Mid-Morning Market Update: Markets Rise, Cracker Barrel Posts Upbeat Earnings
Following the market opening Monday, the Dow traded up 0.69 percent to 15,220.16, while the NASDAQ rose 0.12 percent to 3,460.18. The S&P was also up, gaining 0.38 percent to 1,636.87.
Cracker Barrel Old Country Store (NASDAQ: CBRL) reported a 30% rise in its fiscal third-quarter earnings.
Cracker Barrel lifted its earnings forecast for the year to $4.75 to $4.85 per share, versus its earlier forecast of $4.60 to $4.80 per share.
Cracker Barrel's quarterly profit surged to $24.6 million, or $1.02 per share, from $19 million, or $0.81 per share, in the year-ago period. The company had earlier expected earnings of $0.90 to $0.95 per share. Its revenue rose 5.2% to $640.4 million, versus analysts' estimates of $631 million.
MannKind (NASDAQ: MNKD) was also up 5.26 percent to $7.0101 after the company completed a Phase 3 clinical study of AFREZZA.
Cracker Barrel Old Country Store (NASDAQ: CBRL) got a boost, shooting up 6.86 percent to $95.60 after the company reported a 30% rise in its fiscal third-quarter earnings and lifted its earnings forecast for the year
Equities Trading DOWN
Infinity Pharmaceuticals (NASDAQ: INFI) was down, falling 19.44 percent to $21.71 on Phase 1 data.
The Descartes Systems Group (NASDAQ: DSGX) shares tumbled 6.47 percent to $11.13 after the company announced election of Directors.
BioMarin Pharmaceutical (NASDAQ: BMRN) was down 6.47 percent to $58.65 after the company reported preliminary data on the ongoing Phase 1/2 study for its poly ADP-ribose polymerase (PARP) inhibitor BMN 673.
In commodity news, oil traded up 0.51 percent to $92.44, while gold gained 0.14 percent to $1,394.50.
Silver traded up 1.25 percent Monday to $22.52, while copper rose 0.94 percent to $3.32.
European shares traded mixed following the stronger than expected PMI reports across the continent. The Eurozone Manufacturing PMI rose to 48.3 in May from 47.8 in April on expectations of a flat reading with all major countries reporting better than expected results in the report.
The Spanish Ibex Index rose 0.12 percent and the Italian FTSE MIB Index dropped 0.01 percent. Meanwhile, the German DAX rose 0.17 percent and the French CAC 40 gained 0.05 percent while U.K. shares declined 1.48 percent.
The final reading of Markit's manufacturing PMI rose to 52.3 in May, up from 52.1 in April.
The ISM manufacturing index fell to 49.00 in May, versus a reading of 50.70 in April. However, economists were expecting a reading of 51.00.
Construction spending surged 0.4% to an annual rate of $860.8 billion in April. However, economists were expecting spending to rise 0.90%.
The Treasury is set to hold its weekly 3- and 6-month bill auctions.
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