U.S. stocks opened the fourth quarter in relatively subdued fashion after closing out a softer September.
By the end of Thursday’s session, the S&P 500 gained 0.17% to 7,664.61, the Nasdaq Composite advanced 0.18% to 26,908.59, while the Dow Jones Industrial Average slipped 0.05% to 50,878.23. [vittarthi.com]
The quiet headline numbers, however, concealed some sizable moves in individual companies. One of the most notable came from Accenture, whose quarterly results prompted a substantial rally. [247wallst.com], [newsroom.a…enture.com]
💎 Diamond of the Day: Accenture (ACN)
Accenture earns today’s Diamond designation following fiscal fourth-quarter results that showed broad-based growth and better-than-expected revenue and earnings.
The company reported $18.68 billion in quarterly revenue, up 6.2% year over year and ahead of the $18.02 billion consensus estimate cited by MarketBeat. Earnings per share came in at $3.29 versus a $3.18 consensus estimate. [marketbeat.com]
Perhaps equally notable, Accenture reported record full-year bookings of $84.5 billion. Shares responded with a dramatic move higher, trading up more than 20% during Thursday’s session according to contemporaneous market reporting. [247wallst.com]
Why It Stood Out
- Quarterly revenue reached $18.68 billion. [marketbeat.com]
- Revenue and earnings exceeded the cited consensus expectations. [marketbeat.com]
- Full-year bookings reached a reported record $84.5 billion. [247wallst.com]
- Accenture said fourth-quarter revenue exceeded the high end of its own previously guided range, with growth across all geographic markets, industry groups and types of work. [newsroom.a…enture.com]
- Shares experienced a substantial double-digit rally following the report. [tradingkey.com], [247wallst.com]
🐕 Dog of the Day: General Mills (GIS)
General Mills shares declined approximately 2.8% around midday and reached a new 52-week low, according to contemporaneous market reporting. [fool.com]
Why It Lagged
- Shares were down approximately 2.8% around midday Thursday. [fool.com]
- The stock reached a 52-week low during the session. [fool.com]
- The decline occurred during a session in which higher Treasury yields were weighing on portions of the market, including dividend-paying shares. [fool.com]
Market Takeaway
Thursday demonstrated something we’ve seen repeatedly in Diamonds & Dogs: a relatively quiet index day can conceal some dramatic individual-company stories.
The major averages moved only modestly, yet Accenture’s earnings report produced an outsized response as investors digested its revenue, earnings and record bookings. Meanwhile, General Mills moved in the opposite direction and touched a 52-week low. [247wallst.com], [fool.com]
Important Disclosure
The securities identified above are provided solely for informational and educational purposes and should not be considered recommendations to buy, sell, or hold any security. The “Diamond” and “Dog” designations reflect notable market performance, financial results or publicly reported developments during the period discussed and are not intended as investment advice or an assessment of future prospects. References to earnings results, market performance and historical prices should not be viewed as indicative of future returns. Past performance does not guarantee future results. Investing involves risk, including possible loss of principal.