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Top Gainers: VF Corporation, Schlumberger, Western Digital Soar

Stock MarketsJan 18, 2019 02:59PM ET
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Investing.com -- VF Corporation, Schlumberger and Western Digital were in rally mode Friday, underpinning the broader market.

VF Corporation (NYSE:VFC), an apparel, footwear and accessories manufacturer, topped fiscal third-quarter estimates on both bottom and top lines, sending its shares soaring 12% higher.

The maker of Vans shoes reported fiscal third-quarter adjusted earnings of $1.31 per share on $3.94 billion in revenue, handling beating estimates for earnings of $1.10 a share on $3.87 billion in revenue.

Expectations for full-year earnings were raised to $3.73 a share from $3.65, above Wall Street estimates of $3.68.

Oilfield services company Schlumberger (NYSE:SLB) rose 8% after its fourth-quarter revenue topped expectations.

Earnings of $0.36 a share was in line with consensus estimates, while revenue of $8.2 billion was ahead of estimates of $8.1 billion.

The beat on the top line appeared to overshadow the company's cautious outlook on growth 2019.

"The recent oil price volatility has introduced more uncertainty around the E&P spending outlook for 2019, with customers generally taking a more conservative approach at the start of the year," said CEO Paal Kibsgaard.

Western Digital (NASDAQ:WDC), meanwhile, shrugged off a bearish note from Wall Street as its shares climbed 8%, supported by a risk-on move in the broader market on growing optimism on U.S.-China trade.

RBC cut its price target on shares of Western Digital to $40 from $48, on worries about a slowdown in hard drives sales.

The S&P 500 rose more than 1% after China offered to boost its annual imports of U.S. goods by a combined value of more than $1 trillion, according to a report from Bloomberg.

Top Gainers: VF Corporation, Schlumberger, Western Digital Soar
 

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