Oil Futures Settle Higher For 2nd Straight Day
Crude oil futures settled higher on Tuesday, extending gains from the previous session, amid hopes the Chinese government will consider relaxing its zero-Covid policy sometime soon.
Investors are also hoping the Organization of the Petroleum Exporting Countries and their allies, known collectively as OPEC+, will look to support prices. The group is scheduled to meet later this week.
West Texas Intermediate Crude oil futures for January ended higher by $$0.96 or about 1.2% at $78.20 a barrel.
Brent crude futures were up $0.68 or 0.82% at $84.57 a barrel a little while ago.
Mainland China reported the first decrease in new Covid infections in more than a week on Monday, generating some positive sentiment.
Chinese health officials also released a plan to boost vaccinations for elderly people and said they are “closely watching” the virus as it evolves and mutates.
The officials defended China’s zero-Covid policy at a press briefing on Tuesday but said lockdowns would be lifted “as quickly as possible.”
Traders also looked ahead to weekly oil reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA).
The API’s report is due later today, while EIA is scheduled to release its inventory data Wednesday morning.
Tiny Love Stories: ‘The Only Way I’ll Meet a Man’
Modern Love in miniature, featuring reader-submitted stories of no more than 100 words.
Send any friend a story
As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.
Hewlett Packard Enterprise Q4 Earnings Summary
Below are the earnings highlights for Hewlett Packard Enterprise (HPE):
Earnings: -$0.30 billion in Q4 vs. $2.55 billion in the same period last year.
EPS: -$0.23 in Q4 vs. $1.91 in the same period last year.
Excluding items, Hewlett Packard Enterprise reported adjusted earnings of $755 million or $0.57 per share for the period.
Analysts projected $0.56 per share
Revenue: $7.87 billion in Q4 vs. $7.35 billion in the same period last year.
Next quarter EPS guidance: $0.50 – $0.58
Next quarter revenue guidance: $7.2 – $7.6 Bln
Snow blankets Denver and Front Range photos
Snow fell across Denver and the Front Range Tuesday, Nov. 29, 2022.
Click here to look at snow totals across the state.
European Economics Preview: Eurozone Flash PMI Survey Data Due
Flash Purchasing Managers’ survey results from the euro area and the UK are due on Wednesday, headlining a light day for the European economic news.
At 3.15 am ET, S&P Global publishes France’s flash composite Purchasing Managers’ survey data. The composite index is forecast to fall to 49.5 in November from 50.2 in October.
At 3.30 am ET, Germany’s flash PMI survey results are due. Economists expect the composite output indicator to drop to 44.9 in November from 45.1 in the previous month.
At 4.00 am ET, S&P Global releases euro area flash PMI data. The composite indicator is expected to ease to 47.0 from 47.3 in October.
Half an hour later, UK S&P/CIPS composite PMI data is due. Economists forecast the composite index to fall to 47.2 in November from 48.2 a month ago.
NetApp Cuts FY23 Outlook; Stock Down 11%
While reporting its results for the second quarter on Tuesday, NetApp, Inc. (NTAP) lowered its outlook for the full year 2023.
Looking forward, the company now expects adjusted earnings of $5.30 – $5.50 per share and revenue growth of 2% to 4%.
Previously, the company expected adjusted earnings of $5.40 – $5.60 per share and revenue growth of 6% to 8%.
Analysts polled by Thomson Reuters currently estimate earnings of $5.52 per share and revenues of $7.30% for the full year.
NTAP closed Tuesday’s trading at $71.79, down $0.78 or 1.07%, on the Nasdaq. The stock further slipped $8.29 or 11.55% in the after-hours trading.
Intuit Inc. Q1 Profit Decreases, but beats estimates
Intuit Inc. (INTU) released a profit for first quarter that decreased from the same period last year but beat the Street estimates.
The company’s earnings came in at $40 million, or $0.14 per share. This compares with $228 million, or $0.82 per share, in last year’s first quarter.
Excluding items, Intuit Inc. reported adjusted earnings of $470 million or $1.66 per share for the period.
Analysts on average had expected the company to earn $1.22 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 29.4% to $2.60 billion from $2.01 billion last year.
Intuit Inc. earnings at a glance (GAAP) :
-Earnings (Q1): $40 Mln. vs. $228 Mln. last year.
-EPS (Q1): $0.14 vs. $0.82 last year.
-Analyst Estimates: $1.22
-Revenue (Q1): $2.60 Bln vs. $2.01 Bln last year.
Next quarter EPS guidance: $1.41 to $1.45.
Next quarter revenue guidance: $2.875 – $2.905 Bln
Full year EPS guidance: $13.59 – $13.89
Full year revenue guidance: $14.035 – $14.250 B
NetApp Inc. Q2 Profit Increases, beats estimates
NetApp Inc. (NTAP) reported a profit for its second quarter that increased from the same period last year and beat the Street estimates.
The company’s earnings totaled $750 million, or $3.41 per share. This compares with $224 million, or $0.98 per share, in last year’s second quarter.
Excluding items, NetApp Inc. reported adjusted earnings of $326 million or $1.48 per share for the period.
Analysts on average had expected the company to earn $1.33 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 5.7% to $1.66 billion from $1.57 billion last year.
NetApp Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $750 Mln. vs. $224 Mln. last year.
-EPS (Q2): $3.41 vs. $0.98 last year.
-Analyst Estimate: $1.33
-Revenue (Q2): $1.66 Bln vs. $1.57 Bln last year.
Next quarter EPS guidance: $1.25 – $1.35
Next quarter revenue guidance: $1.525 – $1.675 Bln
Full year EPS guidance: $5.30 – $5.50