Mid-Morning Market Update: Markets Mostly Higher; Winnebago Earnings Top Estimates

Following the market opening Wednesday, the Dow traded down 0.04 percent to 24,690.78 while the NASDAQ climbed 0.51 percent to 7,765.06. The S&P also rose, gaining 0.15 percent to 2,766.70.

Leading and Lagging Sectors

Wednesday morning, the information technology shares surged 0.61 percent. Meanwhile, top gainers in the sector included CLPS Incorporation CLPS up 24 percent, and Synaptics Incorporated SYNA up 10 percent.

In trading on Wednesday, telecommunication services shares fell 1.07 percent.

Top Headline

Winnebago Industries, Inc. WGO reported stronger-than-expected results for its third quarter.

The company said it earned $1.02 per share in the quarter on revenue of $562.3 million versus expectations of 92 cents per share and $538.18 million.

Equities Trading UP

Caladrius Biosciences, Inc. CLBS shares shot up 42 percent to $9.40. Caladrius Biosciences shares climbed over 67 percent Tuesday after announcing the company’s CD34+ cell therapy program received FDA regenerative medicine advanced therapy designation for treating refractory angina.

Shares of CLPS Incorporation CLPS got a boost, shooting up 29 percent to $13.85 after the company released a letter to shareholders. The China-based company said it's working on "enhancing its original financial technology service offerings to expand to international markets, serve international customers, and provide innovative solutions and products to support more world-class technology customers."

Moleculin Biotech, Inc. MBRX shares were also up, gaining 11 percent to $2.2168. The clinical stage pharmaceutical company that develops oncology drug candidates said it received approval from the Polish National Office to begin a phase 1/2 clinical trial of its Annamycin for the treatment of relapsed or refractory acute myeloid leukemia.

Equities Trading DOWN

Anika Therapeutics, Inc. ANIK shares dropped 34 percent to $30.43 after reporting top-line results from CINGAL 16-02 clinical trial in knee osteoarthritis study did not achieve statistical significance at primary endpoint.

Shares of ReShape Lifesciences Inc. RSLS were down 20 percent to $2.5999 after reporting a $1.5 million registered direct offering priced at-the-market.

Astrotech Corporation ASTC was down, falling around 20 percent to $5.11. Astrotech shares surged 217.44 percent Tuesday after the company’s subsidiary, 1st Detect, announced its TRACER 1000 Explosives Trace Detector was accepted into the European Evaluation Process for airport checkpoint screening.

Commodities

In commodity news, oil traded up 1.31 percent to $65.92 while gold traded down 0.13 percent to $1,276.90.

Silver traded down 0.02 percent Wednesday to $16.32, while copper fell 0.31 to $3.0605.

Eurozone

European shares were higher today. The eurozone’s STOXX 600 climbed 0.77 percent, the Spanish Ibex Index rose 1.17 percent, while Italy’s FTSE MIB Index gained 0.74 percent. Meanwhile the German DAX climbed 0.48 percent, and the French CAC 40 rose 0.28 percent while U.K. shares rose 0.98 percent.

Economics

The MBA's index of mortgage application activity rose 5.1 percent for the latest week.

The U.S. current account deficit increased 6.9 percent to $124.1 billion in the first quarter, versus a revised $116.1 billion deficit for the fourth quarter.

Existing-home sales declined 0.4 percent to an annual rate of 5.43 million in May.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.