The S&P 500’s top gainers on May 2 were:
Aptiv, which is a global automotive parts technology company, was the S&P 500’s top gainer on Wednesday. After losing strength last week, Aptiv started this week on a weaker note and declined in the first two trading days. However, Aptiv opened higher on May 2 and rallied to seven-week high price levels.
The buying pressure in Aptiv increased on Wednesday amid the release of stronger-than-expected 1Q18 financial results and the fiscal 2018 outlook. According to management, the US GAAP EPS (earnings per share) in the first quarter from continuing operations was $1.15. The EPS, excluding special items, was $1.29—better than the market’s forecast of $1.2. The first quarter revenues were $3.6 billion—higher than analysts’ forecast of $3.37 billion.
Management expects the EPS in the second quarter to be $1.33–$1.38, which is better than the forecast of $1.3. The fiscal EPS outlook was $5.2–$5.4, which is better than the forecast of $5.2. Management expects the 2Q18 net sales to be $3.5 billion–$3.6 billion and the fiscal net sales to be $13.95 billion–$14.35 billion. The upbeat 1Q18 earnings and fiscal 2018 outlook boosted Aptiv on Wednesday.
Aptiv gained 6.5% on May 2 and closed the day at $90.03. Aptiv is part of the S&P 500 Consumer Discretionary sector, which declined 0.71% on Wednesday.
Next, we’ll discuss the S&P 500’s top losses on May 2.