Mid-Day Market Update: Crude Oil Rises 1%; iRhythm Technologies Shares Plunge

`Midway through trading Wednesday, the Dow traded up 0.33% to 34,689.77 while the NASDAQ rose 0.16% to 13,758.43. The S&P also rose, gaining 0.30% to 4,214.55.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,287,570 cases with around 595,210 deaths. India confirmed a total of at least 28,307,830 cases and 335,100 deaths, while Brazil reported over 16,624,480 COVID-19 cases with 465,190 deaths. In total, there were at least 171,196,260 cases of COVID-19 worldwide with more than 3,565,440 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Energy shares climbed 1.2% on Wednesday. Meanwhile, top gainers in the sector included KLX Energy Services Holdings, Inc. KLXE, up 7%, and U.S. Well Services, Inc. USWS, up 16%.

In trading on Wednesday, materials shares fell 0.5%.

Top Headline

Advance Auto Parts, Inc. AAP reported stronger-than-expected earnings for its first quarter and raised its earnings outlook.

Advance Auto Parts reported quarterly earnings of $3.34 per share, exceeding analysts’ estimates of $3.08 per share. The company’s quarterly sales came in at $3.33 billion, versus expectations of $3.28 billion.

Advance Auto Parts raised its FY21 sales guidance from $10.2 billion-$10.4 billion to $10.4 billion-$10.6 billion.


Equities Trading UP

BriaCell Therapeutics Corp. BCTX shares shot up 153% to $8.03 after the company provided an update on the overall survival (OS) data on its previously disclosed heavily pretreated advanced breast cancer patients.

Shares of Constellation Pharmaceuticals, Inc. CNST got a boost, shooting 67% to $33.72. MorphoSys AG MOR agreed to acquire Constellation Pharmaceuticals for $34 per share in cash, representing a total equity value of $1.7 billion.

AMC Entertainment Holdings, Inc. AMC shares were also up, gaining 31% to $41.95 amid renewed interest from retail investors. AMC Entertainment shares jumped around 23% on Tuesday after the company announced it raised $230.5 million of new equity from Mudrick Capital.

Check out these big movers of the day

Equities Trading DOWN

Protalix BioTherapeutics, Inc. PLX shares tumbled 14% to $2.5612 after the company, and Chiesi Global Rare Diseases, provided an update regarding clinical development of PRX-102 for the treatment of Fabry disease.

Shares of iRhythm Technologies, Inc. IRTC were down 17% to $63.49 after the company announced that Mike Coyle has decided to resign from his position as president and chief executive officer and a member of the board, effective June 1, due to personal matters. The company also reaffirmed guidance. Citigroup downgraded iRhythm Technologies from Buy to Neutral and lowered the price target from $105 to $78.

ENGlobal Corporation ENG was down, falling 18% to $2.9395 after the company announced a 7,142,859 share registered direct offering priced at $2.80 per share.


In commodity news, oil traded up 1% to $68.37, while gold traded down 0.1% to $1,903.80.

Silver traded down 0.1% Wednesday to $28.07 while copper fell 0.6% to $4.6270.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.21%, the Spanish Ibex Index fell 0.17% and the German DAX 30 gained 0.18%. Meanwhile, the London’s FTSE 100 gained 0.33%, French CAC 40 rose 0.4% and Italy’s FTSE MIB rose 0.15%.

Producer prices in the Eurozone increased 1% in April following a 1.1% rise in the previous month. Consumer credit in the UK fell by GBP 0.377 billion in April.

French government budget deficit narrowed to EUR 91.37 billion during the first four months of the year, compared to EUR 92.12 billion a year ago. Retail sales in Germany fell 5.5% in April, versus a 7.7% surge in March.


US mortgage applications dropped 4% in the week ending May 28.

The Johnson Redbook Retail Sales Index surged 13.1% year-over-year during the first four weeks of May.

The IBD/TIPP Economic Optimism Index increased 3.7% to 56.4 in June.

The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.

Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 6:05 p.m. ET.

Check out the full economic calendar here

Posted In: Mid-Day Market UpdateEarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.