Toward the end of trading Wednesday, the Dow traded up 0.21 percent to 21,619.63 while the NASDAQ climbed 0.66 percent to
6,386.49. The S&P also rose, gaining 0.43 percent to 2,471.31.
Leading and Lagging Sectors
Energy shares climbed by 0.95 percent in the US market on Wednesday. Top gainers in the sector included Unit Corporation
(NYSE: UNT), and Zion Oil & Gas, Inc. (NASDAQ: ZN).
In trading on Wednesday, telecommunications services shares rose by just 0.1 percent. Meanwhile, top losers in the sector
included Internet Gold Golden Lines Ltd (NASDAQ: IGLD), down 12 percent, and B Communications Ltd (NASDAQ: BCOM), down 4 percent.
Top Headline
Morgan Stanley (NYSE: MS) reported
better-than-expected profit for its second quarter.
Morgan Stanley posted quarterly adjusted earnings of $0.87 per share on revenue of $9.50 billion. However, analysts were
expecting earnings of $0.76 per share on sales of $9.09 billion.
Morgan Stanley raised its quarterly dividend from $0.20 to $0.25 per share and announced a $5 billion buyback plan.
Equities Trading UP
Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX)
shares shot up 21 percent to $159.76 after the company reported encouraging phase 2 data. The company's three-drug cocktails showed
an improvement in lung functions among patients with cystic fibrosis by 9.6 percentage points or more, which was better than what
analysts were expecting. Cowen upgraded Vertex Pharma from Market Perform to Outperform, while Raymond James upgraded the stock
from Market Perform to Outperform. Barclays also upgraded Vertex from Equal-Weight to Overweight.
Shares of Scripps Networks Interactive, Inc. (NASDAQ: SNI) got a boost, shooting up 15 percent to $76.74. Discovery Communications
Inc. (NASDAQ: DISCA) is in talks to merge with Scripps
Networks, according to sources as reported by the Wall Street Journal.
AEterna Zentaris Inc. (USA) (NASDAQ: AEZS) shares
were also up, gaining 133 percent to $2.37 after the company reported that the NDA for Macrilen for evaluation of growth hormone
deficiency in adults has been granted a December 30, 2017 PDUFA date.
Equities Trading DOWN
Cyclacel Pharmaceuticals Inc (NASDAQ: CYCC) shares
dropped 40 percent to $1.76. Cyclacel Pharma reported the pricing of offering for $13.2 million in gross proceeds.
Shares of DryShips Inc. (NASDAQ: DRYS) were down
36 percent to $0.534 after the company announced another reverse stock split.
Ekso Bionics Holdings, Inc. (NASDAQ: EKSO) was
down, falling around 23 percent to $1.61. Ekso Bionics reported a proposed $34 million rights offering.
Commodities
In commodity news, oil traded up 1.72 percent to $47.20 while gold traded down 0.02 percent to $1,241.70.
Silver traded up 0.17 percent Wednesday to $16.295, while copper fell 0.79 percent to $2.709.
Eurozone
European shares closed higher today. The eurozone’s STOXX 600 rose 0.77 percent, the Spanish Ibex Index rose 0.60 percent, while
Italy’s FTSE MIB Index gained 0.57 percent. Meanwhile the German DAX gained 0.17 percent, and the French CAC 40 gained 0.83 percent
while U.K. shares rose 0.55 percent.
Economics
The MBA’s index of mortgage application activity rose 6.3 percent for the latest week.
Housing starts rose 8.3 percent in May to an annual rate of 1.22 million. However, economists were expecting a 1.16 million
annual pace.
Domestic crude supplies dropped 4.73 million barrels for the week ended July 14, the U.S. Energy Information Administration
reported. However, analysts projected a fall of 3.74 million barrels. Gasoline stockpiles declined 4.5 million barrels, while
distillate stockpiles slipped 2.14 million barrels last week.
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