Oil Prices Extend Rally After API Data
Oil prices rose sharply on Wednesday as positive news on a Covid-19 vaccine continued to boost sentiment and industry data showed U.S. crude inventories dropped more than expected last week.
U.S. West Texas Intermediate (WTI) crude futures jumped 3.3 percent to $42.72 per barrel after climbing nearly 3 percent in the previous session. Benchmark Brent crude futures were up more than 3 percent at $44.97 per barrel.
As several countries report further outbreaks of Covid-19, a vaccine developed by U.S.-based Pfizer and Germany’s BioNTech has shown 90 percent efficacy in trials.
Pfizer’s vaccine is a very promising on and we expect more and more, WHO director-general Tedros Adhanom Ghebreyesus said on Tuesday and hoped there will be a coronavirus vaccine by the end of 2020.
However, experts cautioned that there are many supply chain hurdles with manufacturing, warehousing, distributing, and administering the Covid-19 vaccines.
The American Petroleum Institute (API) reported on Tuesday a major draw in crude oil inventories of 5.1 million barrels last week, compared with analysts’ expectations for a reduction of 913,000 barrels.
The EIA data due out later in the day is expected to show crude inventories down by 3 million barrels last week.
Goldman Sachs said a surge in Covid-19 cases in Europe and the U.S. will hurt oil demand by as much as 3.1 million barrels per day, but it won’t stop prices from rebounding over the next 18 months as vaccines emerge.
Broncos Midseason Report: Injuries, inconsistency plague defense
By the numbers
Manulife Financial Q3 adjusted earnings Beat Estimates
Manulife Financial (MFC.TO) announced earnings for its third quarter that increased from last year.
The company’s earnings came in at C$2.07 billion, or C$1.04 per share. This compares with C$0.72 billion, or C$0.35 per share, in last year’s third quarter.
Excluding items, Manulife Financial reported adjusted earnings of C$1.45 billion or C$0.73 per share for the period.
Analysts had expected the company to earn C$0.70 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
Manulife Financial earnings at a glance:
-Earnings (Q3): C$1.45 Bln. vs. C$1.53 Bln. last year.
-EPS (Q3): C$0.73 vs. C$0.76 last year.
-Analysts Estimate: C$0.70
Saudi state TV says cemetery where blast happened secured
DUBAI (Reuters) – Saudi Arabia’s state TV said authorities secured a cemetery in the Saudi city of Jeddah, where a blast occurred earlier on Wednesday, adding that traffic was normal in the area.
Ekhbaria TV showed footage of the streets around the non-Muslim cemetery and added that the situation was stable.
L&T bags ₹3,166 crore Brahmaputra bridge project
The 20 km, 4-lane bridge will be the country’s longest road bridge to be built over a river
Larsen & Toubro Ltd. (L&T) has emerged as the lowest bidder (L1) at ₹3166 crore to construct a 20 km, 4-lane bridge across the river Brahmaputra, the country’s longest road bridge to be built over a river, people familiar with the bid said.
The bridge will be built between Dhubri to Phulbari on NH 127B for the National Highways & Infrastructure Development Corporation Ltd.
To connect Assam and Meghalaya, the project is being financed by JICA (Japan International Cooperation Agency).
The bridge will feature Extradosed Spans of 125 meters for 12.63 km, a 60 meter Approach Viaduct of 5.74 km and an approach road of almost a km.
It is expected to be completed by 2026-27.
The proposed bridge will reduce the detouring road distance by about 203 km from Dhubri to Phulbari, which lie on the either side of the Brahmaputra before it flows into Bangladesh, the people said.
Currently, those who travel across these States either take the Naranarayan bridge, which is 60 km upstream, or, alternatively, row across the river in small boats, which can take about two- and-a- half hours, they added.
Stock Alert: Summit Wireless Technologies Jumps 40%
Shares of Summit Wireless Technologies, Inc. (WISA) are currently surging about 40% driven largely by third-quarter revenues and fourth-quarter revenue outlook.
WISA is currently trading at $2.97, up $0.84 or 39.43%, on the Nasdaq.
For the third quarter, the company reported 45% increase in third-quarter revenues, compared to last year. Analysts polled by Thomson Reuters estimated revenue growth of 19.30%
The company expects fourth-quarter revenues to surge 100% year-over-year. Analysts currently estimate revenue growth of 137.20%.
Man dies following west Denver shooting; police search for suspect
A man who was shot in west Denver on Tuesday[cq comment=”cq”] has died, and investigators are asking for the public’s help in the case.
The shooting happened in Denver’s Villa Park area in the 1400 block of Xavier Street where the victim was found, police said. Police announced the shooting at about 3 p.m. Tuesday and about four hours later said that a victim had died at the scene.
Anyone with information on the incident is asked to call @CrimeStoppersCO at 720-913-7867 (STOP).
Aurora Cannabis Secondary Offering Has Shares Up in Smoke
Aurora Cannabis Inc. (NYSE: ACB) stock tanked in Wednesday’s session on news that the company will raise capital with a secondary offering. The Canadian cannabis producer is looking to raise about $150 million by offering 20 million units at $7.50 apiece.
Each unit will be comprised of one common share of Aurora Cannabis and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share of the company for a period of 40 months following the closing date of the offering at an exercise price of $9.00 per warrant share
The underwriters for this offering are ATB Capital Markets and BMO Capital Markets. They have a 30-day option to purchase up to an additional 15% of the units being offered.
The company intends to use the net proceeds from this offering to fund growth opportunities and for working capital and other general corporate purposes.
Excluding Wednesday’s move, Aurora Cannabis stock had underperformed the broad markets with a pullback of about 68% year to date. In the past 52 weeks, the share price was closer to 81% lower. However, in the past month shares are actually up about 67%, so it makes sense to capitalize on a secondary offering now.
Aurora Cannabis stock traded down about 19% to $6.69 on Wednesday, in a 52-week range of $3.71 to $42.96.