Advance Auto Parts Q3 Profit Down, Cuts FY EPS Outlook; Stock Tanks 10%

Gold Futures Pare Early Gains, Settle Flat

Gold futures failed to hold early gains and settled roughly flat on Tuesday as the dollar recovered from lower levels.

The dollar index, which fell to 105.34 after data from the Labor Department showed producer prices in the U.S. crept up by much less than expected in the month of October, rallied to 106.70, gaining marginally over its previous close.

Gold futures for December ended lower by $0.10 at $1,776.80 an ounce, coming off the session’s high of $1,791.80.

Silver futures for December ended down $0.595 at $21.518 an ounce, while Copper futures for December settled at $3.8200 per pound, down $0.0135 from the previous close.

Data from the Labor Department showed producer prices in the U.S. crept up by much less than expected in the month of October. The data said the producer price index for final demand inched up by 0.2% in October, matching a revised uptick in September.

Economists expected producer prices to climb by 0.5% compared to the 0.4% increase originally reported for the previous month.

The report also showed the annual rate of producer price growth slowed to 8% in October from 8.4% in September. The year-over-year growth was expected to edge down to 8.3%.

Following last week’s tamer-than-expected consumer price inflation report, the data has added to optimism about the Federal Reserve slowing the pace of interest rate hikes as soon as next month.

SkyWater Technology Slips 9% After Pricing Offering At $9 A Share

Shares of SkyWater Technology, Inc. (SKYT) are slipping over 9% on Tuesday after the company announced that it priced a stock offering at $9 a share.

SKYT is currently trading at $9.89, down $1.00 or 9.17%, on the Nasdaq, on a volume of 1 million shares, above average volume of 0.5 million. The stock opened its trading at $9.01 after closing Monday’s trading at $10.89.

SkyWater Technology priced a public offering of $15.0 million shares at $9.00 per share

The company estimates to receive proceeds of about $13.7 million from this offering and intends to use it for general corporate purposes, like funding of operations, repayment of indebtedness, additions to working capital and/or capital expenditures.

Pineapple Energy Shares Up 30% On Quarterly Results

Shares of Pineapple Energy Inc. (PEGY) are gaining over 30% on Tuesday morning after the company reported third-quarter results.

PEGY is currently trading at $3.0800, up $0.7300 or 31.0638%, on the Nasdaq.

Third-quarter net loss was $2.5 million or $0.34 per share, compared to $1.4 million or $0.45 per share last year. Revenues for the quarter rose to $7.7 million from $25 thousand last year.

QuickLogic Corporation Q3 Loss Beats Estimates

QuickLogic Corporation (QUIK) announced Loss for third quarter in line with the Street estimates.

The company’s earnings totaled -$1.35 million, or -$0.11 per share. This compares with -$1.28 million, or -$0.11 per share, in last year’s third quarter.

Excluding items, QuickLogic Corporation reported adjusted earnings of -$0.86 million or -$0.07 per share for the period.

Analysts on average had expected the company to earn -$0.11 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 10.4% to $3.46 million from $3.86 million last year.

QuickLogic Corporation earnings at a glance (GAAP) :

-Earnings (Q3): -$1.35 Mln. vs. -$1.28 Mln. last year.
-EPS (Q3): -$0.11 vs. -$0.11 last year.
-Analyst Estimates: -$0.11
-Revenue (Q3): $3.46 Mln vs. $3.86 Mln last year.

Crude Oil Futures Settle Higher

Crude oil futures recovered from early weakness and settled higher on Tuesday, thanks to data showing a smaller-than-expected increase in U.S. producer prices in the month of October.

The data helped raise hopes the Federal Reserve will slow its aggressive pace of interest rate hikes.

West Texas Intermediate Crude oil futures for December ended higher by $0.94 at 86.81 a barrel, coming off a 3-week low of $84.06 touched earlier in the session.

Brent crude futures were up $0.64 or 0.69% at $93.78 a barrel a little while ago.

Oil prices were also supported by comments from the International Energy Agency (IEA) that the European Union ban on seaborne Russian crude will results in a likely loss of 1.1 million barrels per day.

Markets now look ahead to weekly crude inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

Advance Auto Parts Q3 Profit Down, Cuts FY EPS Outlook; Stock Tanks 10%

Shares of Advance Auto Parts, Inc. (AAP) tanked over 10% in extended session Tuesday after the company reported a fall in profit for the third quarter and lowered its adjusted earnings outlook for the full year.

The company’s profit for the third quarter totaled $110.98 million or $1.84 per share, down from $169.81 million or $2.68 per share last year.

Excluding items, Advance Auto Parts reported adjusted earnings of $2.84 per share, down from $3.21 last year. Analysts on average had expected the company to earn $3.34 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose to $2.64 billion from $2.62 billion last year. Analysts had a consensus revenue estimate of $2.64 billion.

Looking ahead to the full year 2022, the company expects adjusted earnings of $12.60 to $12.80 per share, down from prior outlook of $12.75 to $13.25 per share. The company continues to expect sales of $11,000 million to $11,200 million.

Analysts currently estimate earnings of $13.02 per share and revenues of $11.10 billion.

AAP closed Tuesday’s trading at $183.94, up $0.16 or 0.09%, on the NYSE. The stock, however, slipped $18.69 or 10.16% in the after-hours trading.