Mid-Afternoon Market Update: Dow Rises Over 100 Points; MoneyGram International Shares Slide

Toward the end of trading Wednesday, the Dow traded up 0.46 percent to 26,085.46 while the NASDAQ climbed 0.22 percent to 7,981.27. The S&P also rose, gaining 0.3 percent to 2,892.81.

Leading and Lagging Sectors

Wednesday afternoon, the real estate shares rose 0.4 percent. Meanwhile, top gainers in the sector included Front Yard Residential Corporation RESI up 9 percent, and CBL & Associates Properties, Inc CBL up 6 percent.

In trading on Wednesday, utilities shares fell 0.9 percent.

Top Headline

McKesson Corporation MCK reported better-than-expected earnings for its fourth quarter.

Earnings came in at $3.69 per share, beating estimates of $3.66 per share. Sales came in at $52.43 billion, missing estimates of $53.15 billion.

McKesson now projects 2020 adjusted profit of $13.85 to $14.45 per share.

Equities Trading UP

Chanticleer Holdings, Inc. BURG shares got a boost, shooting up 23 percent to $1.87 after the company announced it would begin offering its guests a 100 percent plant-based Beyond Burger patty.

Shares of MACOM Technology Solutions Holdings, Inc. MTSI shot up 26 percent to $15.88 after the company reported Q2 financial results. Craig-Hallum upgraded the stock from Hold to Buy.

Corindus Vascular Robotics, Inc. CVRS shares were also up, gaining 24 percent to $2.60 following Q1 results.

Equities Trading DOWN

Inogen, Inc. INGN shares dropped 23 percent to $70.55 after the company reported worse-than-expected Q1 EPS and sales and lowered FY19 outlook.

Shares of MoneyGram International, Inc. MGI were down 24 percent to $2.52 after reporting weak Q1 results.

2U, Inc. TWOU was down, falling around 24 percent to $45.77 after the company issued Q2 EPS and sales guidance below analyst estimates.

Commodities

In commodity news, oil traded up 1.14 percent to $62.10 while gold traded down 0.3 percent to $1,281.80.

Silver traded down 0.4 percent Wednesday to $14.86, while copper fell 0.6 percent to $2.77.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.15 percent, the Spanish Ibex Index fell 0.09 percent, while Italy’s FTSE MIB Index dropped 0.07 percent. Meanwhile the German DAX gained 0.72 percent, and the French CAC 40 gained 0.4 percent while U.K. shares rose 0.15 percent.

Economics

U.S. crude supplies fell 4 million barrels for the week ended May 3, the Energy Information Administration reported. However, analysts expected a decline of 2.2 million barrels. Gasoline inventories fell 600,000 barrels, while distillate stockpiles slipped 200,000 barrels last week.