Wall Street Gains on Thursday

U.S. stocks were in positive territory on Thursday. The Dow Jones Industrial Average gained 0.39% to 26,107, the S&P 500 index rose 0.41% to 2,891 and the Nasdaq Composite Index advanced 0.57% to 7,837.

Shares of Lululemon Athletica Inc. (NASDAQ:LULU) gained more than 2% on Thursday after the company announced first-quarter results. Revenue grew 20.4% from the prior-year quarter to $782 million, beating expectations by $26.08 million. Earnings of 74 cents per share topped estimates by 4 cents.

The gross profit reached $421.7 million, an increase of 22% from the year-ago quarter. The gross margin was 53.9%, an increase of 80 basis points. Further, the operating margin was 16.5%, an increase of 40 basis points.

Looking ahead to the second quarter, the company expects net revenue to be between $825 million and $835 million. It also projects diluted earnings per share in the range of 86 cents to 88 cents.

Gainers

Losers

Global markets

The main European stock markets traded in the green. The U.K.’s FTSE 100 gained 0.01%, France’s CAC 40 rose 0.01%, Germany’s Dax swelled 0.44% and Spain’s IBEX 35 inched up 0.09%.

In Asia, Japan’s Nikkei 225 slid 0.46%, India’s BSE Sensex fell 0.04%, Hong Kong’s Hang Seng retreated 0.05% and China’s Shanghai Composite closed 0.05% higher.

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

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About the author:

Omar Venerio

Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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