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Wall Street Posts Losses on Tuesday

U.S. stocks were in the red on Tuesday, with electronic tech and commercial services stocks leading the decline. The Dow Jones Industrial Average fell 0.13% to 26,800, the S&P 500 index dipped 0.39% to 2,966 and the Nasdaq Composite Index slid 0.50% to 8,046.

Shares of Casey's General Stores Inc. (NASDAQ:CASY) gained about 1.5% after announcing first-quarter results. The company posted earnings of $2.31 per share on $2.63 billion in revenue. The company beat earnings estimates by 25 cents and revenue expectations by $40 million.

"Quarterly results were positively impacted by our fuel price optimization initiative, store growth and a continued focus on controlling operating expenses," President and CEO Darren Rebelez said.

For the quarter, the gross profit was $565.7 million, up 840 basis points year over year, and the gross margin expanded 130 points to 21.5%. Operating expenses increased 5.7% as a result of 76 more stores opened from the prior-year quarter.

By segment, grocery and other merchandise sales grew 6.7% to $687.9 million and same-store sales rose 3.2%. In the prepared food and fountain division, sales rose 5.3% to $295.9 million, while same-store sales jumped 1.6%.

Looking ahead, the company maintained its fiscal 2020 guidance.

During the quarter ended June 30, Mario Gabelli (Trades, Portfolio) reduced his holding by 17% to 57,961 shares and Jim Simons (Trades, Portfolio)' Renaissance Technologies curbed its position by 20% to 24,472 shares. Robert Olstein (Trades, Portfolio) sold out of the stock and Joel Greenblatt (Trades, Portfolio) boosted his position by 53% to 11,561 shares.

Gainers

  • Nektar Therapeutics Inc. (NASDAQ:NKTR) +10.5%
  • LKQ Corp. (LKQ) +4.9%
  • Sealed Air Corp. (NYSE:SEE) +5.5%
  • Mosaic Co. (NYSE:MOS) +6.2%
  • Albemarle Corp. (NYSE:ALB) +4.5%



Losers

  • Chipotle Mexican Grill Inc. (NYSE:CMG) -7.0%
  • SBA Communications Corp. (NASDAQ:SBAC) -5.0%
  • Starbucks Corp. (NASDAQ:SBUX) -4.9%
  • Aon PLC (NYSE:AON) -3.9%



Global markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 advanced 0.44%, France's CAC 40 swelled 0.08%, Germany's Dax rose 0.35% and Spain's IBEX 35 advanced 0.75%.

In Asia, Japan's Nikkei 225 gained 0.35%, India's BSE Sensex climbed 0.44%, Hong Kong's Hang Seng rose 0.01% and China's Shanghai Composite slid 0.12%.

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

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This article first appeared on GuruFocus.