Mid-Morning Market Update: Markets Gain; McDonald's Posts Lower Profit

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Following the market opening Tuesday, the Dow traded up 0.42 percent to 16,518.52 while the NASDAQ surged 0.77 percent to 4,153.21. The S&P also rose, gaining 0.44 percent to 1,880.19.
Leading and Lagging Sectors
In trading on Tuesday, healthcare shares were relative leaders, up on the day by about 1.35 percent. Meanwhile, top gainers in the sector included Allergan
AGN
, up 15.7 percent, and Dyax
DYAX
, up 12.5 percent. Energy shares dropped around 0.06 percent in today's trading. Top decliners in the sector included Arch Coal
ACI
, off 5.3 percent, and China Natural Resources
CHNR
, down 3.9 percent.
Top Headline
McDonald's
MCD reported a drop
in its first-quarter profit. McDonald's posted its quarterly profit of $1.20 billion, or $1.21 per share, down from $1.27 billion, or $1.26 per share, in the year-ago period. Its total revenue rose to $6.70 billion versus $6.61 billion, while operating income slipped to $1.94 billion versus $1.95 billion. However, analysts were estimating earnings of $1.24 per share on revenue of $6.71 billion. McDonald's global same-store sales climbed 0.5%, while US same-store sales declined 1.7%.
Equities Trading UP
Revance Therapeutics
RVNC
shares shot up 20.09 percent to $34.37 after the company
reported positive results
from the RT002 Phase 1/2 study in glabellar (frown) lines. Shares of Centene
CNC
got a boost, shooting up 9.77 percent to $62.89 on upbeat quarterly results. Centene reported its Q1 earnings of $0.57 per share on revenue of $3.46 billion. Allergan
AGN
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shares were also up, gaining 15.61 percent to $164.16 on
buyout offer
from Valeant Pharmaceuticals International
VRX
.
Equities Trading DOWN
Shares of Medidata Solutions
MDSO
were 19.89 percent to $42.21 after the company reported downbeat quarterly results. Lexmark International
LXK
shares tumbled 11.19 percent to $41.53 after the company reported Q1 adjusted earnings of $0.92 per share on revenue of $877.70 million. Rambus
RMBS
was down, falling 6.02 percent to $11.56 after the company reported Q1 earnings of $0.17 per share on revenue of $78.30 million. Rambus also expected Q2 sales of $69.0 million to $74.0 million, versus analysts' estimates of $74.50 million.
Commodities
In commodity news,
oil traded down 1.63 percent
to $102.67, while gold traded down 0.12 percent to $1,287.00. Silver traded up 0.28 percent Tuesday to $19.41, while copper fell 0.30 percent to $3.02.
Euro zone
European shares
were higher
today. The Spanish Ibex Index rose 1.32 percent, while Italy's FTSE MIB Index jumped 1.08 percent. Meanwhile, the German DAX climbed 1.67 percent and the French CAC 40 jumped 1.18 percent while U.K. shares gained 1.12 percent.
Economics
The ICSC-Goldman same-store sales index gained 0.4% in the week ended Saturday versus the prior week. The Johnson Redbook Retail Sales Index dropped 0.5% in the first two weeks of April versus March. The FHFA house price index rose 0.60% in February, versus economists' expectations for a 0.50% growth. The Richmond Fed manufacturing index rose to 7.00 in April, versus a prior reading of -7.00. However, economists were expecting a reading of 2.00. Sales of existing homes declined 0.2% to an annual rate of 4.59 million in March, versus a rate of 4.6 million in February, the National Association of Realtors said. However, economists were projecting a sales rate of 4.55 million. The Treasury is set to auction 4-week bills and 2-year notes.
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Posted In: EarningsNewsGuidanceEurozoneFuturesForexGlobalEcon #sEconomicsIntraday UpdateMarketsMoversTechComputer Storage & PeripheralsConsumer DiscretionaryInformation TechnologyRestaurants
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