U.S. stocks were in the red on Tuesday, with electronic tech and commercial services stocks leading the decline. The Dow Jones Industrial Average fell 0.13% to 26,800, the S&P 500 index dipped 0.39% to 2,966 and the Nasdaq Composite Index slid 0.50% to 8,046.
Shares of Casey's General Stores Inc. (CASY, Financial) gained about 1.5% after announcing first-quarter results. The company posted earnings of $2.31 per share on $2.63 billion in revenue. The company beat earnings estimates by 25 cents and revenue expectations by $40 million.
"Quarterly results were positively impacted by our fuel price optimization initiative, store growth and a continued focus on controlling operating expenses," President and CEO Darren Rebelez said.
For the quarter, the gross profit was $565.7 million, up 840 basis points year over year, and the gross margin expanded 130 points to 21.5%. Operating expenses increased 5.7% as a result of 76 more stores opened from the prior-year quarter.
By segment, grocery and other merchandise sales grew 6.7% to $687.9 million and same-store sales rose 3.2%. In the prepared food and fountain division, sales rose 5.3% to $295.9 million, while same-store sales jumped 1.6%.
Looking ahead, the company maintained its fiscal 2020 guidance.
During the quarter ended June 30, Mario Gabelli (Trades, Portfolio) reduced his holding by 17% to 57,961 shares and Jim Simons (Trades, Portfolio)' Renaissance Technologies curbed its position by 20% to 24,472 shares. Robert Olstein (Trades, Portfolio) sold out of the stock and Joel Greenblatt (Trades, Portfolio) boosted his position by 53% to 11,561 shares.
Gainers
- Nektar Therapeutics Inc. (NKTR, Financial) +10.5%
- LKQ Corp. (LKQ) +4.9%
- Sealed Air Corp. (SEE, Financial) +5.5%
- Mosaic Co. (MOS, Financial) +6.2%
- Albemarle Corp. (ALB, Financial) +4.5%
Losers
- Chipotle Mexican Grill Inc. (CMG, Financial) -7.0%
- SBA Communications Corp. (SBAC, Financial) -5.0%
- Starbucks Corp. (SBUX, Financial) -4.9%
- Aon PLC (AON, Financial) -3.9%”‹
Global markets
The main European stock markets traded in the green. The U.K.'s FTSE 100 advanced 0.44%, France's CAC 40 swelled 0.08%, Germany's Dax rose 0.35% and Spain's IBEX 35 advanced 0.75%.
In Asia, Japan's Nikkei 225 gained 0.35%, India’s BSE Sensex climbed 0.44%, Hong Kong's Hang Seng rose 0.01% and China's Shanghai Composite slid 0.12%.
Disclosure:The author holds no positions in any stocks mentioned.
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