European Economics Preview: Germany Ifo Business Confidence Data Due

Olin Surges On Signing MOU With Plug Power To Produce Green Hydrogen

Olin Corp. (OLN) shares are gaining more than 13 percent on Friday morning trade after the company signed a memorandum of understanding with Plug Power Inc. (PLUG) to create a joint venture to produce and market green hydrogen.

The JV will be operational in 2023 and will set up the first production plant in St. Gabriel, Louisiana with a capacity to produce 15 tons per day of green hydrogen.

Currently, shares are at $60.22, up 13.07 percent from the previous close of $53.26 on a volume of 1,042,378. For the 52-week period, the shares have traded in a range of $39.90-$64.76 on average volume of 1,932,145.

In ‘I Love That for You,’ Vanessa Bayer Sells Out

The “Saturday Night Live” veteran’s new sitcom draws on her experience of childhood cancer and her obsession with home shopping TV.

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By Alexis Soloski

‘Star Trek: Picard’ Recap: A Chateau of Convenience

In the penultimate episode of this season, anything the crew needs from the plot to move forward, it gets.

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By Sopan Deb

Crude Prices Surge On Supply Scare

Crude oil prices surged on Friday as markets perceived the crude oil supply shocks more dangerous than the anticipated downturn in demand for oil.

The sanctions on Russia in the aftermath of its invasion of Ukraine is expected to reduce the supplies of crude from Russia far more than the reduction in demand on account of the covid-19 curbs in China, the world’s biggest importer of crude.
Markets are also awaiting the results of the OPEC+ meeting next week to assess the planned increase in output in June, by the group of nations.

Prices are also surging amidst renewed fears of a ban on Russian oil by the E.U.

Brent Oil Futures for July settlement is currently trading at $108.84, up 1.47 percent from Thursday’s close of $107.26. The day’s trade ranged between a high of $109.16 and a low of $106.60.

West Texas Intermediate crude for June settlement on Friday traded between a high of $106.86 and a low of $104.58. It is currently trading at $106.56, having increased 1.14 percent from Thursday’s close of $105.36.

Natural Gas Futures for June settlement gained around 3 percent to $7.096, versus the previous close of $6.888.

Amazon Stock Tanks 11% On Quarterly Results, Outlook

Shares of Amazon.com, Inc. (AMZN) slumped over 11% on Friday morning hurt largely by the e-commerce giant’s quarterly results and outlook.

AMZN is currently trading at $2,561.11, down $330.82 or 11.44%, on the Nasdaq. The stock opened its trading at $2,843.56 after closing Thursday’s trading at $2,891.93.

Net sales for the quarter increased 7% to $116.4 billion from $108.5 billion last year.

The company reported net loss of $3.8 billion or $7.56 per share in the first quarter, compared to net income of $8.1 billion, or $15.79 per share last year.

First-quarter loss includes a pre-tax valuation loss of $7.6 billion included in non-operating expense from the company’s investment in Rivian Automotive, Inc.

Looking forward, the company expects second-quarter sales to be between $116.0 billion and $121.0 billion, or to grow between 3% and 7% compared with second quarter 2021. Analysts polled by Thomson Reuters currently estimate revenue of $125.48 billion for the quarter.

Chicago Business Barometer Pulls Back Sharply In April

After reporting a significant rebound in the pace of growth in Chicago-area business activity in the previous month, MNI Indicators released a report on Friday showing the pace growth pulled back in the month of April.

MNI Indicators said its Chicago business barometer slumped to 56.4 in April after jumping to 62.9 in March, although a reading above 50 still indicates growth.

The pullback by the Chicago business barometer came as the new orders index and the production index slid to their lowest levels since the summer of 2020.

The new orders index plunged to 51.1 in April from 61.9 in March, while the production index tumbled to 50.9 in April from 60.0 in March.

The report showed the employment index also fell to 45.5 in April from 48.1 in March, as highly competitive labor market conditions continued to make staff retention challenging.

MNI Indicators also said the order backlog index edged down to 63.4 from 64.3, the supplier deliveries index fell to 74.5 from 78.3, and the inventories index slid to 64.6 from 68.7.

Meanwhile, the prices paid index inched up to 86.1 in April from 85.7 in March, with the war in Ukraine cited as inflating steel, plastics and lumber costs.

European Economics Preview: Germany Ifo Business Confidence Data Due

Business confidence survey data from Germany is due on Monday, headlining a light day for the European economic news.

At 3.00 am ET, the Turkish Statistical Office releases manufacturing confidence survey data for April.

In the meantime, Spain producer prices data is due for March. Prices had increased 40.7 percent year-on-year in February.

At 4.00 am ET, the ifo Institute is scheduled to issue Germany’s business climate survey report for April. Economists expect the sentiment index to fall to 89.1 from 90.8 in the previous month.

At 5.00 am ET, eurozone construction output is due from Eurostat.

At 6.00 am ET, the Confederation of British Industry publishes Industrial Trends survey results. The order book balance is seen at 21 in April versus 26 in March.