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Following the market opening Wednesday, the Dow traded up 0.07 percent to 18,571.06 while the NASDAQ climbed 0.45 percent to 5,058.95. The S&P also rose, gaining 0.12 percent to 2,166.41.
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Leading and Lagging Sectors
On Wednesday, technology shares climbed by 0.94 percent. Top gainers in the sector included Marvell Technology Group Ltd. (NASDAQ: MRVL) and Medidata Solutions Inc (NASDAQ: MDSO).
In trading on Wednesday, basic materials shares fell by 1.27 percent. Meanwhile, top losers in the sector included McEwen Mining Inc (NYSE: MUX), down 12 percent, and DRDGOLD Ltd. (ADR) (NYSE: DRD), down 7 percent.
Top Headline
Morgan Stanley (NYSE: MS) announced better-than-expected adjusted earnings and revenue for the second quarter.
Morgan Stanley reported net income applicable to its shareholders of $1.6 billion or $0.75 per share, down from net income of $1.8 billion or $0.85 per share in the year-ago quarter. The company indicated that its prior year quarter included DVA revenue of $182 million. Excluding DVA in the prior year quarter, net income applicable was $1.7 billion, or $0.79 per share. This was higher than the Street analysts' estimation of $0.50 a share.
The company's top line fell to $8.9 billion from $9.7 billion in the previous year quarter. This was also better than the Street prediction of $8.3 billion.
Equities Trading UP
Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) shares shot up 29 percent to $6.37 after announcing the FDA approval of RELISTOR tablets for the treatment of opioid-induced constipation in adults with chronic non-cancer pain.
Shares of TerraForm Global Inc (NASDAQ: GLBL) got a boost, shooting up 12 percent to $3.64. TerraForm Global reported preliminary unaudited financial information for the second half of 2015 and first quarter of 2016. Terraform Global Inc reported that SunEdison Inc is planning to sell its interest in the Terraform.
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Towerstream Corporation (NASDAQ: TWER) shares were also up, gaining 9 percent to $3.49. Towerstream is scheduled to report Q2 financial results on August 9, 2016.
Equities Trading DOWN
Zafgen Inc (NASDAQ: ZFGN) shares dropped 50 percent to $3.39 after the company reported that it has suspended the development of its obesity drug Beloranib.
Shares of Exponent, Inc. (NASDAQ: EXPO) were down 18 percent to $47.61 after the company reported downbeat Q2 results.
Ryerson Holding Corp (NYSE: RYI) was down, falling around 12 percent to $14.33. Ryerson priced its 5 million share offering at $15.25 per share.
Commodities
In commodity news, oil traded down 2.04 percent to $43.74 while gold traded down 1.31 percent to $1,314.90.
Silver traded down 2.56 percent Wednesday to $19.50, while copper fell 1.66 percent to $2.23.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 rose 0.69 percent, the Spanish Ibex Index climbed 0.65 percent, while Italy’s FTSE MIB Index rose 0.49 percent. Meanwhile the German DAX climbed 1.42 percent, and the French CAC 40 gained 0.90 percent, while U.K. shares rose 0.13 percent.
Economics
The MBA reported that its index of mortgage application activity declined 1.30 percent for the week ended July 15, 2016.
The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.