U.S. markets closed

World Capital Markets Jump on Vaccine Advance Monday

Markets advance Monday morning

U.S. stocks were well in the green on Monday when the market opened on news that the drug maker Moderna is close to a vaccine for Covid-19. The Dow Jones Industrial Average gained more than 800 points, or 3.39%, to 24,488, while the S&P 500 index rose 3.07% to 2,951 and the Nasdaq Composite Index advanced 2.40% to 9,231.


Gainers:

o Royal Caribbean Cruises Ltd (NYSE:RCL) +16.7%

o Host Hotels & Resorts Inc (NYSE:HST) +16.5%

o L Brands Inc (NYSE:LB) +14.9%

o HollyFrontier Corp (NYSE:HFC) +13.5%

o Carnival Corp (NYSE:CCL) +13%

o Marathon Petroleum Corp (NYSE:MPC) +12%

Losers:

o Kroger Co (NYSE:KR) -1.7%

o Campbell Soup Co (NYSE:CPB) -3%

o Clorox Co (NYSE:CLX) -1.6%

o Kimberly-Clark Corp (NYSE:KMB) -1.3%

o Kellogg Co (NYSE:K) -0.9%

Global Markets

The main European stock markets traded in the green at market open on Monday. The UK.'s FTSE 100 gained 4.31%, France's CAC 40 jumped 5.25%, Germany's Dax gained 5.79% and Spain's Ibex 35 was up 4.57%.

In Asia, Japan's Nikkei 225 gained 0.48%, India's BSE Sensex plummeted 3.44%, Hong Kong's Hang Seng gained 0.58% and China's Shanghai Composite rose 0.24%.

Sea Limited releases earnings report

Shares of Sea Limited (NYSE:SE) gained more than 11% on Monday after the company announced its first-quarter results. It posted a loss of 52 cents per share, which fell 8 cents short of analyst estimates. Revenue of $913.92 million represented 57.9% year-over-year growth. CEO Forrest Li commented the following:


"The coronavirus crisis is driving a step change in the growth of the digital economy globally, materially accelerating a shift to online lifestyles that is broad, deep, and, in our view, irreversible. We believe that Sea, as a market leader in some of the key sectors of the digital economy, is gaining and will continue to gain a disproportionate share of the resulting growth in our markets."



By segment, the Digital Entertainment revenue rose 113.2% to $369.7 million from $173.4 million in the first quarter of 2019. The growth was fueled principally by the increase of the active user base. In the E-commerce and other services segment, revenue more than doubled to $266.5 million from $130.7 million in the first quarter of 2019. This was driven by the growth of the e-commerce marketplace.

Total gross profit reached $206.8 million, up more than 400% year-over-year from $39.5 million for the first quarter of 2019.

Research and development expenses were up 126.5% to $ 64.6 million from $28.5 million in the first quarter of 2019, primarily due to the increase in research and development staff force.

Frank Sands (Trades, Portfolio) increased his shares of the company by 65% to 23,695,875, while Steven Cohen (Trades, Portfolio) reduced his holding in the company by 92% to 43,284 shares and Staley Druckenmiller cut his holding by 33% to 1,173,938 shares.

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

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This article first appeared on GuruFocus.