Mid-Morning Market Update: Markets Open Higher; McDonald's Profit Beats Estimates

Following the market opening Thursday, the Dow traded up 0.23% to 33,899.83 while the NASDAQ rose 0.25% to 14,086.11. The S&P also rose, gaining 0.49% to 4,203.60.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,230,800 cases with around 574,330 deaths. India confirmed a total of at least 18,376,420 cases and 204,830 deaths, while Brazil reported over 14,521,280 COVID-19 cases with 398,180 deaths. In total, there were at least 149,718,850 cases of COVID-19 worldwide with more than 3,153,410 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares climbed by 2.2% on Thursday. Meanwhile, top gainers in the sector included Cogent Communications Holdings, Inc. CCOI, up 6%, and Facebook, Inc. FB, up 6%.

In trading on Thursday, health care shares fell 0.4%.

Top Headline

McDonald's Corporation MCD reported better-than-expected results for its first quarter.

McDonald's reported revenue of $5.13 billion in the first quarter, beating estimates of $5.03 billion. Earnings per share of $1.91 beat estimates of $1.81. The company’s Q1 global comps rose 7.5% year over year.

Equities Trading UP

Willamette Valley Vineyards, Inc. WVVI shares shot up 35% to $13.84.

Shares of Galera Therapeutics, Inc. GRTX got a boost, shooting 29% to $8.50 after the company announced updated results from its Phase 1/2 pilot trial of GC4419, versus placebo, in patients with locally advanced pancreatic cancer who are undergoing stereotactic body radiation therapy.

Capricor Therapeutics, Inc. CAPR shares were also up, gaining 25% to $4.95 after the company signed exclusive worldwide license agreement with Johns Hopkins University to include engineered exosomes for vaccines and therapeutics as part of the company's exosome technology portfolio.

Check out these big movers of the day

Equities Trading DOWN

Adverum Biotechnologies, Inc. ADVM shares tumbled 59% to $4.16 after the company announced a suspected unexpected serious adverse reaction of hypotony, which is clinically relevant decrease in ocular pressure, in its INFINITY clinical trial evaluating ADVM-022 gene therapy for the treatment of diabetic macular edema.

Shares of Cara Therapeutics, Inc. CARA were down 43% to $14.82 after the company announced mixed topline results from its KARE Phase 2 dose-ranging clinical trial of oral Korsuva for the treatment of moderate-to-severe pruritus in mild-to-severe atopic dermatitis patients. The company said the study did not meet the primary endpoint of worst-itch NRS change from baseline at week 12 or secondary endpoint of 4-point responder analysis in the intent-to-treat patient population. However, the study achieved primary endpoint of worst-itch NRS change and secondary endpoint of 4-point responder analysis in pre-specified analyses of mild-to-moderate AD patients, comprising 64% of ITT population.

Tiptree Inc. TIPT was down, falling 25% to $9.39 after the company reported it has decided to withdraw the registration statement relating to previously announced IPO by Fortegra due to ‘prevailing market conditions and the high value.’


In commodity news, oil traded up 1.7% to $64.97, while gold traded up 0.2% to $1,776.50.

Silver traded up 1.3% Thursday to $26.41 while copper rose 1% to $4.5410.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.3%, the Spanish Ibex Index rose 0.7% and the German DAX 30 dropped 0.5%. Meanwhile, the French CAC 40 climbed 0.5% London’s FTSE 100 rose 0.6% and Italy’s FTSE MIB gained 0.2%.

UK car production surged 46.6% year-over-year to 115,498 units in March. Annual inflation rate in Spain increased to 2.2% in April from 1.3% in the prior month, while unemployment rate dropped to 15.98% in the first quarter from 16.13%. Import prices in Germany increased 6.9% year-over-year in March, while unemployment rate came in unchanged at 4.5% in March.


The US economy expanded by an annualized 6.4% in the first quarter, versus a 4.3% increase in the prior three-month period.

US initial jobless claims fell to 553 thousand in the week ended April 24th from a revised reading of 566 thousand in the prior week.

US pending home sales index rose 1.9% for March.

The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

Federal Reserve Governor Randal Quarles is set to speak at 11:00 a.m. ET.

The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.

Federal Reserve Bank of New York President John Williams will speak at 2:00 p.m. ET.

Check out the full economic calendar here

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsConsumer DiscretionaryMid-Morning Market UpdateRestaurants
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!