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Wall Street Red in the 1st Trading Day of September

The U.S. manufacturing sector fell in August, according to the Institute for Supply Management's purchasing manager's index numbers Tuesday. The index came in at 49.1%, below 50% which indicates a contraction in activity. U.S. stocks were also in the red on Tuesday. The Dow Jones Industrial Average fell 1.08% to 26,118, the S&P 500 index declined 0.69% to 2,906 and the Nasdaq Composite Index retreated 1.11% to 7,874.

Shares of Conn's Inc. (NASDAQ:CONN) gained more than 18% after announcing second-quarter results. The company posted earnings of 62 cents per share and revenue of $401.06 million, reflecting 4.3% growth from the comparable trimester of the previous year. The company beat earnings estimates by 11 cents and revenue estimates by $2.96 million.

"Retail sales growth as a result of new store openings, strong retail profitability, and favorable credit performance drove record second quarter earnings of $0.62 per diluted share," Norm Miller, Conn's chairman and CEO, said. "Our e-commerce sales are quickly ramping, and we are well positioned to serve our customers online as we expand our geographic footprint. During the second half of this fiscal year, we expect to lap the benefits Hurricane Harvey rebuilding efforts had on same store sales, which has impacted the year-over-year sales comparison over the past four quarters."

In the trimester, the retail gross margin reached 40.5%, and the consolidated operating margin was 10.4%. Further, the adjusted Ebitda was $54.0 million, or 13.5% of total revenues.

Moreover, the company repurchased 1.9 million shares at an average share price of $18.30.

Looking ahead the third quarter of fiscal 2020, the company expects total retail sales growth between 4% and 8%, and retail gross margin between 40.0% and 40.5% of net retail sales.

During the quarter ended June 30, Paul Tudor Jones (Trades, Portfolio) established a position of 22,493 shares. Jim Simons (Trades, Portfolio) reduced his holdings by 64% to 40,568 shares and Chuck Royce (Trades, Portfolio) sold out the stock.

Gainers

? Davita Inc. (NYSE:DVA) +3.9%

? American Tower Corp. (NYSE:AMT) +3.3%

? Everest Re Group Ltd. (NYSE:RE) +3.1%

? Martin Marietta Materials Inc. (NYSE:MLM) +2.9%

? Clorox Co. (NYSE:CLX) +2.7%

Losers

? IPG Photonics Corp. (NASDAQ:IPGP) -5.2%

? Concho Resources Inc. (NYSE:CXO) -5.1%

? Coty Inc. (NYSE:COTY) -4.6%

? DXC Technology Co. (NYSE:DXC) -4.5%

Global markets

The main European stock markets traded in the red. The U.K.'s FTSE 100 declined 0.19%, France's CAC 40 fell 0.49%, Germany's Dax slid 0.36% and Spain's Ibex 35 dipped 0.07%.

In Asia, Japan's Nikkei 225 gained 0.02%, India's BSE Sensex fell 2.06%, Hong Kong's Hang Seng retreated 0.39% and China's Shanghai Composite rose 0.21%.

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

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This article first appeared on GuruFocus.