Mid-Afternoon Market Update: Micron Technology Jumps On Upbeat Q3 Results; OncoCyte Shares Slide
Toward the end of trading Wednesday, the Dow traded up 0.08% to 26,569.32 while the NASDAQ rose 0.3% to 7,908.51. The S&P also rose, gaining 0.10% to 2,914.39.
Leading and Lagging Sectors
In trading on Wednesday, real estate shares fell 2%.
BlackBerry Ltd (NYSE:BB) reported better-than-expected Q1 earnings and sales results.
BlackBerry reported first-quarter earnings of 1 cent per share, which beat analyst estimates by a penny. The company reported quarterly sales of $267 million, which beat the analyst consensus estimate of $264.53 million.
Equities Trading UP
Shares of Micron Technology, Inc. (NASDAQ:MU) got a boost, shooting up 13% to $36.98 after the company reported stronger-than-expected results for its third quarter.
Marathon Patent Group, Inc. (NASDAQ:MARA) shares were also up, gaining 22% to $3.2441 in sympathy with a 10% rise in the price of Bitcoin this morning. Strength in the crypto space may also be linked to the recent announcement of Facebook's Libra.
Equities Trading DOWN
Gemphire Therapeutics Inc. (NASDAQ:GEMP) shares tumbled 26% to $0.94 after the company announced trial results evaluating gemcabene in NASH patients. Three of five patients showed decreases in TG levels while one patient discontinued treatment.
Shares of OncoCyte Corporation (NYSE:OCX) were down 37% to $2.51 after the company announced it will need more time to complete its ongoing CLIA Validation study of DetermaVu.
Care.com, Inc. (NYSE:CRCM) was down, falling 21% to $11.18. Craig-Hallum downgraded Care.com from Buy to Hold.
In commodity news, oil traded up 2.6% to $59.32, while gold traded down 0.3% to $1,413.90.
Silver traded down 0.2% Wednesday to $15.265, while copper fell 0.6% to $2.718.
European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.31%, the Spanish Ibex Index fell 0.03%, while Italy’s FTSE MIB Index dropped 0.34%. Meanwhile, the German DAX gained 0.14%, and the French CAC 40 fell 0.25% while UK shares fell 0.08%.
U.S. durable goods orders fell 1.3% for May, versus economists’ expectations for a 1% drop.
U.S. advanced trade deficit in goods increased 5.1% to $74.5 billion in May. Advanced U.S. wholesale inventories increased 0.4% in May, while retail inventories climbed 0.5% in May.
U.S. crude supplies fell 12.8 million barrels for the week ended June 21, the Energy Information Administration reported. However, analysts expected a drop of 2.8 million barrels. Gasoline inventories fell 1 million barrels last week, while distillate stockpiles declined 2.4 million barrels.
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