 12% after announcing third-quarter results. The company posted earnings of $1.56 per share on $3.04 billion in revenue, reflecting 16.5% growth from the prior-year quarter. The company beat earnings estimates by 37 cents and revenue expectations by $120 million.

"Market share increased, revenues and earnings grew at double-digit rates, and we made significant investments in our operations and our Uptime promise," Chairman, President and CEO Troy A. Clarke said.

In the truck segment, net sales grew 25% from the year-ago quarter to $2.4 billion on the back of higher volumes in core markets and more volume in Mexico. The segment recorded a profit of $167 million, up $2 million compared to the prior-year quarter. The parts division saw net sales decline 6% to $571 million and recorded a profit of $149 million, up 3%. In the global operations business, net sales were $90 million and profit was $1 million.

The adjusted earnings before interest, taxes, depreciation and amortization was $266 million, up from $218 million a year ago.

Looking ahead to full-year 2019, the company expects revenue to be between $11.25 billion and $11.75 billion. It aslo projects adjusted Ebitda in the range of $875 million to $925 million.

During the quarter ended June 30, Jim Simons (Trades, Portfolio)' Renaissance Technologies boosted its stake by 30% to 1,035,300 shares and Mario Gabelli (Trades, Portfolio) reduced his holding by 3% to 4,669,888 shares.

Gainers

  • PVH Corp. (NYSE:PVH) +9.1%

  • IPG Photonics Corp. (NASDAQ:IPGP) +6.3%

  • General Electric Co. (NYSE:GE) +5.6%

  • Tapestry Inc. (TPR) +5.1%

  • Concho Resources Inc. (CXO) +5.1%

  • Nordstrom Inc. (NYSE:JWN) +4%



Losers

  • Tyson Foods Inc. (NYSE:TSN) -7.8%

  • Incyte Corp. (NASDAQ:INCY) -3.1%

  • Humana Inc. (NYSE:HUM) -2.2%

  • Ulta Beauty Inc. (NASDAQ:ULTA) -3.6%

  • Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) -1.1%



Global Markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 increased 0.59%, France's CAC 40 gained 1.21%, Germany's Dax rose 0.96% and Spain's IBEX 35 advanced 0.54%.

In Asia, Japan's Nikkei 225 swelled 0.12%, India's BSE Sensex rose 0.44%, Hong Kong's Hang Seng jumped 3.90% and China's Shanghai Composite advanced 0.93%.

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

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This article first appeared on GuruFocus.