Stocks seesawed on Thursday, falling in the morning, rising in the afternoon, and then losing steam in the final hour of the session. The Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) finished with small losses.
Today's stock market
|Index ||Percentage Change ||Point Change |
|Dow ||(0.11%) ||(27.59) |
|S&P 500 ||(0.22%) ||(5.99) |
Data source: Yahoo! Finance.
Energy stocks staged a rally as crude oil prices firmed up; the Energy Select Sector SPDR ETF (NYSEMKT: XLE) gained 0.7%. Chinese stocks fell in advance of trade talks at the G-20 summit, with the iShares China Large-Cap ETF (NYSEMKT: FXI) losing 1.6%.
As for individual stocks, Box (NYSE: BOX) announced strong sales growth, while shares of Yeti Holdings (NYSE: YETI) fell following its first public earnings report.
Image source: Getty Images.
Box grows its customer base
Cloud content management company Box reported third-quarter results yesterday that came in ahead of expectations and raised guidance for the full year. Shares were volatile, but eventually closed essentially flat. Revenue grew 20.6% to $155.9 million and the non-GAAP loss per share was $0.06. Analysts were expecting a loss of $0.07 per share on revenue of $154.6 million.
Box added 3,000 new customers in the quarter to bring the total to 90,000 businesses. The company grew the number of deals worth $100,000 or more by over 40% since the period a year ago, and was able to sell add-on products in over 80% of those deals, which was more than 10 percentage points better than last quarter.
Box focuses on selling to large enterprise customers , depending on a strategy of selling software to manage content rather than simply providing cloud storage, and Q3 results suggest the company is making progress .
Yeti leaves investors thirsting for more
Trendy consumer products company Yeti reported earnings for the first time as a public company, but investors weren't impressed, sending shares down 16.2% to $16.10. Net sales in Q3 increased 7.2% to $196.1 million, which was slightly ahead of the $195.1 million analysts were expecting. Adjusted earnings per share expanded 50% to $0.21, which missed the analyst consensus by $0.01.
Wholesale channel sales were flat at $125 million, but direct-to-consumer sales grew 23% to $71.2 million. Gross margin improved 4.8 percentage points to 49.7%.
Yeti, maker of drinkware and coolers, went public at $18 a little over a month ago , but investors have yet to warm up to the stock in spite of unanimous buy ratings from the analysts following it. The company guided to full-year sales growth of between 19% and 20% and adjusted EPS between $0.79 and $0.82, compared with $0.28 last year.
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