Oil Extends Slide On Demand Concerns
Oil prices fell sharply on Friday to extend losses from the previous session as the deep freeze in Texas shut down refineries, denting the demand of crude over the coming weeks.
Refinery outages and the possibility of oil refiners making repairs before reviving operations stoked concerns about demand.
Investors were also concerned about a looming increase in crude oil supplies from the Organization of Petroleum Exporting Countries and its allies (OPEC+).
Benchmark Brent crude fell 1.1 percent to $63.24 a barrel, while West Texas Intermediate crude futures were down as much as 1.5 percent at $59.59.
Media reports suggest that Saudi Arabia plans to increase its oil output in the coming months amid recovery in prices.
The world’s largest oil exporter surprised oil markets last month when it said it would unilaterally slash 1 million barrels a day of crude production in February.
Goldman Sachs said in a note that it sees minimal oil price impact from the big freeze in the U.S. South.
“While the gross impacts on supply and demand are large, they are mostly offsetting, and even more importantly, transitory, resulting in minimal implications for global oil prices, leaving risks to a further reversal of this week’s rally,” it said.
ITT Guides FY21 Adj. EPS In Line With Estimates; Hikes Dividend 30%
While reporting financial results for the fourth quarter on Friday, ITT Inc. (ITT) initiated its adjusted earnings and revenue growth guidance for the full-year 2021. It also increased quarterly dividend by 30 percent.
For fiscal 2021, the company now projects earnings in a range of $3.12 to $3.48 per share and adjusted earnings in a range of $3.45 to $3.75 per share on revenue growth of 5 to 7 percent, with organic revenue growth of 2 to 4 percent.
On average, 14 analysts polled by Thomson Reuters expect the company to report earnings of $3.60 per share on revenue growth of 7.4 percent to $2.60 billion for the year. Analysts’ estimates typically exclude special items.
Additionally, the company announced a 30 percent higher quarterly dividend 30% of $0.22 per share on the company’s outstanding common stock for the first quarter, payable on April 5, 2021, to shareholders of record as of the close of business on March 17, 2021.
Treasury yields rise amid concerns about higher inflation
Treasury yields climbed on Friday morning, amid concerns about the possibility of higher inflation.
The yield on the benchmark 10-year Treasury note advanced to 1.3% at 7 a.m. ET, while the yield on the 30-year Treasury bond rose to 2.08%. Yields move inversely to prices.
Yields tend to rise with inflation expectations as bond investors start to believe central banks will take their foot off the gas and reduce their asset purchases.
Markit purchasing managers' index data for February is due out at 9:45 a.m. ET, followed by existing home sales figures for January at 10 a.m. ET.
There are no auctions scheduled to be held Friday.
— CNBC's Elliot Smith contributed to this report.
MI6 apologises for barring LGBT+ people from secret service
The chief of the MI6 has publicly apologised for the barring of LGBT+ people serving in the intelligence agencies.
Richard Moore said the ban, which remained in place until 1991, was ‘wrong, unjust and discriminatory’.
This is a breaking story, more to follow.
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Ted Cruz’s Cancun Crisis Becomes Fodder For Hilarious Memes, Gags & Photoshops
Sen. Ted Cruz (R-Texas) is getting dragged across social media and back again after abandoning his home state for a tropical vacation in Cancun in the middle of a massive crisis.
While millions were without power amid freezing temperatures and many lacked safe drinking water, Cruz took off for Mexico with his family.
First, he blamed his daughters, saying they wanted to get away since it was cold and the schools were closed.
“Wanting to be a good dad, I flew down with them last night and am flying back this afternoon,” Cruz said initially. He later admitted it was intended to be a family trip and he was supposed to be there “through the weekend.”
Cruz then said the trip was a mistake. His critics agreed wholeheartedly and many turned his poor decision into fodder for gags, memes and photo-editing jokes:
Deere And Co Bottom Line Rises In Q1
Deere And Co (DE) reported earnings for its first quarter that climbed from the same period last year.
The company’s bottom line came in at $1.22 billion, or $3.87 per share. This compares with $0.52 billion, or $1.63 per share, in last year’s first quarter.
Analysts had expected the company to earn $2.16 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 19.4% to $9.11 billion from $7.63 billion last year.
Deere And Co earnings at a glance:
-Earnings (Q1): $1.22 Bln. vs. $0.52 Bln. last year.
-EPS (Q1): $3.87 vs. $1.63 last year.
-Analysts Estimate: $2.16
-Revenue (Q1): $9.11 Bln vs. $7.63 Bln last year.
National Presto Recalls Smokers For Electric Shock Risk
National Presto Industries Inc. is recalling about 25,000 units of Presto Indoor Electric Smoker citing an electric shock hazard, according to the U.S. Consumer Product Safety Commission.
This recall involves all units of the Presto Indoor Electric Smokers with Model No. 0601304 or 0601405. The smokers, which prepare smoked meat, fish and vegetables, were sold in black stainless steel and camouflage finishes. The affected products’ UPC codes are 075741060132 and 075741060149.
The recalled smokers were manufactured in China. These were sold at Shopko, Sears, Kmart, Belk, Veterans Canteen Store and other home appliance stores nationwide and online at Amazon.com, Wayfair.com, Kohls.com and Walmart.com and other online sites from June 2018 through December 2020 for between $70 and $110.
According to the agency, the heating element/wiring on the smoker is defective, posing an electric shock hazard to consumers.
The Eau Claire, Wisconsin -based company initiated the recall after receiving reports of five smokers tripping circuit breakers and outlets. However, no injuries have been reported to date.
Consumers are asked to return the product to the store where it was purchased for a refund.
In similar recalls due to shock hazard, Jimco Lamps this week called back J Hunt Home and J Hunt and Co. accent tables with charging receptacles.
Belkin in January recalled about 2,280 units of Portable Wireless Chargers + Stand Special Edition due to fire and shock hazards.