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Wall Street Rebounds on Thursday

U.S. stocks were in the green on Thursday as investors are anticipating a rate cut from the Federal Reserve later this month. The Dow Jones Industrial Average gained 0.33% to 26,171, the S&P 500 index rose 0.66% to 2,906 and the Nasdaq Composite Index advanced 1.01% to 7,863.

Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) gained nearly 3% on Thursday after announcing second-quarter results. The company posted earnings of 34 cents per share on revenue of $2.72 billion. It beat earnings estimates, but fell $40 million short of revenue expectations.


Net sales fell more than 7% due to comparable sales decline of 6.7% on the back of lower store transactions. The gross profit declined almost 7% to $920.7 million, while the gross profit margin rose 20 basis points to 33.9%.

The company ended the quarter with cash and investments of $983.9 million, which reflects an increase of 13% from the same quarter a year ago. Moreover, the board of directors declared a quarterly dividend of 17 cents per share. It also repurchased approximately $16.5 million worth of its common stock.

Looking ahead to full-year 2019, the company expects net sales to be approximately $11.4 billion. It also projects net earnings per diluted share to be in the range of $2.08 to $2.13.

During the quarter ended June 30, Ray Dalio (Trades, Portfolio) more than doubled his stake to 3,660,071 shares. Chuck Royce (Trades, Portfolio) reduced his holding by 28% to 137,105 shares and Jim Simons (Trades, Portfolio) curbed his position by 15% to 4,446,560 shares. Philippe Laffont sold out of the stock.

Gainers

  • Nvidia Corp. (NASDAQ:NVDA) +4.3%
  • Hess Corp. (NYSE:HES) +3.8%
  • Edwards Lifesciences Corp. (NYSE:EW) +3.7%
  • PepsiCo Inc. (NASDAQ:PEP) +3.6%
  • Marathon Oil Corp. (NYSE:MRO) +3.3%



Losers

  • Constellation Brands Inc. (NYSE:STZ) -5.4%
  • Delta Air Lines Inc. (NYSE:DAL) -2.5%
  • Robert Half International Inc. (NYSE:RHI) -2.1%
  • Ulta Beauty Inc. (NASDAQ:ULTA) -2%



Global markets

The main European stock market indexes traded mostly in the red. The U.K.'s FTSE 100 declined 0.63%, France's CAC 40 gained 0.30%, Germany's Dax declined 2.76% and Spain's IBEX 35 slid 0.11%.

In Asia, Japan's Nikkei 225 fell 2.01%, India's BSE Sensex slid 0.52%, Hong Kong's Hang Seng rose 0.26% and China's Shanghai Composite lost 0.92%.

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

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This article first appeared on GuruFocus.