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Oil futures maintained losses Wednesday after government data showed a smaller-than-expected decline in U.S. crude inventories last week. The Energy Information Administration said oil inventories fell by 1.5 million barrels in the week ended July 28. Analysts surveyed by The Wall Street Journal had produced an average forecast of a 3.1 million barrel decline, although figures from the American Petroleum Institute late Tuesday reportedly showed a 1.8 million barrel rise. West Texas Intermediate crude for September delivery on the New York Mercantile Exchange was down 40 cents, or 0.8%, at $48.74 a barrel.

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The U.S. Securities and Exchange Commission issued a temporary suspension of trading order on Wednesday for Aurios Inc. , EFLO Energy, Inc. , Inergetics, Inc. and Monar International, Inc. The order was issued because these companies have not filed certain periodic financial reports with the SEC, resulting in a lack of current and accurate financial information about the companies.

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Shares of AMC Entertainment Holding Inc. led other theater chain operator stocks down in early trade on Wednesday. AMC shares were down as much as 25% after the company issued a profit and revenue warning Tuesday evening, that was the result of high costs amid a period of weaker-than-expected box office revenue. Cinema chain stocks have been beaten up so far this year as box office revenues have been soft and concerns of digital disruption and shrinking theatrical release windows continue to dominate headlines. Shares of Cinemark Holdings Inc. were down more than 6% in Wednesday trade, while shares of Regal Entertainment Group and Imax Corp. fell nearly 5%. Shares of AMC have lost nearly 55% in the year to date and more than 45% in the last 12 months, while the S&P 500 index is up almost 11% in the year and 15% in the trailing 12-month period.

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Stocks opened slightly higher Wednesday, with the Dow Jones Industrial Average topping the 22,000 milestone as shares of Apple Inc. rose in the wake of its latest quarterly results. The Dow was up 43 points at 22,007, while the S&P 500 edged 0.1% higher. The Nasdaq Composite was up 0.5% at 6,393. Apple shares rose 6%.

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Pfizer Inc. was upgraded to outperform with a $37 price target by BMO Capital Markets early Wednesday. Pfizer shares, which were up 0.6% premarket, closed at $32.76 on Tuesday. BMO Capital Markets analyst Alex Arfaei said Pfizer now “appears to have a number of potential blockbuster growth opportunities, half of which could be approved by 2020, and the company does not expect significant impact from loss of exclusivity from 2020-2025. This would indicate that Pfizer could be poised for several years of somewhat steady ~2-3% revenue growth.” The company has an attractive risk/reward profile for patient value investors, Arfaei said. Cancer drug Ibrance looks promising in earlier stage breast cancer and rheumatoid arthritis drug Xeljanz could be competitive in new areas like psoriatic arthritis and ulcerative colitis, Arfaei said, also mentioning anticoagulant Eliquis and a new class of biosimilar drugs. The company’s share growth has heretofore been limited since big share moves after the election on the hope of tax reform, Arfaei said, and a large deal could inhibit Pfizer’s pipeline progress. Pfizer agreed to buy biotech Medivation last spring for about $14 billion, though some Wall Street critics said it was too high a price. Pfizer shares have risen 0.9% over the year-to-date, compared with a 10.6% rise in the S&P 500 .

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Pfizer Inc. was upgraded to outperform with a $37 price target by BMO Capital Markets early Wednesday. Pfizer shares, which were up 0.6% premarket, closed at $32.76 on Tuesday. BMO Capital Markets analyst Alex Arfaei said Pfizer now “appears to have a number of potential blockbuster growth opportunities, half of which could be approved by 2020, and the company does not expect significant impact from loss of exclusivity from 2020-2025. This would indicate that Pfizer could be poised for several years of somewhat steady ~2-3% revenue growth.” The company has an attractive risk/reward profile for patient value investors, Arfaei said. Cancer drug Ibrance looks promising in earlier stage breast cancer and rheumatoid arthritis drug Xeljanz could be competitive in new areas like psoriatic arthritis and ulcerative colitis, Arfaei said, also mentioning anticoagulant Eliquis and a new class of biosimilar drugs. The company’s share growth has heretofore been limited since big share moves after the election on the hope of tax reform, Arfaei said, and a large deal could inhibit Pfizer’s pipeline progress. Pfizer agreed to buy biotech Medivation last spring for about $14 billion, though some Wall Street critics said it was too high a price. Pfizer shares have risen 0.9% over the year-to-date, compared with a 10.6% rise in the S&P 500 .

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Groupon Inc. shares fell 4.4% in premarket trade Wednesday, after the company posted another loss for its second quarter as revenue fell short of estimates. The coupon company said it had a net loss of $9.3 million, or 2 cents a share, in the quarter, narrower than the $54.9 million loss, or 10 cents a share, posted in the year-earlier period. On a non-GAAP basis, the company said it had per-share earnings of 2 cents, compared with a FactSet consensus of breakeven. Revenue fell to $662.6 million from $723.8 million, below the FactSet consensus of $669 million. The company said it still expects full-year gross profit of $1.30 billion to $1.35 billion. Shares have gained 17% in 2017 through Tuesday, while the S&P 500 has gained 10.6%.

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Shares of GPS provider Garmin Ltd. jumped 7.5% in premarket trade Wednesday, after the company topped second-quarter profit and revenue estimates and raised guidance. Schaffhausen, Switzerland-based Garmin said it had net income of $170.9 million, or 91 cents a share, in the quarter, up from $161.1 million, or 85 cents a share, in the year-earlier period. Adjusted per-share earnings came to 88 cents, ahead of the FactSet consensus of 81 cents. Sales rose to $816.9 million from $811.6 million, also ahead of the FactSet consensus of $808 million. Chief Executive Cliff Pemble said growth was driven by double-digit gains for outdoor and aviation products. “The demand for advanced wearables was particularly strong, but was partially offset by negative trends in the activity tracker market. Our results thus far give us confidence in raising our outlook for the remainder of the year,” he said in a statement. Garmin is now expecting full-year revenue of $3.04 billion, up from prior guidance of $3.02 billion. The company expects pro forma EPS, which excludes tax expenses, of $2.80, up from prior guidance of $2.65. The FactSet consensus is for full-year EPS of $2.69 and revenue of $3.01 billion. Shares are up 3% in 2017 through Tuesday, while the S&P 500 has gained 10.6%.

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Cardinal Health Inc. shares declined 3% in premarket trade Wednesday after the company reported fourth quarter profit and revenue beats but issued downbeat 2018 guidance. Earnings for the latest quarter declined to $274 million, or 86 cents per share, from $333 million, or $1.02 per share in the year-earlier period. Adjusted earnings-per-share were $1.31, above the FactSet consensus of $1.24. Revenue rose to $33.0 billion from $31.4 billion, above the FactSet consensus of $32.7 billion. The latest results included growth in the company’s pharmaceutical distribution customers and profit decreases for its pharmaceutical segment due to generic drug prices, the company said. Cardinal Health expects adjusted EPS of $4.85 to $5.10 for fiscal 2018, below the FactSet consensus of $5.25. The company said on Wednesday that it had previously signaled that 2018 EPS would be down but that the company is “taking some discrete actions, which will affect our EPS in FY18 and improve our trajectory for 2019 and beyond,” according to Chief Executive George Barrett. In April, Cardinal Health said that 2018 outlook would reflect generic deflation and “several company-specific discrete items” that could result in a profit decline for the company’s pharmaceutical business. Cardinal Health shares have risen 6% over the last three months, compared with a 3.6% rise in the S&P 500 .

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