Yahoo Finance Wednesday Morning Market Highlights
US markets
U.S. stocks were in the green on Wednesday morning. The Dow Jones Industrial Average gained 1.68% to 26,174, the S&P 500 index rose 1.22% to 3,118 and the Nasdaq Composite Index was up 0.67% to 9,672.
Gainers
o Simon Property Group Inc (NYSE:SPG) +14%
o MGM Resorts International (NYSE:MGM) +11%
o Alliance Data Systems Corp (NYSE:ADS) +10.7%
o Mosaic Co (NYSE:MOS) +9.7%
o SL Green Realty Corp (NYSE:SLG) +8.5%
o Las Vegas Sands Corp (NYSE:LVS) +8%
Losers
o Newmont Corporation (NYSE:NEM) -4.2%
o General Mills Inc (NYSE:GIS) -2.7%
o Hormel Foods Corp (NYSE:HRL) -1.9%
o Abbott Laboratories (NYSE:ABT) -1.7%
o Humana Inc (HUM) -1.7%
o Eli Lilly and Co (NYSE:LLY) -1.5%
Global markets
The main European stock markets traded in the green.The UK's FTSE 100 gained 2.63%, France's CAC 40 advanced 3.25%, Germany's Dax jumped 3.81% and Spain's Ibex 35 increased 2.84%.
In Asia, Japan's Nikkei 225 gained 1.29%, India's BSE Sensex jumped 0.84%, Hong Kong's Hang Seng rose 1.37% and China's Shanghai Composite was up 0.07%.
Campbell Soup releases earnings report
Shares of Campbell Soup Company (NYSE:CPB) fell more than 4% on Wednesday morning after the company announced its fiscal third-quarter results. The company posted a gain of 83 cents per share, beating analysts' estimates by 6 cents. Revenue of $2.24 billion grew 14.9% year-over-year but fell short of predictions by $20 million.
CEO Mark Clouse had the following to said:
"In the quarter, we experienced unprecedented broad-based demand across our brands as consumers sought food that delivered comfort, quality and value. This demand resulted in double-digit increases in organic sales, adjusted EBIT and adjusted EPS. In addition, Campbell's products were purchased by millions of new households, with total company household penetration increasing over 6 percentage points in the quarter compared to the third quarter of fiscal 2019."
Net sales rose 15% to $2.24 billion. Organic net sales increased 17% from the prior year due to favorable volume in both Meals & Beverages and Snacks. The gross margin was up 100 basis points to 34.5%, fueled by favorable product mix and a better operating leverage as well as the benefits from supply chain productivity improvements and cost-saving measures.
Looking ahead to full fiscal 2020, the company expects net sales to increase 5.5% to 6.5%. It also projects adjusted earnings per share in the range of $2.87 and $2.92 (up from previous guidance of $2.55 to $2.60).
Steven Cohen (Trades, Portfolio) initiated a new position in the stock with 99,303 shares. Phillippe Laffont reduced his stake in the company by 87% to 12,644 shares, while Michael Price (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) sold out of the stock.
Disclosure: The author holds no positions in any stocks mentioned.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
This article first appeared on GuruFocus.
