Mid-Morning Market Update: Markets Open Flat; McKesson Earnings Top Views

Following the market opening Wednesday, the Dow traded up 0.01 percent to 25,968.23 while the NASDAQ declined 0.05 percent to 7,959.57. The S&P also fell, dropping 0.01 percent to 2,883.62.

Leading and Lagging Sectors

Wednesday morning, the utilities shares slipped by just 0.3 percent. Meanwhile, top gainers in the sector included Ormat Technologies, Inc. ORA up 4 percent, and Genie Energy Ltd GNE up 4 percent.

In trading on Wednesday, information technology shares fell 2.5 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 37 percent to $2.08 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 29 percent to $16.30 after the company reported Q2 financial results. Craig-Hallum upgraded the stock from Hold to Buy.

Avalara, Inc. AVLR shares were also up, gaining 17 percent to $69.79 after reporting upbeat Q1 earnings.

Equities Trading DOWN

Inogen, Inc. INGN shares dropped 24 percent to $69.25 after the company reported worse-than-expected Q1 EPS and sales and lowered FY19 outlook.

Shares of Livent Corporation LTHM were down 22 percent to $8.33 after the company reported worse-than-expected Q1 EPS and sales results.

2U, Inc. TWOU was down, falling around 26 percent to $44.08 after the company issued Q2 EPS and sales guidance below analyst estimates.

Commodities

In commodity news, oil traded up 0.4 percent to $61.63 while gold traded up 0.4 percent to $1,291.20.

Silver traded up 0.2 percent Wednesday to $14.95, while copper fell 0.5 percent to $2.7725.

 

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.2 percent, the Spanish Ibex Index fell 0.3 percent, while Italy’s FTSE MIB Index dropped 0.3 percent. Meanwhile the German DAX gained 0.3 percent, and the French CAC 40 declined 0.1 percent while U.K. shares fell 0.3 percent.

Economics

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

The Treasury is set to auction 10-year notes bills at 1:00 p.m. ET.