U.S. stocks advanced on Tuesday morning, ahead of midterm elections, in which Democrats are expected to beat Republicans. The Dow Jones Industrial Average rose 45 points, or 0.19% to 25,510, the S&P 500 index gained 0.28% to 2,747, and the Nasdaq Composite Index jumped 0.66% to 7,377.
Shares of Mallinckrodt Public Ltd. Co. (MNK) jumped almost 10% on Tuesday after the company posted third-quarter earnings of $2.10 per share, on revenue of $640 million, reflecting 6.6% year-over-year growth. The company beat earnings estimates by 31 cents and revenue expectations by $5.6 million.
The GAAP gross profit was $313.8 million with gross profit as a percentage of net sales of 49.0%, lower than 55.4%, primarily due to recent acquisitions. Adjusted gross profit was $530.4 million, compared with $502.4 million and adjusted gross profit as a percentage of net sales was 82.9% versus 83.6% in the comparable period.
Looking ahead, the company raised its adjusted diluted earnings per share guidance for fiscal 2018 in the range of $7.00 to $7.20.
• Kraft Heinz Co. (NASDAQ:KHC)
• Fortinet Inc. (NASDAQ:FTNT)
• PepsiCo Inc. (NASDAQ:PEP)
• Symantec Corp. (NASDAQ:SYMC)
• Incyte Corp. (NASDAQ:INCY)
• Qorvo Inc. (NASDAQ:QRVO)
• Akamai Technologies Inc. (AKAM)
• Applied Materials Inc. (AMAT)
• Verisign Inc. (NASDAQ:VRSN)
• Amazon.com Inc. (NASDAQ:AMZN)
• Wynn Resorts Ltd. (NASDAQ:WYNN)
The main European stock markets traded lower. The U.K.’s FTSE 100 fell 0.86%, France’s CAC 40 lost 0.43%, Germany’s Dax dipped 0.26% and Spain’s Ibex 35 retreated 0.52%.
In Asia, Japan’s Nikkei 225 gained 1.14%, India’s BSE Sensex jumped 0.12%, Hong Kong’s Hang Seng rose 0.72% and China’s Shanghai Composite slipped 0.23%.
Disclosure: The author holds no positions in any stocks mentioned.
About the author:
Omar Venerio is a capital markets, derivatives, corporate finance and financial management