Mid-Morning Market Update: Markets Gain; Wendy's Profit Beats Street View
Following the market opening Thursday, the Dow traded up 0.39 percent to 16,582.31 while the NASDAQ surged 0.55 percent to 4,090.04. The S&P also rose, gaining 0.44 percent to 1,886.38.
Leading and Lagging Sectors
In trading on Thursday, telecommunications services shares were relative leaders, up on the day by about 1.12 percent. Meanwhile, top gainers in the sector included Cincinnati Bell (NYSE: CBB), up 10.9 percent, and CenturyLink (NYSE: CTL), up 5.7 percent. Utilities shares rose by just 0.03 percent in Thursday's trading.
Wendy's Co (NASDAQ: WEN) reported a rise in its first-quarter earnings. Wendy's posted its quarterly earnings of $46.3 million, or $0.12 per share, compared to $2.1 million, or a penny per share, in the year-ago period. Its revenue shrank 13% to $523.2 million, while operating expenses declined 25%. However, analysts were expecting earnings of $0.05 per share on revenue of $498 million. Wendy's same-restaurant sales gained 1.3%.
Equities Trading UP
Chelsea Therapeutics International (NASDAQ: CHTP) shares shot up 29.70 percent to $6.49 after Lundbeck announced its plans to acquire Chelsea Therapeutics for up to $658 million.
Shares of SolarCity (NASDAQ: SCTY) got a boost, shooting up 12.89 percent to $53.86 after the company reported a narrower first-quarter loss and lifted its full-year outlook.
Equities Trading DOWN
Shares of Gulfport Energy (NASDAQ: GPOR) were 18.72 percent to $59.37 after the company reported weaker-than-expected first-quarter results.
NPS Pharmaceuticals (NASDAQ: NPSP) shares tumbled 11.60 percent to $23.90 after the company reported a Q1 loss of $0.06 per share on revenue of $44.0 million.
Tesla Motors (NASDAQ: TSLA) was down, falling 9.07 percent to $183.08 after the company posted a first-quarter loss of $0.40 per share, versus a year-ago profit of $0.10 per share. The company also reported downbeat quarterly revenue.
In commodity news, oil traded down 0.49 percent to $100.28, while gold traded up 0.17 percent to $1,291.20.
Silver traded down 0.40 percent Thursday to $19.27, while copper rose 0.81 percent to $3.06.
European shares were mostly higher today.
The eurozone's STOXX 600 climbed 0.37 percent, the Spanish Ibex Index rose 0.72 percent, while Italy's FTSE MIB Index jumped 1.45 percent.
Meanwhile, the German DAX dropped 0.12 percent and the French CAC 40 fell 0.01 percent while UK shares gained 0.21 percent.
US jobless claims declined 26,000 to 319,000 in the week ended May 3. However, economists were expecting claims to drop to 325,000 in the week.
The Treasury is set to auction 3-and 6-month bills.
Data on money supply will be released at 4:30 p.m. ET.
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