Jabil Guides Q1 Above Estimates – Quick Facts
While reporting preliminary, unaudited financial results for the fourth quarter on Wednesday, manufacturing solutions provider Jabil, Inc. (JBL) provided earnings and revenue guidance for the first quarter of fiscal 2022.
For the first quarter, the company projects earnings in a range of $1.41 to $1.61 per share and core earnings in a range of $1.70 to $1.90 per share on net revenue between $8.0 billion and $8.6 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.38 per share on revenues of $7.67 billion for the quarter. Analysts’ estimates typically exclude special items.
Natural gas drops 7%, sharpest decline since January following big run-up on supply concerns
Natural gas futures dipped as much as 8% on Wednesday, pulling back from a more than seven-year high above $6 per million British thermal units hit during the prior session.
The contract for November delivery fell to a low of $5.42 on Wednesday, before recovering some of those losses to settle 6.85% lower at $5.47 in the worst daily performance since January.
Natural gas prices have shot up this month amid an energy crunch in Europe that's sent power prices to all-time highs.
Natural gas futures are up 26% for September, and prices have more than doubled since the beginning of the year.
Despite Wednesday's downturn, some believe it's a temporary halt in an otherwise upward trajectory.
"Natural gas fundamentals all point to higher prices: robust Chinese demand, shut-in offshore US production, and low supplies from Russia," strategists at Oanda said. "The natural gas market has a supply problem and it doesn't look like that will change anytime soon."
Correction: A previous version misspelled Oanda.
Picket Fence Creamery Recalls Taco Cheese Curds, Key Lime Pie Ice Cream
Picket Fence Creamery has initiated a recall of taco cheese curds and key lime pie ice cream as they might contain undeclared wheat.
People who have an allergy or severe sensitivity to wheat run the risk of serious or life-threatening allergic reaction if they eat these recalled products. However, the company has not received any cases of illnesses related to the taco cheese curds or key lime pie ice cream.
The taco cheese curds and key lime pie ice cream were distributed in Iowa, and sold through retail stores.
The taco cheese curds are packaged in 12 oz. plastic containers with a Picket Fence Creamery taco cheese curds label. The UPC number is: 094922414984. The product would have a “best if used by” date of 2-26-22 or before.
The key lime pie ice cream is packaged in 1/2 pint, pint, and quart containers with the Picket Fence Creamery key lime pie label. The UPC number is: 094922414847. The product would have a “best if used by” date of 3/31/22 or before.
Gold Edges Higher As Yields Fall
Gold recovered some ground on Wednesday as a pull-back in U.S. bond yields offered some respite to the previous metal.
Spot gold rose 0.7 percent to $1,745.23 per ounce, after having fallen to its lowest in over a month the previous day. U.S. gold futures were up 0.4 percent at $1,745.05.
The dollar index hovered near a more than 10-month high touched the previous day, while the benchmark U.S. 10-year Treasury yields held close to over a three-month peak.
Gold found some support after Fed Chair Jerome Powell cast some doubt over a quicker than expected rate hike.
Powell said on Tuesday the U.S. economy is still far from achieving maximum employment, a key component of the central bank’s requirements for raising interest rates.
“What I said last week was that we had all but met the test for tapering. I made it clear that we are, in my view, a long way from meeting the test for maximum employment,” said Powell, testifying before the U.S. Senate Banking Committee.
Sensex drops over 150 points in early trade; Nifty slips below 17,700
Reliance Industries was the top loser in the Sensex pack shedding around 1%
Equity benchmark Sensex dropped over 150 points in early trade on September 30, tracking losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid sustained foreign fund outflow.
The 30-share Sensex was trading 178.60 points or 0.30% lower at 59,234.67. Similarly, the Nifty declined 49.15 points or 0.28% to 17,662.15.
Reliance Industries was the top loser in the Sensex pack, shedding around 1%, followed by PowerGrid, Kotak Bank, Maruti, Bajaj Auto and Axis Bank.
On the other hand, Dr Reddy’s, Tata Steel, L&T, NTPC, Bharti Airtel and HUL were among the gainers.
In the previous session, the 30-share index closed 254.33 points or 0.43% lower at 59,413.27, and Nifty declined 37.30 points or 0.21% to 17,711.30.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹1,896.02 crore on September 29, as per exchange data.
Elsewhere in Asia, bourses in Shanghai and Seoul were trading with gains, while Hong Kong and Tokyo in the red in mid-session deals.
Meanwhile, international oil benchmark Brent crude fell 0.27% to $77.88 per barrel.
Lightspeed Commerce Slides In Search Of New Support
Lightspeed Commerce Inc. (LSPD) shares are sliding on Wednesday morning trade after reaching $124.41, a year-to-date high on September 22. Since then the shares are on a decline in search of new support.
Currently, shares are at $100.77, down 10.43 percent from the previous close of $112.50 on a volume of 1,972,906. For the 52-week period, the shares are trading in a range of $30.95-$130.02 on average volume of 963,235.
Gold Futures Settle Lower For 2nd Straight Day
Gold prices drifted lower on Wednesday and pushed the most active gold futures contract to their lowest settlement in nearly six month, as the dollar climbed on hopes about the Fed tapering its bond buying program in the near future.
The dollar index climbed to a fresh yearly high of 94.43, gaining more than 0.7%. It subsequently pared some gains and was hovering around 94.30.
Gold futures for December ended down by $14.60 or about 0.8% at $1,722.90 an ounce, losing for a second straight session.
Silver futures for December ended lower by $0.982 at $21.485 an ounce, while Copper futures for December settled at $4.1990 per pound, down $0.0475 from the previous close.
Data released by the National Association of Realtors showed pending home sales skyrocketed by much more than expected in the month of August after falling in the previous two months.
NAR said its pending home sales soared by 8.1% to 119.5 in August after tumbling by 2% to a revised 110.5 in July.
Economists had expected pending home sales to jump by 1.4% compared to the 1.8% slump originally reported for the previous month.
The pending home sales index reached its highest level since January but was still down by 8.3% compared to the same month a year ago.