Market Overview

News Summary

Shares of McDonald's Corp (NYSE: MCD) dropped about 1.1% after the company reported a 3.1% rise in its global comparable sales at all restaurants in operation at least 13 months in May. McDonald's sales increased 2.4% in the US, rose 2.3% in Europe and surged 4.3% in Asia, Middle East and Africa. Its systemwide sales for the month climbed 12%, or 4.7% excluding the currency impact. McDonald's now expects currency translation to benefit Q2 earnings per share by $0.09 to $0.10 per share due to latest strengthening of foreign currencies.

Shares of Ciena Corp (NASDAQ: CIEN) fell about 12% after the company reported a wider-than-expected second-quarter loss and issued downbeat third-quarter revenue forecast. Ciena reported its quarterly net loss at $62.7 million, or $0.66 per share, versus a loss of $90.01 million, or $0.97 per share, in the year-ago period. Excluding items, Ciena's loss came in at $0.24 per share. Its quarterly sales surged 65% to $417.9 million. However, analysts were expecting a loss of $0.11 per share on revenue of $428.2 million. Ciena projects Q3 sales of $435 to $455 million, versus analysts' estimates of $456.1 million.

Shares of Posco (NYSE: PKX) dropped about 0.7% after the company announced its plans to acquire a 20% stake in US-based graphene company XG Sciences. Posco is expecting the acquisition to complement its core business. The company did not disclose the value of its deal.

Shares of Layne Christensen Co (NASDAQ: LAYN) gained about 13% after the company reported stronger-than-expected first-quarter results on Wednesday. LAYN reported its quarterly net income at $13.1 million, or $0.66 per share, up from $6.6 million, or $0.34 per share, in the year-ago period. Excluding one-time items, LAYN's earnings came in at $0.51 per share. Its revenue surged 16% to $267.4 million. However, analysts were expecting earnings of $0.28 per share on revenue of $242.9 million. LAYN's cost of revenue surged 16.5% to $200,225,000, or 74.9% of revenue, versus $171,912,000, or 74.5% of revenue, in the year-ago period.

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