Yahoo Finance Wednesday Morning Market Highlights
US markets
U.S. stocks were in the green on Wednesday, with Apple (NASDAQ:AAPL) and Nike (NYSE:NKE) shares pushing up the Dow. The Dow Jones Industrial Average gained 0.11% to 25,917, the S&P 500 index jumped 0.20% to 3,151 and the Nasdaq Composite Index was up 0.65% to 10,410.
Gainers
o Twitter, Inc. (NYSE:TWTR) +7.05%
o Lennar Corporation (NYSE:LEN) +5.3%
o Biogen Inc. (NASDAQ:BIIB) +4.5%
o Kohl's Corporation (NYSE:KSS) +4.4%
Losers
o The Mosaic Company (NYSE:MOS) -5.6%
o Mohawk Industries, Inc. (NYSE:MHK) -4.7%
o Omnicom Group Inc. (NYSE:OMC) -4.2%
o Corteva, Inc. (CTVA) -3.6%
Global markets
The main European stock markets traded in the red. The UK's FTSE 100 fell 0.40%, France's CAC 40 retreated 1.05%, Germany's Dax was down 0.58% and Spain's Ibex 35 slid 1.38%.
In Asia, Japan's Nikkei 225 fell 0.78%, India's BSE Sensex dipped 0.94%, Hong Kong's Hang Seng advanced 0.59% and China's Shanghai Composite was up 1.79%.
SMART Global releases earnings report
Shares of SMART Global Holdings, Inc. (NASDAQ:SGH) gained more than 4% on Wednesday morning after the company announced its results for its third quarter of fiscal 2020 the previous day. The company posted earnings per share of 70 cents, beating analysts' estimates by 3 cents. Revenue of $281.29 million grew 19.4% year-over-year but fell short of expectations by $1.27 million.
CEO Ajay Shah had the following to say:
"Thanks to the outstanding execution from our team in these challenging times we were able to achieve growth in revenue and gross profit over the previous quarter, and over the same period last year. This, combined with the operating leverage in our financial model, drove a strong increase in non-GAAP earnings per share and another quarter of operating cash flow generation."
The GAAP gross profit reached $54.2 million, up 26% from the $43.0 million of the third quarter of fiscal 2019. The non-GAAP gross profit was $55.9 million, up 27.9% from the $43.7 million of the third quarter of fiscal 2019. Ebitda came in at $25.4 million, 32.5% higher than the year-ago quarter.
Chuck Royce (Trades, Portfolio) added 2.5% to his investment in the company for a total of 29,986 shares, while Joel Greenblatt (Trades, Portfolio) boosted his position by 10% to 33,946 shares. Jim Simons (Trades, Portfolio) sold out of the stock.
Disclosure: The author holds no positions in any stocks mentioned.
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This article first appeared on GuruFocus.
