European Economics Preview: EU Spring Economic Forecast Due

Jambon Americano, Made In Iowa

La Quercia Cured Meats in Norwalk has introduced a new line of cured hams, dry-cured with sea salt and spices, in four varieties.

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By Florence Fabricant

‘The Nutmeg Trail’ Goes Along the Spice Routes and Into the Kitchen

The food writer Eleanor Ford’s new book details flavor profiles and origins of spices, and decodes classic blends.

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By Florence Fabricant

Take-Two Interactive Software Inc Announces Decline In Q4 Income

Take-Two Interactive Software Inc (TTWO) released a profit for fourth quarter that decreased from the same period last year

The company’s bottom line totaled $110.97 million, or $0.95 per share. This compares with $218.81 million, or $1.88 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 10.8% to $930.00 million from $839.43 million last year.

Take-Two Interactive Software Inc earnings at a glance (GAAP) :

-Earnings (Q4): $110.97 Mln. vs. $218.81 Mln. last year.
-EPS (Q4): $0.95 vs. $1.88 last year.
-Revenue (Q4): $930.00 Mln vs. $839.43 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.80 to $0.90
Next quarter revenue guidance: $810 to $860 Mln

Doughnut Plant Introduces ‘Wonder Wheel’ Ice Cream Sandwiches

The sandwiches are made on split doughnuts with ice cream flavors like coffee and peanut butter-milk chocolate.

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By Florence Fabricant

Ginkgo Bioworks Holdings, Inc. Q1 Loss increases, misses estimates

Ginkgo Bioworks Holdings, Inc. (DNA) reported Loss for its first quarter that increased from the same period last year and missed the Street estimates.

The company’s earnings came in at -$590.5 million, or -$0.37 per share. This compares with -$73.6 million, or -$0.06 per share, in last year’s first quarter.

Analysts on average had expected the company to earn -$0.03 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 281.9% to $168.4 million from $44.1 million last year.

Ginkgo Bioworks Holdings, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): -$590.5 Mln. vs. -$73.6 Mln. last year.
-EPS (Q1): -$0.37 vs. -$0.06 last year.
-Analyst Estimate: -$0.03
-Revenue (Q1): $168.4 Mln vs. $44.1 Mln last year.

-Guidance:
Full year revenue guidance: $375-$390 mln

Oil Futures Pare Early Losses, Settle Sharply Higher

Crude oil futures shrugged off early weakness and settled sharply higher on Monday, buoyed by rising gasoline prices.

Oil prices drifted lower earlier in the day after weak data out of China revived fears of a global recession. Also, traders looked to take some profits after the sharp uptick in the previous session.

Reports that Shanghai is looking to reopen broadly and allow normal life to resume from June 1, helped ease concerns about energy demand from the world’s second largest economy and contributed to the rebound in oil prices.

A sharp jump in U.S. gasoline futures amid supply concerns due to the drop in stockpiles pushed up crude oil prices.

West Texas Intermediate Crude oil futures for June ended higher by $3.71 or about 3.4% at $114.20 a barrel.

Brent crude futures were up $2.27 or 2.02% at 113.82 a barrel a little while ago.

Data showed earlier in the day that China’s retail sales sank 11.1% in April year-on-year and industrial output also fell a steep 2.9%, raising concerns about a deepening slowdown in the world’s second-largest economy.

China, the world’s largest importer of oil, processed 11% less crude in April than a year earlier, with daily throughput falling to the lowest since March 2020.

Meanwhile, the European Union’s diplomats and officials have expressed optimism about reaching a deal on a phased embargo of Russian oil despite concerns about supply in eastern Europe.

European Economics Preview: EU Spring Economic Forecast Due

Economic forecast from the EU is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s wholesale prices for April. Wholesale prices had increased 22.6 percent annually in March.

In the meantime, Statistics Norway publishes foreign trade data for April.

At 3.00 am ET, the Czech Statistical Office is scheduled to release producer prices for April. Economists forecast producer price inflation to rise to 25.5 percent from 24.7 percent in March.

At 5.00 am ET, the European Commission releases 2022 Spring forecast.

Also, Eurostat releases euro area foreign trade data for March. The deficit totaled EUR 7.6 billion in February.