U.S. markets celebrated a better-than-expected jobs report this morning, blasting up more than 1% with traders feeling that the report showed some economic growth, but not enough to trigger a June Fed interest rate hike.
As long as we stay in a slow-but-steady course, Wall Street keeps pushing stocks higher.
The U.S. Labor Department reported that 223,000 jobs were created in April, and the unemployment rate dropped to 5.4%. The jobs number was only 1,000 jobs below economists’ estimates. Average hourly earnings were up 0.1%, slightly below the expected 0.2%.
The Dow Jones Industrial Average climbed 1.5%, while the S&P 500 was 1.3% higher, and the Nasdaq lifted up 1.2%. All the sectors were higher today, with healthcare, basic materials, and utilities showing good strength.
Earnings reports have been looking good in recent days, and today was no exception, with AOL, Inc. (NYSE:AOL), Triumph Group Inc (NYSE:TGI) and Molina Healthcare, Inc. (NYSE:MOH) all ripping higher as a result. Here’s the scoop on some of the best stocks of the day:
AOL, Inc. (AOL)
AOL stock gapped up 10% after reporting first quarter adjusted earnings of 34 cents per share on $625 million in revenue. Both were better than expected by analysts, who predicted 32 cents per share on revenue of $593.96 million. Revenue increased 7% from the year-ago quarter.
Strong advertising sales were seen as the catalyst for the solid revenue showing. The main concern for AOL stock continues to be an ongoing decline in its membership. There were 11% fewer domestic AOL subscribers in this latest quarter than previously, and that can’t continue without ad rates also dropping.
Triumph Group Inc (TGI)
Like AOL, TGI stock was also having a big day after beating earnings late on Thursday. TGI stock was up more than 13% after reporting fourth-quarter earnings of $1.71, ahead of analyst estimates for $1.66 per share. Revenue was announced at $1.08 billion, also ahead of Street expectations of $1.04 billion. Revenue was up 15.4% from a year ago.
Adding to the glee, TGI announced that, during the fourth quarter, the company repurchased 1.2 million shares of stock, as part of its existing 5.5 million share repurchase plan.
Molina Healthcare, Inc. (MOH)
Molina Healthcare, a Medicaid insurer, was soaring today, up nearly 12% after reporting earnings of 56 cents per share, besting analysts’ estimates by 7 cents. This number did not include some additional revenue the company is expecting to receive from the Affordable Care Act that has now been delayed.
Revenue for MOH came in at $3.17 billion, which was below forecasts for $3.21 billion. But the street did not seem to mind very much, possibly because revenue numbers increased more than 50% year-over-year.
As of this writing, Ethan Roberts did not hold a position in any of the aforementioned securities.
More From InvestorPlace
- The Top 10 Dow Dividend Stocks for May
- 5 Blue Chips That Have Scorched the Street
- 5 Stocks to Sell for May