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.
