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US Stocks Open Higher on Monday

June 11
03:04 2019

– By Omar Venerio

U.S. stocks were in positive territory on Monday after President Donald Trump announced the cancellation of tariffs on all Mexican imports. The Dow Jones Industrial Average gained 0.54% to 26,127, the S&P 500 index rose 0.70% to 2,893 and the Nasdaq Composite Index advanced 1.33% to 7,844.

Shares of Thor Industries Inc. (THO) gained 4.5% on Monday after the company announced third-quarter results. Revenue grew 11.6% from the prior-year quarter to $ 2.51 billion, but fell $ 90 million short of expectations. The company reported earnings of $ 1.65 per share, missing estimates by 1 cent.

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“EHG made a significant contribution to our top-line results for the quarter, and as we move through some of the transitional costs, we look forward to EHG’s meaningful contribution to our bottom line as well,” CEO Bob Martin said. “This transformational acquisition is a critical first step in our long-term strategic plan to expand outside of the North American market. Beyond the acquisition, we have seen improvements in the operating results of our North American segments, reflecting a more stable environment as we finish the fiscal year.”

The gross profit margin was 11.7%, down from 14.1% in the prior-year quarter. In the U.S., costs increased as a percentage of sales because of a lower fixed cost absorption.

Looking ahead, the company expects the North American dealer inventory rationalization to continue and projects strong growth in the U.S. in 2020.

Gainers

  • MGM Resorts International (NYSE:MGM)
  • Analog Devices Inc. (NASDAQ:ADI)
  • Macy’s Inc. (NYSE:M)
  • Wynn Resorts Ltd. (NASDAQ:WYNN)
  • Advanced Micro Devices Inc. (NASDAQ:AMD)

Losers

  • Salesforce.com Inc. (NYSE:CRM)
  • L Brands Inc. (NYSE:LB)
  • Cabot Oil & Gas Corp. (NYSE:COG)
  • International Paper Co. (NYSE:IP)
  • Helmerich and Payne Inc. (NYSE:HP)

Global Markets

The main European stock markets traded deep in the green. The U.K.’s FTSE 100 gained 0.59%, France’s CAC 40 climbed 0.34%, Germany’s Dax inched up 0.77% and Spain’s IBEX 35 swelled 0.63%.

In Asia, Japan’s Nikkei 225 fell 1.20%, India’s BSE Sensex retreated 0.43%, Hong Kong’s Hang Seng advanced 2.27% and China’s Shanghai Composite gained 0.86%.

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

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This article first appeared on GuruFocus.

  • Warning! GuruFocus has detected 3 Warning Sign with MGM. Click here to check it out.
  • MGM 15-Year Financial Data
  • The intrinsic value of MGM
  • Peter Lynch Chart of MGM

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