Ahead of the April jobs report, due out Friday before the open of U.S. markets, the S&P 500 posted a third consecutive loss, inching lower by 0.02%. The Dow Jones Industrial Average eked out a gain of 0.05% while the Nasdaq Composite continued its losing ways with a loss of 0.18%.
The S&P 500, the benchmark U.S. equity index, has finished lower in three of four May sessions, perhaps adding some validity to the “sell in May and go away” adage. Lack of risk appetite sent gold higher and yields on 10-year Treasuries lower.
Even with another disappointing day for broader benchmarks, Alibaba Group Holding Ltd (NYSE:BABA), Kraft Heinz Co (NASDAQ:KHC) and Whole Foods Market, Inc. (NASDAQ:WFM) found a way to deliver some sound gains for investors.
Alibaba Group Holding Ltd (BABA)
Chinese e-commerce giant Alibaba jumped 4% on about two-and-a-half times the average daily volume after the company said its fiscal fourth-quarter earnings surged 85%.
For the fiscal fourth quarter, BABA said it earned 47 cents a share on an adjusted basis on sales of $3.75 billion. Analysts expected BABA to earn 60 cents a share on sales of $3.59 billion.
BABA said “that gross merchandise volume in China’s retail marketplace jumped 24 percent to $115 billion, compared to last year’s quarter,” reports the Associated Press.
Kraft Heinz Co (KHC)
Kraft Heinz Co, one of the world’s largest packaged foods makers, rose 3.7% on more than double the average daily turnover after the company said its first-quarter per-share earnings surged to 73 cents from 24 cents a year earlier. On an adjusted basis, KHC also posted first-quarter earnings of 73 cents per share.
KHC said revenue for the quarter was $6.57 billion. Analysts expected KHC to earn 63 cents a share on sales of $6.5 billion. KHC is looking to trim annual spending by $1.5 billion by the end of next year.
Whole Foods Market, Inc. (WFM)
Shares of high-end grocer Whole Foods added nearly 6% following WFM’s fiscal-second-quarter earnings report that saw the company earn 44 cents a share. Analysts expected WFM to earn 41 cents a share for the quarter.
WFM’s same-store sales fell 3% for the quarter, worse than the 2% decline analysts expected. WFM’s same-store sales have contracted in three consecutive quarters.
WFM will launch its more affordable store concept, 365 by Whole Foods, in Los Angeles this month.
Shares of WFM are off about 30% over the past year.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.