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Mallinckrodt Was the S&P 500’s Top Gainer on May 26

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Oct. 11 2020, Updated 12:31 p.m. ET

Top gainers and losers

The top gainers in the S&P 500 on May 26, 2017, were as follows:

  • Mallinckrodt Pharmaceuticals (MNK) rose 5.6%.
  • Ulta Salon, Cosmetics & Fragrance (ULTA) rose 3.2%.
  • Kansas City Southern (KSU) rose 3.1%.
  • NVIDIA (NVDA) rose 2.6%.
  • Concho Resources (CXO) rose 2.2%.

The top losers in the S&P 500 on May 26 were as follows:

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Mallinckrodt Pharmaceuticals

Mallinckrodt Pharmaceuticals, which produces specialty pharmaceutical products such as generic drugs and imaging agents, surged to a ten-day high on May 26.

The stock rose after the company announced preliminary observations from its study on the treatment of multiple sclerosis relapses. The announcement improved sentiments for the stock and triggered a rally on May 26. On the day, the stock surged 5.6% and closed at $43.28.

Mallinckrodt Pharmaceuticals released its earnings results on May 29. According to the company’s 1Q17 earnings release, its earnings per share (or EPS) were $1.68, better than analysts’ estimated EPS of $1.63. Its 1Q17 revenue also topped the market’s expectations, coming in at $810.9 million, better than the expected $781.2 million.

Best Buy

After surging more than 20% on May 25, Best Buy pulled back amid profit booking. Weakness in the retail sector on May 26 weighed on the company. The sentiment for the company improved after it released its earnings for the quarter ended April 31, 2017.

Most retail companies have been struggling in the market amid competition from online retailers such as Amazon (AMZN). On May 26, Best Buy fell 3.7% and ended the day at $58.97.

In the next article, we’ll discuss how the US dollar performed in the early hours of May 29. The US markets are closed on May 29 for Memorial Day.

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