The stock market advanced modestly in early trading as the price of oil dropped nearly 1% after reports of a spike in May production among OPEC countries. The Nasdaq composite set the pace with a 0.4% rise, while the S&P 500 and Dow Jones industrial average followed up with 0.2% gains apiece.
On the downside, Iron Mountain (IRM) dropped almost 5%, while airlines United Continental (UAL) and Southwest (LUV) fell 1.8% and 1.4%, respectively. Iron Mountain was downgraded to sell from hold at Deutsche Bank.
Video game stocks rose ahead next week’s annual E3 conference. Morgan Stanley raised its price target on Activision (ATVI) to 67 from 57 and on Electronic Arts (EA) to 126 from 114. Both stocks advanced 1%. Meanwhile, Take-Two (TTWO) rose almost 2% after it saw its own price target raised to 83 from 80 by Piper Jaffray.
Late Tuesday, Dave & Buster’s (PLAY) reported strong earnings and sales figures, but rather weak same-stores sales. Shares rebounded 2.8% higher after initially falling over 3%. Meanwhile, leading HSA provider HealthEquity (HQY) rose almost 3% after beating the Streets top- and bottom-line estimates. The stock is now extended from a 46.95 cup-with-handle entry.
Action in the IBD 50 was predominantly positive in early trading Wednesday. On the upside, China education stocks New Oriental Education (EDU) and TAL Education (TAL) jumped 5% and 2.9%.Another China-based educator, Tareena InternationalTEDU, climbed more than 2% in early trade.
New issue Floor & Decor Holdings (FND) traded 2.2% higher as it continues to hold above a 39.59 IPO-base entry.