Crude Oil Futures Extend Recent Gains, Settle Sharply Higher

H&R Block Gains After Forbes Lists As Best Employer For New Graduates

H&R Block, Inc. (HRB) shares are gaining more than 3 percent on Wednesday morning trade after the company after Forbes listed the company as the Best Employer for New Graduates for the fifth time.

Currently, shares are at $29.99, up 3.88 percent from the previous close of $29.24 on a volume of 366,946.

Kamada Shares Are Up 10%

Shares of biopharmaceutical company, Kamada Ltd. (KMDA) rose 10% on Wednesday, on news of private placement with FIMI, receiving FDA approval to manufacture CYTOGAM, and being granted marketing authorization for GLASSIA.

KMDA is currently trading at $5.16, up 10.22% or $0.48 per share, on Nasdaq. It has traded between $3.72 and $5.60 in the past 52-week period.

Kamada has entered into a securities purchase agreement with private equity investor FIMI Opportunity Funds (FIMI), to purchase $60 million of its ordinary shares in a private placement.

FDA has approved the application to manufacture CYTOGAM (Cytomegalovirus Immune Globulin Intravenous [Human]) (CMV-IGIV) at the Company’s facility in Beit Kama, Israel.

The company has been granted marketing authorization in Switzerland from Swissmedic for GLASSIA, for chronic augmentation and maintenance therapy in adults with clinically evident emphysema due to severe hereditary AATD.

America's Car-Mart Falls 15% After Reporting Sharp Decline In Q4 Profit

America’s Car-Mart, Inc. (CRMT) shares are sliding more than 15 percent on Wednesday morning trade after reporting a fall in fourth-quarter earnings to $2.08 million or $0.32 from $26.39 million or $0.3.97 per share last year.

currently, shares are at $75.82, down 15.10 percent from the previous close of $89.31 on a volume of 235,553.

Analog Devices Stock Down 8% On Weak Q3 Forecast

Shares of semiconductor company Analog Devices Inc. (ADI) were down 8% on Wednesday after the company issued an outlook for the third quarter that was weaker than the consensus estimate.

ADI is currently trading at $172.51, down 8.20% or $15.41 per share, on Nasdaq. It has traded between $133.48 and $198.25 in the past 52-week period.

The company forecast third-quarter revenue of $3.10 billion, with a plus or minus $100 million range, lower than analysts’ estimates of $3.16 billion. The company also expects adjusted EPS of $2.52, with a plus or minus $0.10 range, versus the consensus of $2.65.

The company cited economic uncertainty and a pile-up of inventory as the reasons for the third-quarter outlook.

Five-Year Note Auction Attracts Above Average Demand

Continuing this week’s series of announcement of the results of its long-term securities auctions, the Treasury Department revealed Wednesday that this month’s sale of $43 billion worth of five-year notes attracted above average demand.

The five-year note auction drew a high yield of 3.749 percent and a bid-to-cover ratio of 2.58.

Last month, the Treasury also sold $43 billion worth of five-year notes, drawing a high yield of 3.500 percent and a bid-to-cover ratio of 2.54.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous five-year note auctions had an average bid-to-cover ratio of 2.45.

On Tuesday, the Treasury revealed this month’s auction of $42 billion worth of two-year notes attracted well above average demand.

The Treasury is due to announce the results of this month’s auction of $35 billion worth of seven-year notes on Thursday.

Enveric Shares Soar 103% Receives Notice Of Allowance For EVM201 Series Patent

Shares of biopharmaceutical company Enveric Biosciences Inc (ENVB) were up 103% on Wednesday after it received a Notice of Allowance from the United States Patent and Trademark Office for a patent application involving its EVM201 Series.

ENVB is currently trading at $6.41, up 103.49% or $3.26 per share, on Nasdaq. It has traded between $1.30 and $18.50 in the past 52-week period.

The notice of allowance from USPTO was for its new EVM301 Series C4-Carboxylic acid-substituted tryptamine derivatives for next-generation psilocin prodrug.

Enveric has filed 10 distinct patent families to date protecting its EVM301 Series. EVM301 Series of therapies are specifically designed to promote neuroplasticity without inducing the hallmark hallucinations of other psychedelic or psychedelic-inspired agents.

Crude Oil Futures Extend Recent Gains, Settle Sharply Higher

Crude oil prices climbed higher on Wednesday, rising for the third consecutive session, on concerns over tightening supply.

Data showing a larger than expected drop in crude inventories in the U.S. last week pushed up oil prices.

Oil prices were also supported by a warning from Saudi Arabia’s energy minister on Tuesday that oil prices may not continue to decline.

West Texas Intermediate Crude oil futures for July ended higher by $1.43 or about 2% at $74.34 a barrel.

Brent crude futures settled at $78.36 a barrel, gaining $1.52 or about 2%.

Data released by the Energy Information Administration (EIA) this morning showed crude inventories fell by 12.456 million barrels in the week ended May 19.

Gasoline inventories fell 2.053 million barrels last week, as against forecasts for a drop of 0.695 million barrels. Meanwhile, distillates stockpiles fell by a modest 0.562 million barrels, as against forecasts for an increase of 0.057 million barrels.

Analysts expect oil prices to stay elevated amid supply concerns after reports emerged that OPEC and allies might consider another cut in production at a meeting on June 4.

The North American oil supply has already been squeezed by Canadian wildfires and there are expectations of a surge in road trips in the U.S. beginning with next Monday’s Memorial Day holiday.