U.S. stocks closed slightly lower Thursday as traders appeared to focus more on disappointing earnings reports over reports that ignited rallies in individual names. What’s more, the euro tumbled following comments from European Central Bank President Mario Draghi.
The S&P 500 Index lost 0.14% while the Dow Jones Industrial Average declined 0.22%. The Nasdaq Composite, meanwhile, ended the day 0.09% lower.
American Express Company (AXP)
Shares of American Express Company, a member of the Dow 30, surged 9% on more than quadruple the average daily volume after the company reported third-quarter results that topped Wall Street estimates.
On an adjusted basis, New York-based AXP earned $1.20 per share on revenue of $7.77 billion. Analysts expected AXP to earn 97 cents a share on revenue of $7.7 billion.
AXP also raised its 2016 earnings guidance. American Express now expects to earn $5.90 to $6 a share, on an adjusted basis, up from prior guidance of $5.40 to $5.70 a share.
Mattel, Inc. (MAT)
Shares of toymaker Mattel jumped 6% on more than triple the usual turnover after the company reported better-than-expected third-quarter sales.
California-based MAT said it earned 70 cents a share in the quarter, up from 66 cents a year earlier. Buoyed by increased demand for its Barbie and Fisher-Price brands, MAT said sales rose to $1.8 billion from $1.79 billion. Analysts expected sales of $1.77 billion.
Fisher-Price and MAT’s Wheels unit, which includes Hot Wheels, saw sales rise 6% apiece, according to Reuters.
Snap-on Incorporated (SNA)
Snap-on Incorporated, which makes and markets tools, climbed 6.6% on more than triple the usual volume after the company delivered better-than-expected third-quarter results.
Wisconsin-based SNA said it earned $2.22 per share during the quarter. Analysts expected a profit of $2.15 per share. SNA reported revenue of $834.1 million, which was below expectations of $847.8 million.
Snap-on shares are down 8% year-to-date.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
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