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Why GGP Was the S&P 500’s Top Gainer on May 1

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Top gainers and losers

The top gainers in the S&P 500 on May 1 were:

  • GGP (GGP) rose 4.6%.
  • Macerich Company (MAC) rose 3.6%.
  • Lam Research (LRCX) rose 3.0%.
  • Alexion Pharm (ALXN) rose 3%.
  • Applied Materials (AMAT) rose 2.7%.

The top losers in the S&P 500 on May 1 were:

  • Affiliated Managers Group (AMG) fell -5.9%.
  • Newell Rubbermaid (NWL) fell -3.6%.
  • Bed Bath & Beyond (BBBY) fell -3.4%.
  • Transocean (RIG) fell -3.4%.
  • Newmont Mining (NEM) fell -3.3%.
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GGP announced its 1Q17 results

GGP, a US real estate investment trust, rose on Monday. GGP released its 1Q17 earnings report on May 1. GGP opened the day lower, but quickly recovered and rose due to funds from operations numbers and its 2017 guidance. According to the earnings report, funds from operations were $0.36 per share—in line with the market’s expectations. The company’s 1Q17 revenue was $566.3 million—slightly higher than the market’s forecast of $566 million but lower than 1Q16 revenue of $607 million.

GGP announced a 2Q17 dividend of $0.22 per share, which is a 16% year-over-year increase. Under its share buyback program, GGP acquired 2.57 million common shares for $23.16 per share. GGP announced its 2017 guidance. It expects funds from operations of $1.56–$1.6 per share—compared to the market forecast of $1.58. A factor that could impact GGP is an increase in online shopping, which could impact how much GGP’s malls grow.

On Monday, GGP rose 4.6% and closed the day at $22.61—the highest close in a week.

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