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Global markets continue upward | Calamatta Cuschieri

US stocks edged higher on Tuesday, rising to all-time highs as financials, energy, and technology stocks led on the day

calamatta_cuschieri
Calamatta Cuschieri
9 August 2017, 9:01am
US stocks edged higher on Tuesday, rising to all-time highs as financials, energy, and technology stocks led on the day, whilst UK stocks posted moderate gains
US stocks edged higher on Tuesday, rising to all-time highs as financials, energy, and technology stocks led on the day, whilst UK stocks posted moderate gains
US stocks edged higher on Tuesday, rising to all-time highs as financials, energy, and technology stocks led on the day. Top-performing stocks in the industry were financials, Fifth Third Bancorp rose 2.9% while Capital One Financial was up 2.4%. In other sectors, CBS Corp. also rose 2.6% after the media giant reported results late Monday, with revenue topping expectations.

UK stocks posted moderate gains, closing at their highest level since early June, helped by the pound’s drop against the dollar, following an upbeat reading on US job openings. On Tuesday, mining stocks were initially under pressure after the release of Chinese trade data, but they managed to erase losses. Shares in iron-ore producer BHP Billiton PLC BLT, closed 0.1% higher, while peer Rio Tinto PLC gave up 0.3%.

Oil prices rose marginally following reports that Saudi Arabia is planning to cut exports to Asia next month. On the New York Mercantile Exchange, West Texas Intermediate futures edged up 0.2% to $49.51 a barrel. Brent crude, the global benchmark, rose 0.2% to $52.46 a barrel.

Michael Kors reports profit, shares soar

Michael Kors Holdings Ltd reported better-than-expected profit for the first quarter, and lifted its full-year revenue forecast, sending the company's shares up as much as 22%. While profit dropped 15%to $125.5 million, or 80 cents per share, in the quarter ended 1 July, it handily beat Wall Street's expectations of 62 cents.

Once the hottest name in affordable luxury, Kors has been grappling with declining same-store sales as more people shop online. However, the company is pursuing a multi-brand strategy for growth and diversifying into new products. That helped operating margins at Kors stores increase for the first time in more than eight quarters. Total revenue dropped 3.6% to $952.4 million, but beat the average estimate of $918.6 million.

Uber to sell its car-leasing division

Ride-hailing company Uber is evaluating options for its capital-intensive US car-leasing business, including a sale of the unit. The Xchange Leasing business, which has about 40,000 vehicles and 14 showrooms in the United States, has attracted interest from some buyers who are considering buying it outright, according to the source.

The plan comes after Uber executives were informed that losses were $9,000 per car on average, steeply above the previous estimates of around $500 per car. As many as 500 jobs could be affected by the program, representing about 3% of Uber's 15,000-employee staff.

Disclaimer:

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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