Wall Street Advances on Tuesday

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.

Gainers

• Kraft Heinz Co. (NASDAQ:KHC)

• Fortinet Inc. (NASDAQ:FTNT)

• PepsiCo Inc. (NASDAQ:PEP)

• Symantec Corp. (NASDAQ:SYMC)

• Incyte Corp. (NASDAQ:INCY)

Losers

• 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)

Markets

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

Omar Venerio is a capital markets, derivatives, corporate finance and financial management

Read More Here...

Bookmark the permalink.