U.S. Markets closed

Wall Street High on Wednesday

- By Omar Venerio

U.S. stocks advanced on Wednesday morning on positive data from the Institute for Supply Management, which reported a nonmanufacturing composite of 61.6% in September. The Dow Jones Industrial Average gained 0.54% to 26,919, the S&P 500 index rose 0.42% to 2,935 and the Nasdaq Composite Index increased 0.58% to 8,046.

Shares of RPM International Inc. (RPM) fell more than 3% on Wednesday morning after the company posted first-quarter 2019 earnings of 76 cents per share on $1.46 billion in revenue, reflecting 8.1% year-over-year growth. The company fell 12 cents short of earnings estimates but beat revenue expectations by $40 million.


Earnings before interest and taxes were $71.5 million, down from $91.5 million in the prior-year quarter. Adjusted EBIT increased 2.5% to $93.8 million.

Sales in RPM's consumer segment grew 13.6% to $485.2 million. Organic sales increased 12.4%, while acquisition growth contributed 1.7%. EBIT was $51.5 million, compared to $72.6 million in the year-ago quarter. Adjusted EBIT was $52.9 million.

RPM's specialty segment reported sales growth of 2.3% to $192.8 million. EBIT was $27.7 million. Adjusted EBIT was $30.5 million.

Gainers

  • Xilinx Inc. (XLNX)
  • Wynn Resorts Ltd. (WYNN)
  • United Rentals Inc. (URI)
  • Valero Energy Corp. (VLO)
  • Marathon Petroleum Corp. (MPC)



Losers

  • Edwards Lifesciences Corp. (EW)
  • International Paper Co. (IP)
  • Advanced Micro Devices Inc. (AMD)
  • D.R. Horton Inc. (DHI)



Markets

The main European stock markets traded mostly higher. The U.K.'s FTSE 100 gained 0.48%, France's CAC 40 rose 0.43%, Germany's Dax slid 0.42% and Spain's IBEX 35 swelled 0.60%.

In Asia, Japan's Nikkei 225 fell 0.66%, India's BSE Sensex lost 1.51%, Hong Kong's Hang Seng retreated 0.13% and China's Shanghai Composite gained 1.06%.

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

This article first appeared on GuruFocus.