Oil Futures Settle Modestly Higher
Crude oil prices edged higher on Thursday after official data showed a smaller than expected increase in U.S. crude inventories in the week ended February 14th.
However, oil’s rise was just modest as worries about the coronavirus outbreak and its impact on the global economy and energy demand continued to weigh on the commodity.
West Texas Intermediate Crude oil futures for March ended up $0.49, or about 0.9%, at $53.78 a barrel, on the expiration day.
WTI Crude futures for April was gained $0.39, or about 0.7%, to $53.88 a barrel.
Brent crude futures moved up $0.47, or 0.8%, to $59.59 a barrel.
Data released by the Energy Information Administration this morning showed U.S. crude inventories rose by 414,000 barrels last week, much less than an expected 2.5 million barrel rise.
Gasoline inventories declined by about 2 million barrels last week, against forecasts for a rise of about 435,000 barrels, while distillate stockpiles were down by 636,000 barrels in the week, much less than what was expected.
Markets also weighed supply risks after the Trump administration announced sanctions against a Russian oil firm, and tensions in Libya that led to a blockade of its ports.
Libya’s internationally recognized leader Fayez al-Serraj dashed hopes of reviving peace negotiations on Wednesday after the Libyan National Army (LNA) of Khalifa Haftar shelled the port of the capital, which is held by al-Serraj’s government.
Zscaler stock falls as quarterly earnings outlook misses
Zscaler Inc. ZS, +0.02% shares dropped in the extended session Thursday after the cybersecurity company’s earnings outlook fell short of the Wall Street consensus while other metrics topped estimates. Zscaler shares fell 11% after hours, following a less than 0.1% rise in the regular session to close at $65.18. For the fiscal third-quarter, Zscaler said it expects earnings of 1 cent to 3 cents a share on revenue of $105 million to $107 million, and earnings of 14 cents to 16 cents a share with billings of $512 million to $517 million for the year. Analysts surveyed by FactSet expect earnings of 4 cents a share on revenue of $104.5 million for the third quarter, and 15 cents a share with billings of $506.5 million for the year. The company reported a second-quarter loss of $29.2 million, or 23 cents a share, compared with a loss of $3.6 million, or 3 cents a share, in the year-ago period. Adjusted earnings were 9 cents a share. Revenue rose to $101.2 million from $74.3 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 3 cents on revenue of $99 million.
20 Donald Trumps? Check out this animated graphic for some perspective on Mike Bloomberg’s wealth
Even if the whole presidency thing doesn’t work out — after last night, it might be a stretch — Mike Bloomberg still has a fluffy pile of cash to fall back on.
Try 20 Donald Trumps. Or more than 14 times the net worth of all previous presidents combined, and triple Fox Corp.’s FOX, -2.64% market cap.
For some more perspective, check out this visual from Mother Jones, which went viral on Twitter TWTR, +0.72% overnight.
“It’s nearly impossible to conceptualize just how much money Bloomberg has,” Mark Helenowski of Mother Jones wrote. “So we made an animation to help show the scale of the latecomer Democratic presidential candidate’s wealth.”
Still, all that dough might not be enough for Bloomberg to win the nomination, considering the mixed reviews he received for his performance on the debate stage on Wednesday night in Las Vegas.
“In the first hour, former New York City Mayor Michael Bloomberg (D-NY) was thoroughly ‘stopped and frisked.’ … For Bloomberg, all he can hope for is that what happened in Vegas stays in Vegas, and his massive campaign funds and operations can counteract the bad impressions and news cycle that will come from the debate,” wrote Beacon Policy Advisors analysts in a note.
Click here for more reactions to the debate.
Richest Person in Every State
As the 2020 election has brought income inequality to the forefront of American politics, billionaires are under scrutiny across the nation. Every state has residents worth hundreds of millions, if not billions, of dollars. Each state is home to at least one person worth $300 million or more, and 44 states have at least one billionaire.
To determine the richest person in every state, 24/7 Wall St. compiled data from Forbes’ Real Time Billionaires list. Data on residency and net worth came from the list, which is updated regularly to reflect changes in stock prices and private company valuations. Data is current as of Jan. 13, 2020. For states that have no billionaire, information on the richest person came from the Forbes 400 and the Forbes list of the Richest Person in Every State.
While many of the richest people in every state inherited their fortune, most could be considered self-made, either through successful investments or founding major companies. While creating a thriving business is never easy, some entrepreneurs on this list had a more favorable business climate than others simply because of where they were located. These are the best (and worst) states for business.
Click here to see the richest person in every state
Covanta Holding Corporation Q4 Profit Advances
Covanta Holding Corporation (CVA) released earnings for its fourth quarter that increased from the same period last year.
The company’s earnings totaled $12 million, or $0.09 per share. This compares with $9 million, or $0.07 per share, in last year’s fourth quarter.
The company’s revenue for the quarter fell 3.0% to $485 million from $500 million last year.
Covanta Holding Corporation earnings at a glance:
-Earnings (Q4): $12 Mln. vs. $9 Mln. last year.
-EPS (Q4): $0.09 vs. $0.07 last year.
-Revenue (Q4): $485 Mln vs. $500 Mln last year.